China refuses mining?

[drumamat]

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
https://uk.reuters.com/article/us-china-cryptocurrency/china-wants-to-ban-bitcoin-mining-traders-say-move-not-a-surprise-idUKKCN1RL0C4

[fiulpro]

Hey
Well to be honest I tend to think of mining as a job , where people usually earn and help the Bitcoin grow.
If China will ban the mining that is if  people from China aren't taking up this job then this job will simply be redistributed between the people of other countries where mining is not banned.
People will continue to mine to be honest there won't be any kind of problem , there are countries who are pretty favourable for mining , and who knows maybe in year or ten ,the mining will entirely change , how its done and how much electricity it consumes because let's just be real , it's a pretty non environment friendly process and that's a negative point.
I just hope it gets improved.

[Bitinity]

Before creating a thread, please do some search first to know whether there is/are other same topic or not.

AGAIN: China says it wants to eliminate bitcoin mining

Look at this thread, it is discussing exactly the same as what you have just shared. So better to lock this thread and use the older thread to avoid repetitive posts.

[drumamat]

Before creating a thread, please do some search first to know whether there is/are other same topic or not.

AGAIN: China says it wants to eliminate bitcoin mining

Look at this thread, it is discussing exactly the same as what you have just shared. So better to lock this thread and use the older thread to avoid repetitive posts.

Alas, the issues raised are different in the branches. So let's discuss what I suggested.

[Haunebu]

Before creating a thread, please do some search first to know whether there is/are other same topic or not.

AGAIN: China says it wants to eliminate bitcoin mining

Look at this thread, it is discussing exactly the same as what you have just shared. So better to lock this thread and use the older thread to avoid repetitive posts.

Alas, the issues raised are different in the branches. So let's discuss what I suggested.

What the heck are you talking about? You are literally referring to the same article that AGD shared in his thread where you both are talking about the same topic.

Same issues being discussed here which is why your statement does not make any sense. Locking this thread is the best option.

[NeuroticFish]

I searched for the article in the Press subsection. I didn't find it, so... I posted it again there too. Different newspaper, same news.

Although mine is in the right place, I'll close it and redirect to the older topic.

[drumamat]

Before creating a thread, please do some search first to know whether there is/are other same topic or not.

AGAIN: China says it wants to eliminate bitcoin mining

Look at this thread, it is discussing exactly the same as what you have just shared. So better to lock this thread and use the older thread to avoid repetitive posts.

Alas, the issues raised are different in the branches. So let's discuss what I suggested.

What the heck are you talking about? You are literally referring to the same article that AGD shared in his thread where you both are talking about the same topic.

Same issues being discussed here which is why your statement does not make any sense. Locking this thread is the best option.

Instead of debating the issue, You start to flood.

So China is playing the environment card now. Didn't they think about changing to renewables? Sure they didn't.
Possible that Bitcoin is a problem for the Yuan?

How do You think this news will affect the entire industry and what alternative countries can replace this niche?What is the cost of 1 kilowatt of electricity in your country?
The same questions?

[dothebeats]

China intends to abandon mining cryptocurrency by 2021.How do You think this news will affect the entire industry and what alternative countries can replace this niche?

This will not affect the industry on a large scale IMO if only the actual mining aspect is banned while the production of newer ASIC chips isn't. For once, the cluster of mining power on China will be dispersed into other countries and the network will finally have a chance to decentralize the network. Russia, Iceland, and perhaps the US itself can pretty much harbor large-scale industrial mining. China is only being chosen as the hotspot given the ample climate conditions and cheap hydropower. Iceland has it, the US has it and Russia has it as well.

What is the cost of 1 kilowatt of electricity in your country?

From where I live, our per kW/h rating is @ $0.25, which is pretty darn expensive as compared to other countries knowing that this country's entire power (or at least on the urbanized areas) supply is monopolized, and that sucks because the government hasn't done anything to abolish this one-company system for decades.

What the heck are you talking about? You are literally referring to the same article that AGD shared in his thread where you both are talking about the same topic.

Same issues being discussed here which is why your statement does not make any sense. Locking this thread is the best option.

Pardon me but AGD's topic is mainly about China playing as the environmentalist dudes and this here is talking about how China's move can affect the industry.

[alisafidel58]

I don't think that this has an effect over the whole transaction network of bitcoin. There are still a lot of miners outside China and Chinese miners are not that a lot compared to other countries.

Looking back a couple of years China also ban bitcoin mining as well as some part of Asia but it didn't have any effect on the transaction of bitcoin.

