Bitcoin Forum

Bitcoin mining: China clamps down on booming trade where some can earn £60,000 a day..

Watch Full Video: https://www.youtube.com/watch?v=TUwdQycOqrg&ab_channel=SkyNews

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Read News: https://news.sky.com/story/china-clamps-down-on-bitcoin-mining-where-some-can-earn-60-000-a-day-12267572

Aren't there farms in China that are government backed? I feel bad for this guy hiding his farm because the government wants to take all the profits for themselves. Hopefully that he won't get caught but considering that this is China, I don't think that his bitcoin farm will be compromised sooner or later.

they are saying that this farm is built right inside an industrial establishment that is why the rise of electricity consumption isn't so suspicious for authority. they got away. It's a wonder though how Sky News ever get to cover them on their story while the totalitarian communist government had not.

on the other hand, the news tackling climate change and the miner farms like this one are contributing to global warming.

This mining farm in China is so secret that even sky news reporter knows about it  :D

It's interesting that now when Bitcoin is around $60K many new age climate warriors are concerned about Bitcoin without doing any real research,
and I am expecting this climate reporters will soon start to hunt regular people who own small asic miners and put them on some wall of shame.
One good thing they said in this sky news video is Sichuan region that mines largest amount of Bitcoin and it uses renewable sources of energy like most of them.
If fact around 78% of total electricity spent for mining Bitcoin is coming from renewable energy like Deutshe Bank Research showed, and it's certainly not Bitcoin that is melting ice and killing polar bears.

$60000 a day? So after ALL that work on such a huge farm, all it can sell as pure profit is 1 BTC? Sounds like a lot of risk for such a huge farm with many people,,, I mean now it is all gone and confiscated the government is the only one who can use it now for 1 BTC a day. Interesting and yet hard to believe.

Whats the punishmant in China for hiding bitcoin farm? I guess its prison. Why this guy decides to do so? Why not move this farm from China? I just don't get it. Why people that achived financial freedom are leaving in a country where thy have to hide, risking jail time.

if it is related to China and indeed the rules that have been made have been set by the government, usually no one will dare to do things that violate these rules. because it is clear that the law there cannot tolerate violating the predetermined rules.

Of course, if there is a solution that has been carried out by the miners, it should be possible to conduct collective deliberations for the benefit of technological advancement in the country itself and the benefits that can be taken by the government. because gradually everyone also has to admit that China is a place where the largest miners in the world are. so the government should be able to provide the necessary guidance and assistance so as not to violate the rules.

Not everyone follows the rules in China, how come there are Great Firewall Jumpers and not a lot of them are caught, the problem is that they are trying to take away the freedom of the people by putting these laws that don't make sense like this one where they aren't allowed to mine bitcoin.

I think it's hypocritical to say as the article does that China's fighting these secret mining farms for environmental reasons:
Clearly, being the country with the highest pollution rates in the world, China doesn't and never cared about the environment, and their attempts to fight Bitcoin have nothing to do with eco-friendliness.
I also wonder why people do their business illegally in China if mining isn't illegal there but is only prosecuted in some regions. I do, however, think that regions like Inner Mongolia should find other ways of meeting their energy consumption goals.

There are many Bitcoin mining farms in China and it exists near large hydroelectricity. China constantly rejects cryptocurrencies while actively mining Bitcoin and Ethereum. I think the majority of the Bitcoin in the world has been silently bought by the Chinese. I've also heard that giving bribes to officials with Bitcoin has been around for a long time.

I tend to believe that
* either he has - possibly through some middlemen dirt cheap (or free, or stolen) electricity
* either Sky New guys got fooled and it's a story made up by Chinese for rather unclear reasons (maybe to find easier other such farms)
* either it's protected by somebody in the Party, but that's not public information, hence it is good for a sensational news

Also, I think that I've already said this, Chinese govt may "have issues" only with the mining operations from certain regions, or not under "approved" control.

This is what it looks like when journalists want to make a sensation, but they can only sell such sensational news to those who do not use their brains at all. The Chinese who owns this mining farm is really a genius if he thought he could invite British journalists to a secret location without anyone following them, especially not the paranoid Communist Party that knows what underwear the owner wore this morning.

After all, such operations cannot be secret because so much electricity that is consumed cannot be hidden or justified in any other meaningful way. A journalist who says in the middle of China that someone has hidden something from the authorities really has no idea what he is talking about - the Chinese authorities know about every mining farm, they just need to look at unusually high electricity consumption - or in this case follow the journalist's mobile signal to a secret location.

If you look at the news that the Sky network has been spreading around the world lately, it's obvious that their goal is to dissuade people from investing in BTC - see this video (https://www.youtube.com/watch?v=2K-oRczp4UU) from Sky Australia which comes down to BTC being risky and consuming electricity as all of Argentina.

Well, in case this is true that China has again clamp on Bitcoin mining, then this can be good news since many of the operators might transfer to other countries or territories but as far as I know the China government is not ignorant to the fact that Bitcoin mining as an industry is bringing in money to the country, so I don't see the rationale maybe except if the operation is doing it without the necessary license as China is also concerned that power is not taken away from the usual consumers. Anyway, I am not in anyway bothered by this video since miners can just leave the country if they really want to.

Euro.

There's also a video from China where they've got into a Chinese mining farm to a province that has very cold weather based on that interview, the interview was done by Vice. You can search that on YouTube, it was an old video.

The article says that China is making cheap energy source and that's why it's very profitable for miners there. Maybe this is just another news that we've heard years ago that China has banned bitcoin.