Is China’s government playing chess or is it confused and thinking about reversing its decision? Can they turn off this particular bell or is this scenario a little too late? Do they really care about what the general public thinks or is this poll just for insight?
As is often the case with the Chinese government’s actions, they leave more questions than answers. However, let’s unzip the available information and see what Twitter thinks about the situation.
First of all, the official announcement it says:
In accordance with the relevant labor agreements for the rectification of virtual currency “mining” activities, the National Development and Reform Commission and relevant departments have revised the Industrial Structure Adjustment Guidelines Catalog (2019 Edition) and are now soliciting opinions of the public.
So, they are considering “rectification of virtual currency mining activities”, which means banning Bitcoin mining. And the audience, they mean relevant units and people from all walks of life can provide feedback.
Is China really considering lifting the ban on Bitcoin mining?
Opinions differ. However, according to Su Zhu of Three Arrows Capital, this is exactly what is happening.
China seeks public solicitation of comments on lifting ban on cryptocurrency mining
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 in the next cycle. Others doubt that miners will return or that new mining operations will emerge. Some, however, think the Chinese government has realized it has made a trillion-dollar mistake.
According to the Chinese journalist Colin Wu:
It is not the lifting of the ban, on the contrary, its content is to insert crypto-mining into an industry that must be eliminated, which means that this industry is clearly defined as an industry that China resolutely excludes.
The phrases “Outdated production technology” and “Virtual currency mining” are different and tell another story about the ban on Bitcoin mining. Wu ends by saying that “in terms of the current Chinese government’s strong opposition to Bitcoin mining, these comments are likely to be meaningless.”
Conclusions and speculations
China’s ban on Bitcoin mining was high on the radar. The network continued to function normally and a few months later the Bitcoin hashrate recovered. NewsBTC is trying to discover the logic behind the Chinese government’s moves towards Bitcoin. Unsuccessfully. They looked at the new “China Model” and the issue of small hydropower plants, questioning their waning hashrate dominance, and taking a closer look at the now-defunct industry.
Even though it sounds like a logical theory, the portal doesn’t know if the Chinese government is just eliminating competition for its future CBDC. They (NewsBTC) are not sure if this whole operation is part of a bigger one that is trying to control all the Chinese billionaires. Or if they’re just asserting their dominance and showing everyone who’s boss. NewsBTC just knows that banning Bitcoin mining may be the biggest mistake of the century. And they’re not even talking about the trillions in fiat currency that the country is losing.
The Chinese are barring themselves from participating in the winning open network, interacting with the greatest idea of the century, from owning a piece of the pristine asset that will change the world for the better.
Source: News BTC