The One Thing That Could Stop Bitcoin

[lobat999]

4] The Internet will be toast by solar flares if internet connection would cease to exist.

5] The End of the world or Doomsday.

This two scenarios sounds scary but nevertheless could still happen!

Number 4 will  probably happen anytime soon so there might be a need for contingency plan not only on the Bitcoin network but on the whole internet infrastructure as well to keep it running in the event it happens.

Number 5 is irrelevant - I mean who would ever want to think about Bitcoin anymore when the world is about to end? TBH, Imagining this scenario really makes me very uncomfortable!

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[minersday]

Why Are Most Bitcoin Miners Located in China?

Although Bitmain, the main manufacturers of ASIC miners, is based in China, other factors that attract most of the Bitcoin mining to the region include the cold weather and cheap electricity. While these are the infrastructural reasons for locating Bitcoin mining equipment in China, it only halfway explains why so much hashrate is concentrated within the region. The majority of the hashrate (over 70%) is shared among just a few mining pools and many consider this so contribute to why China could be the one thing that could stop Bitcoin. Here is why:

Since Bitcoin mining has become very competitive, many independent miners find it difficult to carry out Bitcoin mining activities profitably. It became common that individual miners were running their equipment and consuming electricity without getting any rewards. The more efficient machines seemed to be taking all the money in the network. This gave rise to what we know today as Bitcoin mining pools. Individuals or groups are now pulling resources together to build gigantic mining farms. This results in more efficient machines that can mine blocks more frequently and the rewards are shared among the participants.

https://www.youtube.com/watch?v=K8kua5B5K3I

The Bitcoin mining pool system has become so organised that an individual from any part of the world can simply subscribe to a Bitcoin mining company and their mining exercise. What interests us here is that the biggest of these companies and their Bitcoin mining farms are located in China. Technically, this looks like a structure that defeats the original design of a decentralized network. To worsen the case, it is happening in a region that is spontaneous with regulations and sanctions, as we’ve seen before.

There are always articles and assumptions made with regard to the idea that China has about 70% of Bitcoin miners and also contributes to a huge portion of the total hash rate of the Bitcoin network. But no relevant evidences have been provide to prove this.  In as much that China has cheap electricity does not conclude that most mining firms are found there. As it stands now, there is no specific thing that can stop Bitcoin. It is no longer at the point to be able to stop or destroy.

[MicroGuy]

The only thing that can stop Bitcoin is keeping the blocks at 1 MB and forcing txs onto regulated off-chain networks. Satoshi understood that the only way to beat the banking system was via miners and on-chain scaling.



Unlike miners, LN node operators are considered custodians of funds and will eventually be subject to the same KYC/AML requirements as money transmitters.

[Murat]

Obviously, China is one of the most dominated countries in this blockchain system, but not the most, there is no doubt regarding this issue, There are some reasons also behind this high concerned and connected to China, But it's also true that China government hasn't intervented anything like this and Electricity cost is minimal in comparison with other countries, not only that but also China government is not discouraging to mining Bitcoin so people from China feel safe and take initiative to this platform, you have to say another thing that in terms of nodes which support the Bitcoin network, so far it's revealed that China is the 8th countries to hold these nodes, so there also another countries who's working with this platform. so stopping Bitcoin would not be the reason for only China.

[DaftAjax]

It doesn't really matter if a country has the highest hash rate in mining, Bitcoin is still in the blockchain. China may be one of the most powerful countries in the world but that doesn't also translate on the internet or the blockchain itself. Yes, they mine a large amount of it but that doesn't mean they have the "authority" or "ownership" of that cryptocurrency just because they have this much.  You can say everything that may assume that someone or something will have ownership on Bitcoin, but the truth is its a decentralized network.

[Fides-exchange]

If China stopped all activity bitcoin related to BTC it would for that period of time lower the hashrate of BTC.
Dealing with transactions until the next Difficulty update would make transactions terribly slow due to the high difficulty and lower mining power, but that would be a temporary thing. BTC's Difficulty has gone up and down over the last 10+ years and it will continue to fluctuate over time as well.
Not much in the long term would change for BTC if China stopped all BTC related Activities.
That's the point of Decentralization, one groups stops and others would come in due to the possibility of profits.
If China banned BTC it might actually shoot the BTC price up! 

[DevelopmentII]

The One Thing That Could Stop Bitcoin:

A better Bitcoin:
- speed / faster transactions
- network capacity / more transactions
- better distribution / no whales

[SummerBliss]

We all know that a major population of btc mining is centerd in China and they constitute a large portion in terms of bitcoin mining hashrate but still i doubt that China unfavourable attitude towards bitcoin industry will have some major effect on btc and they cannot stop btc to grow in any way.They can be a obstacle in its way but can't stop it. So just relax and don't create panic among others. Bitcoin is decentralized currency which cannot be operated by a country or an individual.It is working with the help of people all over the globe.

[MathGame]

even without china bitcoin can survive. forget china no matter what they do to the bitcoin miners, there are some bitcoin miners in Russia, Canada, Switzerland, Germany, Iceland, and Iran. these miners alone can maintain the bitcoin network over time. china can never kill bitcoin regardless of whatever they can do.

