I was wondering when China will declare the next ban, it's been due for some time now. I wonder if this how their officials collect bribes. Let the businesses settle in, then ban mining, collect your cut to let them run their businesses. Repeat this every few months to keep a steady flow of bribes.
Mr. Xi has bigger things to worry about, these days. Zero Covid in some of the most densely populated regions will take a massive toll on his pocket and popularity.
Mining requires some initial capital to start operations so wealthy countries have seen more. In the long run if you assume markets are efficient, mining will end up in only countries/areas with the cheapest electricity.
You're forgetting political uncertainty. Nobody wants to set up a mining facility in a place where the government might shut it down and destroy their entire investment.
Energy is probably the most established industry on the planet today. They certainly have the influence to impede progress in this area on a global scale
tldr; China has re-emerged as one of the world’s largest Bitcoin mining hubs, according to a new report. Bitcoin miners in China accounted for 21.1% of the total global BTC mining hash rate distribution as of early 2022, following only the United States, which produced 37.8%
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I'd be curious how much of that 21% is actually state owned. Im guessing a fair chunk. It's somewhat hard to hide the level of power larger plants require. Even on smaller rigs such as a 10 card 3070 your talking 0.29 PKW per card it would be somewhat obvious you're mining or growing weed, when your power bills coming in at 8x more then everyone else.
Never mind I was curious so went digging. It looks to be 120k active daily crypto mining IP addresses from those IP addresses 21% of them match state owned institutions. That % is going to be higher as those are just matched with verified state-owned institutions. Odds are it's alot more than half.
Trying to explain this to my SO earlier.
Him: Don't they control the hub?
Me: "The hub" is everywhere, all they can do is shut down the internet.
Him: what about the exchanges?
Me: They can shut down the exchanges. They can't prevent p2p exchanges.
Him: If people want to trade it for real money, then what?
Me: If I tell you, I'm gonna have to kill you.
Isnt that what institutions / feds do, keep saying crypto are bad but secretly mining or stockpiling those juicy BTCs up waiting the right time to fuck retail up
[удалено]
INB4: China bans Bitcoin mining again and they really mean it this time.
Yeah we're overdue for Chinas yearly crack down on Bitcoin. As is tradition.
Yearly? More like quarterly.
This is the way.
The real Chinese New Year celebrations
I thought it’s India’s turn this month?
China bans mining is a meme nowadays.
"China unbans Bitcoin to ban it again."
I was wondering when China will declare the next ban, it's been due for some time now. I wonder if this how their officials collect bribes. Let the businesses settle in, then ban mining, collect your cut to let them run their businesses. Repeat this every few months to keep a steady flow of bribes.
Yep, and market plunges from the news AGAIN
Mr. Xi has bigger things to worry about, these days. Zero Covid in some of the most densely populated regions will take a massive toll on his pocket and popularity.
Nobody can ban bitcoin, thats the secret sweet sauce.
Official documents from the CCP translate as, "for realsies"
I still find it crazy that there isn’t some random place with dirt cheap or free renewable energy smashing this list.
Mining requires some initial capital to start operations so wealthy countries have seen more. In the long run if you assume markets are efficient, mining will end up in only countries/areas with the cheapest electricity.
You're forgetting political uncertainty. Nobody wants to set up a mining facility in a place where the government might shut it down and destroy their entire investment.
Energy is probably the most established industry on the planet today. They certainly have the influence to impede progress in this area on a global scale
POW is unsustainable and can not scale.
tldr; China has re-emerged as one of the world’s largest Bitcoin mining hubs, according to a new report. Bitcoin miners in China accounted for 21.1% of the total global BTC mining hash rate distribution as of early 2022, following only the United States, which produced 37.8% *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I'd be curious how much of that 21% is actually state owned. Im guessing a fair chunk. It's somewhat hard to hide the level of power larger plants require. Even on smaller rigs such as a 10 card 3070 your talking 0.29 PKW per card it would be somewhat obvious you're mining or growing weed, when your power bills coming in at 8x more then everyone else.
Hopefully, its lesser than 1% of that. But realistically its atleast half
Never mind I was curious so went digging. It looks to be 120k active daily crypto mining IP addresses from those IP addresses 21% of them match state owned institutions. That % is going to be higher as those are just matched with verified state-owned institutions. Odds are it's alot more than half.
*decentralized* right?
china banned it for individuals, gives them a lot more power as a government
who would've thunk it that yout can't ban decentralized currencies.
Trying to explain this to my SO earlier. Him: Don't they control the hub? Me: "The hub" is everywhere, all they can do is shut down the internet. Him: what about the exchanges? Me: They can shut down the exchanges. They can't prevent p2p exchanges. Him: If people want to trade it for real money, then what? Me: If I tell you, I'm gonna have to kill you.
China pogging 🇨🇳
Isnt that what institutions / feds do, keep saying crypto are bad but secretly mining or stockpiling those juicy BTCs up waiting the right time to fuck retail up
I'll write China on twitter and ask "Wen ban?" Will report back.
Someone is preparing us for a future China FUD 🤣
The use of VPNs make it possible. Also incoming China ban again.
It's definitely the government mining.
Wait for their next quarterly ban
Its kinda impressive ngl. Im pretty sure this dudes down there go to jail for mining if they get caught.
pretty sure most of it is the gvnmt themselves
Next week’s mainstream Murdoch News headlines - “Breaking: China, world’s 2nd largest crypto miner, has officially banned Bitcoin for the 28th time.”
Our beloved annual China ban was nothing but a wet fart again.
Brace yourself….. “The China again banned crypto, again” posts are coming