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The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is Chinaâs government playing 4D chess or are they confused and considering backtracking their decision? Can they unring this particular bell or is this a too little too late scenario? Do they really care about what the general public thinks or is this survey just for the optics?
As it usually happens with the Chinese governmentâs actions, they leave more questions than answers. Nevertheless, letâs unpack the information available and see what Twitter thinks about the situation.
First of all, the official announcement says:
âIn accordance with the relevant work arrangements for the rectification of virtual currency âminingâ activities, the National Development and Reform Commission and relevant departments have revised the âIndustrial Structure Adjustment Guidance Catalog (2019 Edition)â, and now solicit opinions from the public.â
So, theyâre considering ârectification of virtual currency âminingâ activities,â by which they mean the Bitcoin mining ban. And by âthe public,â they mean âRelevant units and people from all walks of life can provide feedback.â
BTC price chart for 10/25/2021 on FTX | Source: BTC/USD on TradingView.com
Is China Actually Considering Lifting The Bitcoin Mining Ban?
Opinions differ. However, according to Three Arrows Capitalâs Su Zhu, thatâs exactly whatâs happening.
China seeking public solicitation of comments regarding un-banning crypto mining đ§https://t.co/g1wyUdORTt pic.twitter.com/qyRQyTBgcn
â Zhu Su đș (@zhusu) October 25, 2021
People in the replies are not convinced. They theorize that the Chinese government is just trying to create a database of people in favor of Bitcoin mining, or that they are just thinking about lifting the Bitcoin mining ban so they can ban it again on the next cycle. Others doubt the miners will return or that new mining operations will pop up. A few, though, think that the Chinese government realized they made a trillion-dollar mistake.
Chinese journalist Colin Wu, however, sees the news from another angle. âIt is not un-banning. On the contrary, its content is to write crypto mining into an industry that must be eliminated.â
Of course, many miners are making comments, but in terms of the current Chinese governmentâs strong opposition to Bitcoin mining, these comments are likely to be meaningless.
â Wu Blockchain (@WuBlockchain) October 25, 2021
And he links to a .pdf that says the same thing as the original document, but in a different tone altogether:
âIn the âIndustrial Structure Adjustment Guidance Catalogue (2019 Edition)â, the elimination category âI. Item 7 is added to âOutdated production technology and equipmentâ and â(18) Othersâ, and the content is âvirtual quasi-currencyâminingâ activity.â
The phrases âOutdated production technologyâ and âVirtual quasi-currencyâminingââ hit different and tell another story about the Bitcoin mining ban. Wu finishes by saying that âin terms of the current Chinese governmentâs strong opposition to Bitcoin mining, these comments are likely to be meaningless.â
Conclusions And Speculation
Tick-tock next block. Chinaâs Bitcoin mining ban was a blip on the radar. The network kept running as usual and, a few months later, Bitcoinâs hashrate recovered. We at NewsBTC have been trying to figure out the logic behind the Chinese governmentâs moves regarding Bitcoin. Unsuccessfully. We looked into the new âChina Modelâ and the small hydropower stations question, wondered about the waning of their hashrate dominance, and looked closely into the now-defunct industry.
Even though it seems like a logical theory, we donât know if the Chinese government is just clearing out the competition for their future CBDC. We are not sure if this whole operation is part of a bigger one that is trying to control all of the Chinese billionaires. Or if theyâre just asserting their dominance and showing everyone whoâs the boss. We just know that the Bitcoin mining ban might be the biggest mistake of the century. And weâre not even talking about the trillions in fiat currency that the country is losing.Â
The Chinese are banning themselves from participation in the winning open network, from interaction with the biggest idea of the century, from owning a piece of the pristine asset that will change the world for the best.
Did they realize all of this and are gearing up for a change of mind?
Featured Image by Andreas Breitling from Pixabay - Charts by TradingView
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.