A new Chinese mining farm could have a huge impact on Bitcoin

[BTCwriter]

Not sure if you heard the news, but China plans to ban its people to move Bitcoin outside the nation.

It's not possible. This is sound stupid by the way but then it's just rumor for people to dump BTC as BTC jumping so quick and so high. Shorts panic then spreading rumor.
The purpose of BTC is decentralized and it's not possible to control. One way is user simply move their Bitcoin from Chinese exchange then they can do anything or send anywere they want.

[Amph]

maybe not eveyrone know but altcoin scene may be very well controlled by china also, they have very cheap power and can afford cheap gpu farm like nothing, i suspect those huge hash that you see on different pool come from there

[spartak_t]

Not sure if you heard the news, but China plans to ban its people to move Bitcoin outside the nation.

It's not possible. This is sound stupid by the way but then it's just rumor for people to dump BTC as BTC jumping so quick and so high. Shorts panic then spreading rumor.
The purpose of BTC is decentralized and it's not possible to control. One way is user simply move their Bitcoin from Chinese exchange then they can do anything or send anywere they want.

Possible or not - its on the news.

[NeuroticFish]

I've never used Monero, but I think its anonymity is not optional? That's imo a big problem. Steem needs A HUGE user base to succeed and some even compared it to Facebook (which is plain stupid). It may bring some profits to the early investors, but I don't see its future (as it is). If companies such as FB consider it as a threat, they will just buy it. Don't know anything about XMG and BBR. Same goes for SDC.

Yes, at Monero the anonymity is not optional. And I find it as strength, not as flaw. If it would be optional, the ones going anonymous can become targets / suspicious. And you can give a "view key" to anybody. Basically at that point you (partly) lose the anonymity of your wallet.

Steem is claimed to be a Ponzi. Your view on it comes to something not very far from this idea. So we share the same idea about its future
XMG and BBR - you can give them a read when you have time. XMG is a honest CPU-only coin (PoW + PoS, but somehow made against big players, in both PoW and PoS). And BBR is a good runner-up after XMR.

[Mzie]

wow this facility is gonna be big , take a look at one block and imagine how many miners will be allocated in that block. This requires a very huge investment. However i think it would have been better for them to buy an existing facility like a warehouse , which already has running electricity. All they need to do is put their hardware

[cryptomined]

it will take months to build even part of this structure, probably 2 years for the entire facility. Its not like you can build the first shed and immediately power it up. cables are all underground and its uncommon/unsafe to energize part of a facility like this while still excavating/building other areas.

then there's the fact it will take months to populate it with hardware and get everything online and hashing. A major limitation will be the speed at which bitmain can manufacture the hardware. *and they will prioritize sales since its immediate revenue, rather than sinking all thier money into a longer return from mining*

IMO it will take a minimum of a year to reach 500PH, and probably 2yrs to reach 1500PH (if not longer). by that time the network will probably be in the 4-6 Exohash range anyways

PS: I adore the empty glass cube. no mining facility is complete without a transparent 5-storey box

you would be very surprised to see how quickly the chinese build things... it is not america... they can build up an apartment complex of 10 30 story buildings in less than a year... this is nothing in comparison to that - they can get this up and running in 3 months im sure.  I live in china so I see how quickly they build houses, apartments, bridges... they are fast... and they just keep building and building and building.

maybe the chinese government is building this?  maybe they will build more... maybe they wont care where bitcoin goes if they practically control it.
good strategy if you ask me since chinese investors are the oens trading the most bitcoin today.

[NeuroticFish]

maybe the chinese government is building this?  maybe they will build more... maybe they wont care where bitcoin goes if they practically control it.
good strategy if you ask me since chinese investors are the oens trading the most bitcoin today.

Whether they control the facility directly or indirect, it doesn't matter much. I'd bet they don't do it directly, to look like there are more different investors, each one with his own mining facility, to give at least some impression of decentralization.
Since Chinese invest in anything that has a chance to return their investment, since Chinese invest in anything possible that could pay in any other coin than theirs, of course that they are among the biggest traders / buyers for Bitcoin too.

But this thread is more a concern that mining is getting worse for normal people and that centralization of Bitcoin becomes more and more a reality.

[cryptomined]

But this thread is more a concern that mining is getting worse for normal people and that centralization of Bitcoin becomes more and more a reality.

it is inevitable... most of the components used to mine bitcoin or altcoins are made in china,,.. most of your computer is made in china... so we give china the money, they will take control of all they can, including bitcoin.  and its a smart strategy to jump in and gain control of bitcoin for china... may not be beneficial for the rest of the world... or individuals mining btc... but they/we are the ones who indirectly supported china building giant bitcoin mines,

even antminers are made in china aren't they?  try to mine anything without supporting china... you will just be able to get a shovel and mine gold from the ground

[Vlad2Vlad]

Not sure if you heard the news, but China plans to ban its people to move Bitcoin outside the nation.

