The Chinese government wants to eliminate the mining companies

[frandoro]

The Chinese government wants to eliminate the mining companies

In China, there is growing concern that Bitcoin mining consumes a lot of electricity

According to the report Bloomberg, the suppression by the Chinese authorities of crypto-currencies has spread to the miners. Officials plan to limit electricity consumption for industry and asked local authorities to withdraw miners from the business. The People's Bank of China intends to put in place monitoring and restrictions on the use of energy by miners, which are often located near hydroelectric power plants.

More

[Undefined31415]

Embrace the schadenfreude.

[slanislaw]

All part of China's plan to lower prices so they can scoop them up!

[grrrgrrr]

Go Titan V for most energy efficient mining  , 1kw can run 6 cards, worth of $18000 dollars. As long as you ROI you get tons of coins in just 1kw of electricity

[shibob]

I have just read the news as well:

https://www.technologyreview.com/the-download/609913/china-has-more-plans-to-stamp-out-bitcoin/

But I think it should be good for crytocurrency community. The BTC mining is too centralized now when more than two-thirds of the processing power from China.

[0xcosmos]

what will happen to the companies producing asics like bitmain?
btw it is a concern for asic mining farms mining bitcoin
i dont think small gpu miners will be affected by this

[InvoKing]

what will happen to the companies producing asics like bitmain?
btw it is a concern for asic mining farms mining bitcoin
i dont think small gpu miners will be affected by this

They will turn to altcoins or in case it is also included then they will change residency, for example Russia? Low cost electricity country or state?.
Gpu mining couldn't be detected easily so it shouldn't be affected easily

[ThunderCatSteve]

what will happen to the companies producing asics like bitmain?
btw it is a concern for asic mining farms mining bitcoin
i dont think small gpu miners will be affected by this

They will turn to altcoins or in case it is also included then they will change residency, for example Russia? Low cost electricity country or state?.
Gpu mining couldn't be detected easily so it shouldn't be affected easily

GPU or Asics mining consume energy a lot so the government somehow will notice when a neighborhood is consuming additional +KWh more than before (except the small tolerating on the digits). I even saw the map where is clearly specifies that in where countries are the gpu mining more frequented to mine, with all other stats, how many KWh are in average spending for mining and many other stuff. At one side it is true the bitcoin is consuming too much power and the future of cryptocurriencies should not be mining but some other lighter ways.

[RentGPU]

So is it bad or good for mining industry , i think 2018 is going to be wild, lets see where it is going.

[bittawm]

we have access to hundreds of mega watts an hour at globally competitive rate in New Zealand - SERIOUS MINING MIGRATORS CONTACT ME

[btcprospecter]

If the Chinese government was to start cracking down on miners it could leave a good chance for another country that has an abundance of renewable energy to really get involved

[nsummy]

I'll believe it when I see it.  I did read concerns from the government that they fear too many people are invested in this and if bitcoin crashes it will cause mass financial panic.  It may be true, but any crackdowns will be on small time players.  They aren't going to start raiding homes that use too much electricity.  If anything they will start taxing power more, or taxing the miners, or something to dissuade the populace from getting involved.  The big players that are generating the high hashrates will skirt the laws.  The big mining operations are by waterfalls and rural place with natural resources that produce dirt cheap electricity.  There are plenty of ways to generate electricity off of the grid. 

[InvoKing]

what will happen to the companies producing asics like bitmain?
btw it is a concern for asic mining farms mining bitcoin
i dont think small gpu miners will be affected by this

They will turn to altcoins or in case it is also included then they will change residency, for example Russia? Low cost electricity country or state?.
Gpu mining couldn't be detected easily so it shouldn't be affected easily

GPU or Asics mining consume energy a lot so the government somehow will notice when a neighborhood is consuming additional +KWh more than before (except the small tolerating on the digits).

Indeed, it can be detected especially if the user keeps running it the whole day without installing additional measures (fans, cold place...)
Better in this case to mine low difficulty and profitable coins as short as possible, or the best solution is solar energy 

[dagarair]

you think if China wanted it done they would not have done it already.  They will leave the big guys alone since they can buy their way out of it but all the small guys will be forced to shutdown or mine their new china coin when they create it to compete with BTC.

Remember china is a communist country so the top 3-5 % do whatever they want the rest get fooked.