Hello @crypto.piotr, the Chinese government didn't ban mining, this type of activity is also officially legal now. The largest mining corporation Bitmain set its headquarter in Beijing, and the highest mining capacities are still located in this country (of course, it depends on market we discuss, for example, for Bitcoin the percentage of Chinese mining power is very high). However, it is unclear whether mining will be banned in China in the near future.
The official ban may come on May 7, when the government will make a decision. The ban will occur, either China may also postpone it - no one knows now.
Earlier, representatives of the Chinese authorities also published documents on mining ban, but probably these proposals were only gradually developed in the state apparatus.
However, Chinese miners today do not need a big red signboard with word "banned" to understand how the industry behaves in this region. Some companies are trying to change jurisdiction to a friendlier one, some miners (including individuals) stop mining. Thus, we are talking not only about the "official legal", but also the actual consequences, so we can think that the ban, i.e. limitation has already arrived. Market participants can tack between these limitations as much as they have capacity, business connections and influence to do that.
China also limits the use of cryptocurrency and crypto platforms (only OTC is legal). Companies involved in blockchain, mining industry must comply with the current legislation of the country.
I just realized that (somehow) I've missed your previous comment. Just wanted to thank you for being always so responsive and sorry for such a late reply.
However, it is unclear whether mining will be banned in China in the near future.
Your comment is almost 2 weeks old. Did anything change in China regarding mining within this time? Or are we still all waiting till 7 of may?
Hello @crypto.piotr, the Chinese government didn't ban mining, this type of activity is also officially legal now. The largest mining corporation Bitmain set its headquarter in Beijing, and the highest mining capacities are still located in this country (of course, it depends on market we discuss, for example, for Bitcoin the percentage of Chinese mining power is very high). However, it is unclear whether mining will be banned in China in the near future.
The official ban may come on May 7, when the government will make a decision. The ban will occur, either China may also postpone it - no one knows now.
Earlier, representatives of the Chinese authorities also published documents on mining ban, but probably these proposals were only gradually developed in the state apparatus.
However, Chinese miners today do not need a big red signboard with word "banned" to understand how the industry behaves in this region. Some companies are trying to change jurisdiction to a friendlier one, some miners (including individuals) stop mining. Thus, we are talking not only about the "official legal", but also the actual consequences, so we can think that the ban, i.e. limitation has already arrived. Market participants can tack between these limitations as much as they have capacity, business connections and influence to do that.
China also limits the use of cryptocurrency and crypto platforms (only OTC is legal). Companies involved in blockchain, mining industry must comply with the current legislation of the country.
Dear @icotelegraph
Amazing reply. Appreciate!
I just realized that (somehow) I've missed your previous comment. Just wanted to thank you for being always so responsive and sorry for such a late reply.
Your comment is almost 2 weeks old. Did anything change in China regarding mining within this time? Or are we still all waiting till 7 of may?
Yours
Piotr