The future of Bitcoin mining in ChinasteemCreated with Sketch.

in #bitcoin4 years ago (edited)

This came in through pastebin today. I have no idea how genuine this info is. It looks real, but it could also be from some market manipulators who want to push down the price a bit further. Here is the link (I'll paste the whole text at the bottom):

SUP kayak screenshot 2017-09-16 at 23.03.36.jpg

https://pastebin.com/6vKp6rh6

It reads as if China wants to ban not only ICOs and exchanges, but also mining, or even Bitcoin in general. That would be difficult to do, but if all ISPs block all ports that are known to be used for Bitcoin, that could do a large part of the job. People can use different ports or VPNs, Tor etc, but China is cracking down on those as well.

Stopping mining makes sense if there are no exchanges that can be used in or from China. Miners mine Bitcoin, but need fiat to pay their bills, and without access to exchanges, this will be nearly impossible. So I assume the only solution for Chinese miners is to sell their used mining hardware to foreign miners, or start their own mining farms and pools abroad.

The good news is that Chinese miners have been known for causing a lot of trouble in the Bitcoin community, refusing Segwit, cheating the mining process (ASIC boost), and initiating hard forks... Also, now that Blockstream is providing the Bitcoin blockchain through satellites, Bitcoin can still be used in China, even if the government shuts down the complete Internet.

In China, decisions like this are often (partly) undone at later dates, so I'm very curious how this will develop...

The price of Bitcoin didn't seem to care much about this 'news' today...


Translation of the documents at https://twitter.com/btcdrak/status/908998917995552776

—----BEGINS---—

In order to block all the BTC exchange out of China before Sep. 30th, the expert in Network Bureau, Network Safety Bureau would use the following technical ways to:

  1. In the main route exit, block the access to main BTC exchange abroad from mainland China, including Coinbase, Bitfinex, Localbitcoin. The ways to block includes web access, app access, and API access. (See appendix 1 main BTC exchanges abroad)

  2. In the main exit of the router, block the access to BTC seed node addressing. (See appendix 2 list of DNS seed addresses)

  3. In the GFW, with DPI identification, the BTC network would be forced to abandon the sync of BTC (Block) exchange.

The government will take the following action:

  1. According to the appendix 1, analyze all the DNS and IP address of web/App/API access to BTC exchange, and hand in the list to IT Bureau before Sept. 25.

  2. Network Safety Bureau needs to confirm the validation of the BTC seed node addressing in Appendix 2 and hand in the final list to IT bureau.

  3. According to research of Network Safety Buearu, through the DPI identification system in the GFW to abandon the block data, the ability of Block(Bill)'s sync will be disabled. This action needs configuration in L1 authorization of GFW. The IT Bureau will responsible for it.

Meanwhile, to prevent the domestic block nodes to sync with nodes abroad, government will monitor the communication between the domestic block node with the pool(appendix 4). In case of emergency, cut down the network of the pool.

  1. Monitor highly on the BTC network's communication via bridge connection, TOR and VPN etc. Inform the most frequent request.

—— ENDS —---

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I clearly marked which text was copy pasted, and linked to the original text, but mainly, I wrote my own thoughts about it, which I consider the main content of this post, that's why the post strts with that...

They have a massive firewall which can block protocols etc. Would be relatively easy to block bitcoin transactions tbh. The question is for how long!!

btcdrak ฿tcDrak tweeted @ 16 Sep 2017 - 10:20 UTC

(Unverified) report that China is trying to block bitcoin exchanges and p2p network in China by GFW @cnLedger https://t.co/GSyyWHFQhj

Disclaimer: I am just a bot trying to be helpful.

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Charlie Lee tweeted that this is just FUD. When he added to the FUD last week or so with a similar tweet, I got really angry, but his information was correct. Let's hope he's right in this case too:

https://twitter.com/SatoshiLite/status/911067464796053506

SatoshiLite Charlie Lee tweeted @ 22 Sep 2017 - 03:19 UTC

1/ I have a trusted source that says that there's no truth to China banning mining or network.

FYI, I haven't made any trades on this info.

Disclaimer: I am just a bot trying to be helpful.

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