[Ailmand]

I wonder if they will really abandon mining, knowing China, they always go for opportunities where they can earn money. Mining is profitable especially if they are the one manufacturing miners and if the electricity cost is cheap. We are not certain if they are really going to do it since they have announced it a lot recently that they will ban crypto and mining and yet, they are still here.

[thirdlight]

It seems to me that China will in no way give up mining. Since they stood at the origins of cryptocurrency and it all essentially began with. I do not think that they will give up their own money.

[mayax]

it's a good thing. Bitcoin mining is not environment friendly at all. Who cares about miners from China? BTC exists before them, right?

[Pamadar]

They have all the capabilities doing that, but doesn't mean that it will create a huge impact, bitcoin miners are already around the world, major miners from china will just migrate same thing happened with Bitmain where they've moved their operations to Switzerland early 2018.

Answering about electricity cost, from where am I, it's not advisable to do mining as as you need to pay $.20 per kWh.

[Zadicar]

it's a good thing. Bitcoin mining is not environment friendly at all. Who cares about miners from China? BTC exists before them, right?

If we try to look at generally,China do really have that big contribution when it comes to mining and theres no question in that but talking on stopping then i wont completely believe in that they will do that.
They are earning profits and its impossible for it to be abandoned.Knowing china do make some decisions and proclaiming things but later on they will take it back.So dont take it seriously.

[Theb]

I wouldn't this thing to be a problem anymore, since the year 2017 Chinese cryptocurrency miners have considered moving out of the country to mine overseas due to high electrical cost as compared to to other countries. This has been the talks for the past few years now and if they banned mining entirely this would be the likely solution for Chinese miners to do because some already have been mining overseas now just because of the expenses alone. Here is another news talking about Iran as one of the potential countries to be attractive to miners due to cheap electricity, a country banning their own mining industry won't be really a problem for miners as they couldn't kill mining entirely that easily.

[AjithBtc]

Before creating a thread, please do some search first to know whether there is/are other same topic or not.

AGAIN: China says it wants to eliminate bitcoin mining

Look at this thread, it is discussing exactly the same as what you have just shared. So better to lock this thread and use the older thread to avoid repetitive posts.

Just go through the forum you'll find threads that resemble the same. Don't just indicate it, even when you find such please inform the Op and further add what you think of the issue. Even when posts seems repetitive, that were upon various perspective when it comes from different users. China being a major contributor to the cryptocurrency network suddenly taking such a stand on mining in one way affect the cryptocurrency network. But soon some other country takes the market which won't let the market fall off.

[YuginKadoya]

The government really wants to shut down the entire cryptocurrency community in China but nothing is new about that, In my opinion, if this settles and entire China would be ban from mining bitcoin I really think that there will be other countries that support Cryptocurrency and bitcoin to just continue mining, And we are in the stretch of mining the last block I guess there is no need for China to continue and let others take over, Well there are other Chinese people that accumulate their earnings in mining that will surely move to other countries to continue mining I really think that will be possible.

[XinXan]

Hey look, china banning bitcoin again? It happened so many times now, no one cares anymore, Bitcoin is a global currency, decentralized and should not depend on 1 country even if it's china. The price barely even reacted to this piece of news anyways, I think people are starting to realize these news don't affect Bitcoin at all, they have been happening for years now and Bitcoin is still here.

[1Referee]

Proof of Work is too easy to stop and too easy to locate the mining operations due to energy waste.

It's also very easy to figure out a different location for your mining operation. China hasn't exactly been super cheap with its energy lately due to the drought over there, so what do large farms actually lose here? I'm sure that the small margin they miss out on is easily compensated by settling in a country with a stable government that doesn't jump left and right because it doesn't know how to handle crypto.

PoW, you never be able to move all of the mining equipment before the China Police could raid you,

Miners have already done a lot to move their operations elsewhere. China has been quite hostile towards crypto in general for over a year now, so it's nothing new. On top of that, the pools that you see consist of smaller miners all over the world, and they won't be affected by any of these Chinese measures (would this proposal be accepted).

With PoS, you could email your wallet.dat across the world and be setup in a few hours, like nothing ever happens.
Might want to start looking at low interest <5% PoS coins as they are impossible to stop.

POS = value creation, which is something governments all over the world will also dig into when it becomes a thing. Don't start celebrating already.

[don_ricci]

Honestly, I don't know which countries can replace China in this matter. Because China is best suited for this. Perhaps, if somewhere in the deserts a large number of solar batteries are supplied, it will be possible to get electricity cheaply. Therefore, in my opinion, the countries of the Middle East will be able to take on this work.