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Title: Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down Post by: CardShare on June 12, 2017, 01:34:11 PM Not a very promising read if you ask me
Reports have emerged detailing the alleged forceful cessation of large-scale bitcoin mines in China’s southwest, with insiders quoting a lack of state-sanctioned regulatory policy regarding cryptocurrency mining as the official reasoning cited for such. https://news.bitcoin.com/bitcoin-mines-in-chinese-province-sichuan-allegedly-forced-to-shut-down/ Whats your views? Title: Re: Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down Post by: NotFuzzyWarm on June 12, 2017, 10:16:10 PM Not a very promising read if you ask me For now is ONLY something to be noted for possible later reference.Reports have emerged detailing the alleged forceful cessation of large-scale bitcoin mines in China’s southwest, with insiders quoting a lack of state-sanctioned regulatory policy regarding cryptocurrency mining as the official reasoning cited for such. https://news.bitcoin.com/bitcoin-mines-in-chinese-province-sichuan-allegedly-forced-to-shut-down/ Whats your views? The article itself states all thoughts presented are purely speculative. Further speculations as to what may or may not be factual much less the 'why' behind anything is pointless. Title: Re: Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down Post by: gentlemand on June 12, 2017, 10:20:55 PM I seem to remember rumblings about miners not buying electricity via the formal routes being shut down in the past.
Anyway, considering what they did to exchanges this should come as no surprise. Miners are effectively printing money. The Chinese government is going to have something to say about that considering they've come heavily down on its buying and selling. I expect plenty more of this. If Chinese mining is either regulated to death or becomes so government controlled that the rest of the network wants nothing to do with it that can only be good news for the rest of us. Title: Re: Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down Post by: CardShare on June 12, 2017, 10:27:38 PM I seem to remember rumblings about miners not buying electricity via the formal routes being shut down in the past. Anyway, considering what they did to exchanges this should come as no surprise. Miners are effectively printing money. The Chinese government is going to have something to say about that considering they've come heavily down on its buying and selling. I expect plenty more of this. If Chinese mining is either regulated to death or becomes so government controlled that the rest of the network wants nothing to do with it that can only be good news for the rest of us. In what manner would it be better, let's say China regulated via the state mining operation's surely that would then be classed as centralized. and how would the network reconfigure to shun mining operations from a nation state? Title: Re: Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down Post by: Tomintx on June 12, 2017, 11:47:42 PM I seem to remember rumblings about miners not buying electricity via the formal routes being shut down in the past. Anyway, considering what they did to exchanges this should come as no surprise. Miners are effectively printing money. The Chinese government is going to have something to say about that considering they've come heavily down on its buying and selling. I expect plenty more of this. If Chinese mining is either regulated to death or becomes so government controlled that the rest of the network wants nothing to do with it that can only be good news for the rest of us. In what manner would it be better, let's say China regulated via the state mining operation's surely that would then be classed as centralized. and how would the network reconfigure to shun mining operations from a nation state? Title: Re: Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down Post by: leowonderful on June 13, 2017, 02:14:08 PM This could explain why hashrate is coming down overall according to bitcoinwisdom... Quite unexpected, but there's probably going to be another farm built soon. Difficulty will drop a little and go back up.
Title: Re: Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down Post by: philipma1957 on June 13, 2017, 03:28:44 PM I seem to remember rumblings about miners not buying electricity via the formal routes being shut down in the past. Anyway, considering what they did to exchanges this should come as no surprise. Miners are effectively printing money. The Chinese government is going to have something to say about that considering they've come heavily down on its buying and selling. I expect plenty more of this. If Chinese mining is either regulated to death or becomes so government controlled that the rest of the network wants nothing to do with it that can only be good news for the rest of us. In what manner would it be better, let's say China regulated via the state mining operation's surely that would then be classed as centralized. and how would the network reconfigure to shun mining operations from a nation state? If the government did a take over like that and tried a take over 51% attack I think we would fork the coin. Title: Re: Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down Post by: Amph on June 17, 2017, 05:56:57 AM This could explain why hashrate is coming down overall according to bitcoinwisdom... Quite unexpected, but there's probably going to be another farm built soon. Difficulty will drop a little and go back up. the chart on blockchain don't show any drop in the diff, there must be a very small farm there when they shut down, will not put any dent on the diff, and besides other faarm will keep adding machine the diff at this point will never go down, unless antpool shut down his farm or whatever, also with the two weeks adjustment, you can't probably notice it, if they can setup again new machine in two weeks |