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Author Topic: Could the Chinese Govt take over the mining of BTC?  (Read 222 times)
jamesashmore1964
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June 14, 2018, 10:13:18 AM
 #1

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!
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June 14, 2018, 10:23:23 AM
 #2

It is very much possible for a communist government like China. They are infamous for violating human rights. For reference, you can check out the current situation of Uyghurs Muslims in Xinjiang. Every possible human rights are being violated for them by the Chinese Government and they are being denied even the basic requirements of life. So it is very much possible for Chinese government to forcefully take over the mining operations under their own control. Probably this is unimaginable in first world countries, but very much possible in China. If this happens, it would not give us a positive impact on the market.

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June 14, 2018, 10:27:11 AM
 #3

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!


I don't think it will happen.Previously Chinese government announced bitcoin and crypto currency trading is illegal one.But they don't take any necessary step to eliminate the crypto currency.They asked the people of china to inverse in gold and silver.If they had a plan to get mining,they will done this before.

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June 14, 2018, 10:30:20 AM
 #4

What would happen if the Chinese Govt took the mining over from the entities

Who you think that could own the mining farms in China? Private investors?
I'm sure that all of them are owned directly or indirectly by the government members or their friends.
You cannot do that without political backup. Not at that scale. Also just think, many are made near dams for cheap or free power. How else would that be possible?

So what will happen? Nothing!
Because they know that if they do any wrong movement (51% attack for example) they actually hurt their own investment.

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June 14, 2018, 10:33:43 AM
 #5

They could take over the mining on the basis that it is to prevent a 51 percent attack: I also noticed that a substantial Chinese Bitcoin holder has started to sell Bitcoin
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June 14, 2018, 10:40:30 AM
 #6

The  possibility of government taking over Cryptocurrency mining is very thin. The government can only create a conducive environment  for miners. If the environment is conducive it will be favorable to all cryptocurrencies fans.

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June 14, 2018, 10:42:05 AM
 #7

It will remove the centralization of miners from China and the hashing power would obviously move to somewhere else, or better yet, be scattered and distributed such that the term 'decentralize' becomes a fitting description once more for the said cryptocurrency. But surely, this will bring in a huge hit for bitcoin especially price wise; mining costs is one of the reasons why the price is up, so when there are less miners, there'd be less difficulty meaning relatively easier to hash out bitcoins even with a few miners involved. The price would take a huge beating, but afterwards it might stabilize and find its way up again.

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June 14, 2018, 10:44:15 AM
 #8

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!

mining can be done by anyone and anywhere it all depends on the capital of supporting facilities and infrastructure to do bitcoin mining essentially anyone can do mining

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June 14, 2018, 10:44:23 AM
 #9

There is possibility that Chinese Goverment would nationalize crypto mining operations, but I don't think they are planning to do so. Also those mining farms are owned by people with connections to goverment, so most probably they have all permissions for their business.

So what will happen? Nothing!
Because they know that if they do any wrong movement (51% attack for example) they actually hurt their own investment.


Well, if they hashpower to run 51% attack, they could do for double spending bitcoins after all. I don't know if it is a real threat tho. But overall it's a bad thing for decentralization that China has the majority of mining power.
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June 14, 2018, 10:49:53 AM
 #10

Been hearing and reading topics about China making relevant comeback again in cryptocurrency or just it only used in doing some kind of FUDs again to lower the price as Chinese nation is one of the most hated country by most western continents.. Is it true??

China been irrelevant for a year now after the crackdown of exchanges,, but it seems some groups been using this propaganda again for personal gain..

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June 14, 2018, 11:13:10 AM
 #11

There is possibility that Chinese Goverment would nationalize crypto mining operations, but I don't think they are planning to do so. Also those mining farms are owned by people with connections to goverment, so most probably they have all permissions for their business.

So what will happen? Nothing!
Because they know that if they do any wrong movement (51% attack for example) they actually hurt their own investment.


Well, if they hashpower to run 51% attack, they could do for double spending bitcoins after all. I don't know if it is a real threat tho. But overall it's a bad thing for decentralization that China has the majority of mining power.

