But if China gov say mining is illegal, we are fucked. Haipo Yang‏ ViaBTC CEO

[vit05]

https://twitter.com/yhaiyang

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[gog1]

It would be extremely dumb for them to do it.  consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

[fabiorem]

It would be extremely dumb for them to do it.  consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

You probably don't know how communism (aka statism) works.

They do such things for displays of power. They rule through terror.

[Bitcoinaire]

'We' as china.. not 'we' as #bitcoin

[vit05]

Anyone know the proportion of mining through countries?

[SamboNZ]

Anyone know the proportion of mining through countries?

I dont know how accurate this data is but its posted back in july 2017

https://www.buybitcoinworldwide.com/mining/pools/

Hope this will help you in something

[btc-facebook]

If he said so , let's hope that their government will not ban mining activity since it will make bad impact on bitcoin value.
Was so afraid if more people doing panic sell once again and some group try to take a benefit for this situation

...

https://twitter.com/yhaiyang

[Granxis]

I do not know how much it is in percent, but if Chinda mining is banned, this is incomplete by other countries, and I think it will not be a problem for us, but I am very sorry for Haipo Yang

[SamboNZ]

I do not know how much it is in percent, but if Chinda mining is banned, this is incomplete by other countries, and I think it will not be a problem for us, but I am very sorry for Haipo Yang

If China stopped mining btc this would be s good for other countries to mine cos most competition comes from China other countries can mine btc easier.

[vit05]

Anyone know the proportion of mining through countries?

I dont know how accurate this data is but its posted back in july 2017

https://www.buybitcoinworldwide.com/mining/pools/

Hope this will help you in something

Pool Concentration in China
Before we get into the best mining pools to join, it’s important to note that most mining pools are in China. Many only have Chinese websites and support. Mining centralization in China is one of Bitcoin’s biggest issues at the moment.

There are about 20 major mining pools. Broken down by the percent of hash power controlled by a pool, and the location of that pool’s company, we estimate that Chinese pools control ~81% of the network hash rate



China is home to many of the top Bitcoin mining companies:

F2Pool, AntPool, BTCC, and BW.

It’s estimated that these mining pools own somewhere around 60% of Bitcoins hash power, meaning they mine about 60% of all new bitcoins.

[PX-Z]

'We' as china.. not 'we' as #bitcoin

Yes, it might sounds pretty nice and easy, but once china do it, then bitcoin will feel it since biggest miners are from china, then that will hit a huge effect to bitcoin price and some altcoins to dump a huge dump IMO

[fabiorem]

'We' as china.. not 'we' as #bitcoin

'We' as miners.. not 'we' as #bitcoin

Just fixed it for you.

They have to find another place to go. Maybe Russia could grant a discount on electricity costs for mining btc? They have plenty of gas there.

[johndoe784r]

Won't happen

[Lagduf]

https://twitter.com/yhaiyang

Bitcoin is not only the house to the bitcoin mining or nodes, Russian alreayd run the bitcoin nodes and they are distributing the subsidy to the miners that already included in their criteria.
As you can see the nodes of bitcoin already spreaded around the world and i wouldn't believe if we will be fucked by the way.

[vit05]

Most nodes are in Germany and USA. But nodes do not affect prices as Miners or trade volume.

[cipher-x_09]

Based on my observation I think this will only affect in the country such as china whom are very well know in all over the world as one the biggest business country in the world, they are banning cause they see it as threat in the businessman market industries.

[pooya87]

'We' as china.. not 'we' as #bitcoin

actually "We" as in "ViaBTC and bitmain who sells mining equipment" not even Chinese! people can continue to use bitcoin, even miners may be able to continue working fine but big companies that have been selling "cloudmining" aka ViaBTC or mining equipment aka Bitmain will be fucked.

[batang_bitcoin]

They will be affected and the only solution for it is to find another country where they can continue their operation. I don't they will just agree to the government by saying "hey, mining is ban and almost everything in bitcoin is ban." Possibly that they have Plan B on it now and looking for possibilities where they can continue their full operation, they are worried as they know the consequences but not totally for all of us.

[arbitrage]

I'm not sure how mining can be illegal. By this analogy they can ban all producers of equipment also. This is ridiculous, cannot happen. Those kind of news are more FUD and they have their role in Bitcoin downtrend.

'We' as china.. not 'we' as #bitcoin

actually "We" as in "ViaBTC and bitmain who sells mining equipment" not even Chinese! people can continue to use bitcoin, even miners may be able to continue working fine but big companies that have been selling "cloudmining" aka ViaBTC or mining equipment aka Bitmain will be fucked.

Bitcoin mining is industry now and those large pools will just be allocated and will continue to work under less good conditions regarding to cost of electricity. But this will reflect on price. Miners won't dump under price..

[Carlsen]

The government in China has certain goals on why they do what they do.
First of all they want to keep money in the country and strengthen their economy.
Mining bitcoins contributes to that goal. The mined coins can be sold, even abroad, and the money flows back into the country.
I think as well that even if the mining power based in China breaks away, bitcoin might become a bit slower, but far away from not functional anymore.