Bitcoin Mines in Chinese Province Sichuan Allegedly Forced to Shut Down

[CardShare]

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?

[NotFuzzyWarm]

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?

For now is ONLY something to be noted for possible later reference.

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.

[gentlemand]

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.

[CardShare]

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?

[Tomintx]

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?

This could actually be bad news for Bitcoin in general.  If the PRC government were able to gain control over all of the Chinese mining operations, they might be able to mount a 51% attack on the Bitcoin network.  Could be bad.

[leowonderful]

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.

[philipma1957]

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?

This could actually be bad news for Bitcoin in general.  If the PRC government were able to gain control over all of the Chinese mining operations, they might be able to mount a 51% attack on the Bitcoin network.  Could be bad.

If the government did a take over like that  and tried a take over 51% attack I think  we would fork the coin.

[Amph]

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