You said it: Very dangerous!
They could destroy Bitcoin!
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June 14, 2018, 11:20:56 AM
 #12

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
what news?
miners are the same as they ever was. there was no secrecy about it ever.

Quote
What would happen if the Chinese Govt took the mining over from the entities:
and do what with it?
China is not as chaotic as you think. the government can not just go kick down doors of houses and confiscate people's possessions. and what you see in China is a couple of big mining farms and the rest is mining pools where people from around the world including China connect to. the hashrate that pools show is not the same as the hashrate of a farm. farm is just a part of that pool. in order to take the mining power they have to also find each individual who is mining and take their mining equipment too!

Quote
It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!
stop watching bullshit on youtube which is made by idiots.

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June 14, 2018, 11:24:46 AM
 #13

First, China is already restricting mining.
More and more companies are shifting from China to other countries because other countries have cheaper electricity.

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June 14, 2018, 11:30:00 AM
 #14

Maybe it is BS maybe it isn’t!
A A 51 percent attack on Bitcoin is possible: It could be sponsored by entities who don’t want crypto to succeed. All they have to do is give the Chinese Miners enough money to do the business. All cryptos would become worthless. Governments have covert slush funds for these purposes. I know it sounds like a plot for a good movie BUT anything is possible!
If you think about it there are forces right now that are trying to crush BTC.
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June 14, 2018, 11:32:07 AM
 #15

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
what news?
miners are the same as they ever was. there was no secrecy about it ever.

Quote
What would happen if the Chinese Govt took the mining over from the entities:
and do what with it?
China is not as chaotic as you think. the government can not just go kick down doors of houses and confiscate people's possessions. and what you see in China is a couple of big mining farms and the rest is mining pools where people from around the world including China connect to. the hashrate that pools show is not the same as the hashrate of a farm. farm is just a part of that pool. in order to take the mining power they have to also find each individual who is mining and take their mining equipment too!

Quote
It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!
stop watching bullshit on youtube which is made by idiots.

The fact that the Chinese Govt could take it over is coming out bright ass!
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June 14, 2018, 11:32:18 AM
 #16

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!


Well, I can’t quite say that this is true as I am still looking for news and researches to support this but, I do think that it is impossible for one entity to completely cover and mine the bitcoin. The internet is huge and the servers that can support this are also huge and I think that even if a large number is chinese it just means that the resources are with them. But we can still have pur own mining towards butcoin and it is not a monopoly.



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rc411
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June 14, 2018, 11:35:47 AM
 #17

I believe cryptocurrency is illegal in China. So, I don't think they'd do anything involving bitcoin. But, it is not impossible because China does a lot of selfish acts.
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June 14, 2018, 11:52:51 AM
 #18

This news is slowly coming out but over half the Bitcoin miners are Chinese entities!
What would happen if the Chinese Govt took the mining over from the entities: It is a scary possibility and i was made aware of it on a you tube channel that has 200,000 subscribers!

Yes this is really posible for a country like china comunisim they can do anything without the other things being recognized by the public. They have proclaimed that Bitcoin is banned in their country.

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gentlemand
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June 14, 2018, 11:56:09 AM
 #19

It's a long known factoid that most mining is Chinese.

The Chinese miners themselves are slowly migrating from China. This still leaves the possibility of their being influenced by their government, but they'll likely be accepting foreign investment on top of being in a foreign jurisdiction which would nullify most attempts.


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June 14, 2018, 01:15:57 PM
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China has traditionally set up a vast array of traditional mining operations in and around its western region. When the mining operations turned virtual thanks to cryptocurrencies like Bitcoin, Chinese entrepreneurs recognized that hydropower necessary to keep processing plants in operation was cheap, as was local labor. Therefore, Chinese have taken this bitcoin mining business very serious, no wonder most of the bitcoin miners in the world are from China.
With the profit that the nation is earning from the bitcoin business, it wound not be a surprise if the Chinese government is to take over mining of BTC.
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