Have you seen the news about this mining farm?

[chesatochi]

Hmm... according to Peter Todd this farm would be as much as 75% of world's hashing power: https://twitter.com/petertoddbtc/status/793877455639498752

Having 75% of the world's hashing power in one location and controlled by one company is actually terrifying.
I feel like if this actually happens it will greatly affect the entire Bitcoin ecosystem.
China will definitely be firmly in control of Bitcoin, even more so than they currently are...

It is a very large mining farm, it is not a very good news, the last thing we want is one country controlling the miner because of the whale activity, we need another party to balance the mining, so it is not controlled by china, but i should say China really develop their technology for bitcoin, the good effect is our transaction speed will be faster, the bad side is, if this continue china can control bitcoin

I am not an expert on the security of bitcoin, but I remember when I read a book about the subject. If someone reach 51% of the mining, it can make an attack or something around it. That could be dangerous if China control most of mining operations. Also, I know the electricity cost is not very high and they should make a nice profit from it.

Otherwise, they will not invest to develop on infrastructure of this size.

[Daisy14]

China appears to be controlling bitcoin now, Chinese are responsible for the present increase in price.

[shinratensei_]

China appears to be controlling bitcoin now, Chinese are responsible for the present increase in price.

Even you're not wanna for realize about the previous post and reading them for slowly, your post is out of the general things are contained in here. it's about new bitmain's facility and so far from the china's government, that's why I can recognize you a pure spammer, right?

[spartak_t]

China appears to be controlling bitcoin now, Chinese are responsible for the present increase in price.

Even you're not wanna for realize about the previous post and reading them for slowly, your post is out of the general things are contained in here. it's about new bitmain's facility and so far from the china's government, that's why I can recognize you a pure spammer, right?

Bitmain said in a tweet that they will only control a small part of the hashing power and the rest will be controlled by miners. Not sure what % of the hash though.

[Wilhelmus]

Fact that it is Bitmain at the commands reassure me a bit for now, because it could be worst. I mean, they're practically part of the Bitcoin in itself.

[mwizard]

Settle down.  Nowhere is there anything saying this is a giant Bitcoin mining center.

It is described as a "data center".  Presumably there are lots of users of different types including crypto currency miners.  

[spartak_t]

Settle down.  Nowhere is there anything saying this is a giant Bitcoin mining center.

It is described as a "data center".  Presumably there are lots of users of different types including crypto currency miners.  

You do realize that even if 20% of its capacity are used for mining, it would become one of the world's largest mining farms/pools?

[Teraboy]

Settle down.  Nowhere is there anything saying this is a giant Bitcoin mining center.

Thanks for representing my curious feels.

It is described as a "data center".  Presumably there are lots of users of different types including crypto currency miners.  

But at first, I don't think if that is fully for mining, In my mind "are the mining activities included in the computing activities?"
Are you mean there are a lot of the activities besides of mining in there?

Settle down.  Nowhere is there anything saying this is a giant Bitcoin mining center.

It is described as a "data center".  Presumably there are lots of users of different types including crypto currency miners.  

You do realize that even if 20% of its capacity are using for mining, it would become of the world's largest mining farms/pools?

I doubtful for that.

[NeuroticFish]

It is described as a "data center".  Presumably there are lots of users of different types including crypto currency miners.  

But at first, I don't think if that is fully for mining, In my mind "are the mining activities included in the computing activities?"
Are you mean there are a lot of the activities besides of mining in there?

It also makes sense to be used for cloud storage. It would mean China's cheap access to a lot of people's data.
Unless proven otherwise, this may not be a mining facility. If it's in the news, I don't see why would they not tell what they do. Meaning, if the Chinese start bragging about something, they do it properly.
And since they control their news, if they want to hide it, they just hide it and it's done.

So yeah.. let's see what happens, but this is interesting news. It's officially not a mining facility, from that I see.

[spartak_t]

It's officially not a mining facility, from that I see.

You (and the guy above) are not reading.

https://twitter.com/BITMAINtech/status/794072384483442688

EDIT: https://twitter.com/bulgar1an/status/794515941874929664

[NeuroticFish]

It's officially not a mining facility, from that I see.

You (and the guy above) are not reading.

https://twitter.com/BITMAINtech/status/794072384483442688

EDIT: https://twitter.com/bulgar1an/status/794515941874929664

Wow Indeed, I didn't read that.
And now I fully understand you and your worries.
And still BTC price is "up like a Trump" and the alts are going bad...
Too many vectors for speculation, I don't like that....

[spartak_t]

It's officially not a mining facility, from that I see.

You (and the guy above) are not reading.

https://twitter.com/BITMAINtech/status/794072384483442688

EDIT: https://twitter.com/bulgar1an/status/794515941874929664

Wow Indeed, I didn't read that.
And now I fully understand you and your worries.
And still BTC price is "up like a Trump" and the alts are going bad...
Too many vectors for speculation, I don't like that....

Maybe we don't have to worry, because the Bitcoin network will be even more secured and the diff. rise would probably affect BTC price (same goes for some altcoins), but it would prove what I'm saying for ages: Decentralization is a dream.

EDIT: This post just made me a Legendary member. Much wow, such BS.

[NeuroticFish]

Maybe we don't have to worry, because the Bitcoin network will be even more secured and the diff. rise would probably affect BTC price (same goes for some altcoins), but it would prove what I'm saying for ages: Decentralization is a dream.

This is true. And, in theory, Chinese would not "break" the network simply because it would be bad business.
But it doesn't hurt to worry a little and keep the eyes open....

EDIT: This post just made me a Legendary member. Much wow, such BS.

Congrats!
You know? Sometime I wish I was Hero again, especially when some people think that if you are Legendary you cannot mistake anymore.
But yeah, enjoy your new rank, I don't want to spoil that

[ethereumhunter]

once again, china controlling the world in bitcoin business by building and doing large mining area, they will have big hashrate for that big building. when i visit on their website, i see that they are not offering cloud mining like bitmain.

[Eric Mu]

Bitmain dominating Bitcoin would be pretty bad - as bad as any one single entity dominating Bitcoin. The system is designed to work best when the interest of participants stays disparate.

[spartak_t]

Bitmain dominating Bitcoin would be pretty bad - as bad as any one single entity dominating Bitcoin. The system is designed to work best when the interest of participants stays disparate.

They've stated that they will "only own small part of the farm and the rest would be owned by miners".

[erik m.]

I won't say its awesome. China will control Bitcoin mining even more...

At first I thought it might be awesome, after all it's more hashpower being added to the network. But then I saw from this perspective, and in fact it's something to worry about.

[takagari]

ARG stop quoting pictures guys!

Yet another massive mining farm to come online.

[Eric Mu]

Bitmain dominating Bitcoin would be pretty bad - as bad as any one single entity dominating Bitcoin. The system is designed to work best when the interest of participants stays disparate.

They've stated that they will "only own small part of the farm and the rest would be owned by miners".

Yes, they've STATED...

[X7]

From what I heard this is a real thing, they also support bitcoin unlimited no doubt thanks to Roger Ver - not sure how this will all pan out.