[Youghoor]

Though China can have a big impact on bitcoin since the largest hashrate in mining bitcoin comes from China and even the powerful mining hardware are also coming from China. The antminer series that are hot stuff on the market are made by bitmain which is located in China. Also the electric cost in mining in China is much cheaper compared to other countries. But even though that is the case even if China dumps all of its bitcoin and all miners in CHina stops mining and even if bitmain stops producing bitcoin mining hardware bitcoin will not stop. Other country will see this as an opportunity and will replace China, remember as long as there is profit companies will race to catch that opportunity.

how sure are you that  the largest  hashrate of bitcoin is coming from China ?  I don't really think and believe that china produce the largest hashrate of bitcoin.  Russia and other countries also have some impact in the hashrate of Bitcoin. You need to provide evidence to your claims before I will believe this..

[abel1337]

Though China can have a big impact on bitcoin since the largest hashrate in mining bitcoin comes from China and even the powerful mining hardware are also coming from China. The antminer series that are hot stuff on the market are made by bitmain which is located in China. Also the electric cost in mining in China is much cheaper compared to other countries. But even though that is the case even if China dumps all of its bitcoin and all miners in CHina stops mining and even if bitmain stops producing bitcoin mining hardware bitcoin will not stop. Other country will see this as an opportunity and will replace China, remember as long as there is profit companies will race to catch that opportunity.

how sure are you that  the largest  hashrate of bitcoin is coming from China ?  I don't really think and believe that china produce the largest hashrate of bitcoin.  Russia and other countries also have some impact in the hashrate of Bitcoin. You need to provide evidence to your claims before I will believe this..

China has many large bitcoin mining companies.


The mining company that came from china
BTC.com  18.8%
F2Pool     14.8%
Antpool    12.7%
ViaBTC     7.3%
BTC.TOP   4%

If they were combined china would be the largest hashrate producers.

References:
https://www.blockchain.com/en/pools
https://www.buybitcoinworldwide.com/mining/pools/

[imstillthebest]

even without china bitcoin can survive.

yes it is . there are many country that legalize mining and other crypto operations  .

and infact there was that time before were china decide to hold crypto mining and other related activities to crypto though it have a huge impact on the price  but later on itll just recovered because of the continuos demand that people made  .

  bitcoin cant be stop by one thing because its now big enough   .

[gentlemand]

The definitive and unequivocal erasure of Chinese mining would be one of the most positive things that could possibly happen. I don't believe it's any kind of threat as is, but killing off this wrong-headed notion once and for all would certainly do us all a favour.

The biggest miners will have spread themselves far and wide in anticipation of this possibility. If a large amount of hashing disappears for good then the algorithm takes care of it as it always has.

Some nincompoops will say 'but then this glut of redundant miners will be sold to 51% attackers' or, just maybe, they'll go to... other miners?

[darkangel11]

Does it even matter that most of the hashrate is located in one country? Borders aren't important for Bitcoin and it's the same with nationality religion and all that stuff. If China was destroyed nuked or whatever we would have a big drop in hashrate but that would not be the end. There would still be a lot of miners elsewhere and difficulty would adjust to make it easier and more profitable for these people to mine. They'd increase their hashpower to make more money and eventually rebuild everything.

[anoufal]

The only thing that can stop bitcoin is the banks and the government

[pixie85]

The only thing that can stop bitcoin is the banks and the government

Really? Banks are going to stop Bitcoin? Please tell me how? The only thing a bank can do is not allow people to send money to exchanges and not receive money from exchanges. Both these things can be avoided. Even if they somehow manage to cut the flow of fiat money to exchanges people will trade using USDt or other cryptocurrencies.
Small countries will work with Bitcoin like Malta because it's worth it for them.

All the world will never go together against bitcoin because countries are rivals too.

[Naughty Princess]

It will never stop unless the time will come that no one will ever use bitcoin or any cryptocurrency, Most likely impossible to happen. About china they are having a huge step now, I heard that they will tokenize their national currency which is a pretty big move, and base on blogs they will launch soon maybe sooner than libra.

It does possible if internet is going to shutdown and we go back in the time that technology never invented. There are many new crypto and many developers that keep on making improvements for digital currencies. Bitcoin will keep going as long as people are with it.

[Kyraishi]

China due to their sheer volume might have some extra power or be able to dump the markets, which is expected in any industry (even a decentralised crypto-currency), they are still unable to fully control the currency (eg, changing max supply, etc).

The definitive and unequivocal erasure of Chinese mining would be one of the most positive things that could possibly happen. I don't believe it's any kind of threat as is, but killing off this wrong-headed notion once and for all would certainly do us all a favour.

The biggest miners will have spread themselves far and wide in anticipation of this possibility. If a large amount of hashing disappears for good then the algorithm takes care of it as it always has.

Some nincompoops will say 'but then this glut of redundant miners will be sold to 51% attackers' or, just maybe, they'll go to... other miners?

I can agree with this - mining in China has gone pretty large scale with a lot of companies opting for huge operations worth several million dollars.

[peter0425]

Though China can have a big impact on bitcoin since the largest hashrate in mining bitcoin comes from China and even the powerful mining hardware are also coming from China. The antminer series that are hot stuff on the market are made by bitmain which is located in China. Also the electric cost in mining in China is much cheaper compared to other countries. But even though that is the case even if China dumps all of its bitcoin and all miners in CHina stops mining and even if bitmain stops producing bitcoin mining hardware bitcoin will not stop. Other country will see this as an opportunity and will replace China, remember as long as there is profit companies will race to catch that opportunity.

And I’m sure China will not act stupid to go such way,because they are benefiting Good

And like what you’ve said surely many big countries will take opportunity in case that China crosses their way and create their own version of crypto

And also like what you said as long as there is profit,business will continue and proprietor will surely find another way so the business will never stop

[pjcaruci]

I'm not even sure that anyone will actually be able to stop bitcoin