It's not possible. This is sound stupid by the way but then it's just rumor for people to dump BTC as BTC jumping so quick and so high. Shorts panic then spreading rumor.
The purpose of BTC is decentralized and it's not possible to control. One way is user simply move their Bitcoin from Chinese exchange then they can do anything or send anywere they want.

It's digital money.  Bits and bytes flowing thru the net.  They can control the outflow in many ways. 

[d57heinz]

home mining will be if it's not already dead and gone for btc.  What's great and helps to level the field are the altcoins.  Those guys with huge mega farms like this  making the same in btc as me with a few gpu in comparison.  We need not worry they need us as much as we need them.  It's a vicious cycle;). They can have all the coins in the world but if they are the only ones sitting on them it won't mean much!

Best Regards
d57heinz

[Amph]

the problem with their continuous increase in hashing, is that they are just stealing from each other, they are not really earning more, just increasing their electricity cost...so stupid

it would be wise for them to just maintain their hashrate and be happy with the same revenue

[d57heinz]

the problem with their continuous increase in hashing, is that they are just stealing from each other, they are not really earning more, just increasing their electricity cost...so stupid

it would be wise for them to just maintain their hashrate and be happy with the same revenue

Yes but that would be counter to what satoshi knew:). People are greedy and is what will keep this coin secure.  Best I can say is mine now with all you got and hold. Next few years btc going to being moving up and up in price as the big guys fight it out.  Look at the bright side now we can sit back with popcorn like they did us while we cannibalized ourselves one by one trying to stay in the game.  

I look at like this. What would you rather be stuck with a farm like this or a few pc's that are actually useful besides mining?  If there is ever a big shakeout china is left with the bag so to speak. So they should care about decentralization and the price at which it costs to mine worldwide.

Best Regards
d57heinz

[Vlad2Vlad]

the problem with their continuous increase in hashing, is that they are just stealing from each other, they are not really earning more, just increasing their electricity cost...so stupid

it would be wise for them to just maintain their hashrate and be happy with the same revenue

That's absurd.

A)  If the Chinese stop increasing hash power will the rest of the world?

B)  China has excess capacity and pumping into Bitcoin is really a good indirect way for them to store electricity.

Ideally, the West needs a less wasteful solution.  Unless of course we're gonna rename Bitcoin to ChevronCoin.

[d57heinz]

the problem with their continuous increase in hashing, is that they are just stealing from each other, they are not really earning more, just increasing their electricity cost...so stupid

it would be wise for them to just maintain their hashrate and be happy with the same revenue

That's absurd.

A)  If the Chinese stop increasing hash power will the rest of the world?

B)  China has excess capacity and pumping into Bitcoin is really a good indirect way for them to store electricity.

Ideally, the West needs a less wasteful solution.  Unless of course we're gonna rename Bitcoin to ChevronCoin.

Honestly I don't get the battery analogy at all. can you tell me how to extract stored energy from btc?  It's a bad comparison if you ask me. It's more like a way to justify burning wasted energy. But the only reason this is "useful" is because we as users put value to it.  Value from the thought of decentralized currency.  If it actually was a world battery the price would never stop moving up!  I'm sure there are a million other more suited ways of burning off excess power than this. Something that benifits us all not just an elite few.

BR

[spartak_t]

the problem with their continuous increase in hashing, is that they are just stealing from each other, they are not really earning more, just increasing their electricity cost...so stupid

it would be wise for them to just maintain their hashrate and be happy with the same revenue

That's absurd.

A)  If the Chinese stop increasing hash power will the rest of the world?

B)  China has excess capacity and pumping into Bitcoin is really a good indirect way for them to store electricity.

Ideally, the West needs a less wasteful solution.  Unless of course we're gonna rename Bitcoin to ChevronCoin.

Honestly I don't get the battery analogy at all. can you tell me how to extract stored energy from btc? 

Antonopoulos said it earlier this month.

https://cointelegraph.com/news/andreas-antonopoulos-we-should-be-applauding-bitcoin-mining-centralization-in-china

[Mbokani]

I mostly meant that LTC and XCP are not that "famous" as Bitcoin, but their tech could be called superior. My bet is that if something will explode, that would be LTC or XCP. I am predicting a lot of failures in Ethereum and ZCash, but future will tell...

hope your prediction becomes true and even i do expect that the price of LTC will rise in the future,it all depends upon how much heat the devs can bring into LTC .

[spartak_t]

I mostly meant that LTC and XCP are not that "famous" as Bitcoin, but their tech could be called superior. My bet is that if something will explode, that would be LTC or XCP. I am predicting a lot of failures in Ethereum and ZCash, but future will tell...

hope your prediction becomes true and even i do expect that the price of LTC will rise in the future,it all depends upon how much heat the devs can bring into LTC .

Many people have that misunderstanding. The devs should not have anything to do with the promotion of a given cryptocurrency.