China Ban Mining : How it effects Bitcoin Prices & Crypto Market | Crypto News

AS the bitcoin prices are at the highest level than the last 4 months and predicted to go higher. Investors are getting interested in crypto or digital currency. The news comes from China who is the home of the biggest crypto mining firms. The news is that China is going to ban mining completely. They don’t have given any specific date yet. But they are planning to make rules strict and completely ban crypto mining. China’s National Development and Reform Commission added crypto mining to draft list, to restrict it with relevant laws and regulations. The Commission seeking public opinion until 7 May 2019.

Now the question is how it will affect the Cryptocurrency or Bitcoin prices? The experts say the prices will not be affected and maybe go higher rather than going down. Because it's not a surprise that China is going to ban crypto mining. They already minimizing these activities since 2017 and creating laws and regulations to get them to the minimum level. Secondly, the companies involve in mining may transfer their activities to overseas and continue the same activity from the outside of China after the ban of mining. The third factor is that mining in China was much cheaper than others due to their cheap electricity cost. As the cost of electricity will go higher it will affect the mining cost and as a result bitcoin prices will also go higher.

So according to experts, there is no need to vary about the mining ban in China. Although China is the biggest mining firms home, even then it not affect the prices as much. But it's still better to wait until the complete compliance of the law and see how it affect prices in these conditions.

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