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Author Topic: How Did China Dominate Bitcoin?  (Read 1152 times)
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November 02, 2019, 06:36:09 AM
 #1

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

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November 02, 2019, 06:38:02 AM
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Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.
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November 02, 2019, 06:42:32 AM
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Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.
That, plus by sheer percentage they represent a large proportion of the world's population.  That, combined with their early interest in bitcoin and its mining, probably best explains why they're so dominant.  And good for them, too.  It would be a bad thing indeed if China didn't have such an interest in crypto.  If you think about it, it's amazing that crypto in general has achieved such a worldwide appeal, even among the poorest of countries.

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Not all Chinese citizens can read english, but I'm sure a *lot* of them can and they're known for producing some very smart scientists/engineers/computer geeks.
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November 02, 2019, 06:44:10 AM
 #4

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
You dont ask why they still do the mining as much as they do it then? I dont stay in china but the news say electricity is cheaper there. China might look greedy to most people outside Asia but they provide a platform that allows industrialization and innovation to thrive. Am disappointed with the rate of bitcoin export from china also and poverty seem to cause it. However, they still own a large portion of bitcoin.

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November 02, 2019, 07:00:38 AM
 #5

Chinese people are known businessmen around the world so there's no wonder why investors/businessmen from china all go and give it a shot with bitcoin and the result is china totally dominating the bitcoin scene, mining to be specific. Power consumption cost is so cheap in China and that's one of the factors why there are tons of mining businessmen in china.

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November 02, 2019, 07:06:21 AM
 #6

The same way they dominated the clothing, technology, and many other industries in the world.

China's rise to global domination and becoming one of the powerhouses of the world revolves around 3 basic things:

-A very cheap, and hard-working workforce
-Low fees to produce things due to low bills like electricity
-A strict (a probably too strict government) that regulates everything it's people do.

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November 02, 2019, 07:12:59 AM
 #7

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

It's a bit weird when people gets interested because of the white paper. I mean, huge volume of people, because I myself didn't really read the whitepaper, I just read news and updates before that's why I am here on the cryptospace. I just become interested on the whitepaper when I get so involved deeply.

But in terms of the chinese citizens, if they are technologically inclined and they do really want to know the technology of bitcoin, it is easy to pay a translator for them to understand and figure out what the white paper means.

In my opinion, it is the influence of their president that brings nearer in crypto.

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November 02, 2019, 07:47:31 AM
 #8

In my opinion, why is China dominating bitcoin because there is money involved in bitcoin, because Chinese people have been educated
since they were small, how to make money. So anything related to money is definitely Chinese number one. So since bitcoin can make
a profit big through mining and trading. Chinese people try to dominate bitcoin, it's true that until now the circulation of bitcoin in the world
is controlled by the Chinese people. Especially now the Chinese president has started to support the blockchain, indirectly accepting bitcoin
too. Then of China's big investors have started to enter the market gradually. It can be proven after the news that the Chinese president
supports the blockchain bitcoin prices began to rise slowly until now.

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November 02, 2019, 07:47:51 AM
 #9

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
It doesn't matter at all if the whitepaper was in English, there are a lot of multicultural people that will be able to understand the whitepaper and translate it to the rest of society.

We've seen China provide the world with a lot of very talented scientists, and it's no surprise that a country with the world's lowest electricity fees would end up controlling most of the mining operators/hash rate.

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November 02, 2019, 07:48:56 AM
 #10

 Everyone in China from a little boy to a girl is interested in technology .

They have all the resources since things are cheap there and the population is too much .

The electricity is very cheap in China as compared to other countries. Therefore people can efficiently mine Bitcoins there.

Things like Bitcoins is more acceptable there ... comparatively.

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November 02, 2019, 07:51:58 AM
 #11

Bitcoin needed hardware to make it's network secure. It devised a way to give contributors a reward.
China manufactures cheap hardware and they have some cheap electricity and one of the most tech friendly population. They jumped into bitcoin with manufacturing, mining as well as advancing the bitcoin code. They have all the human and other resource to start a crypto business.



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November 02, 2019, 08:06:04 AM
 #12

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
It's more because of the culture of the Chinese people. They're known to be good traders early in the history and good at handling financial assets, and so is having ways to earn money. And may be when Bitcoin starts to get traction and spread through words, they tried to understand and learn it early on, and since they have enough resources, and considering China is known as a marketplace, even in digital/electronics world, it's easy for them to dominate the platform. With low cost of labor and electricity, they might have seen the potential of growth and profit in Bitcoin.
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November 02, 2019, 08:09:29 AM
 #13

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Language is not a hindrance anymore. And don't underestimate them since there's also a lot of Chinese who are good at english. If they want to earn, they will find ways to earn. Chinese people are really good at handling businesses. I've seen a lot of successful Chinese businessmen. As long as they can see that it is profitable, they'll go for it. Addition to it, China is also advanced when it comes to technology. No wonder why they're aware about bitcoin and mining.

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November 02, 2019, 08:29:25 AM
 #14

Language can still be classified into several factors that influence peoples attention to be attracted to something. But in the development of technology and industry, I think language is not a barrier for them (China) not to maximize market opportunities. I think China is very clever in this matter, where quite a number of industries are successfully developed at this time and will not stop until later. Maximizing opportunities, market demand, that is smart thinking in my opinion in terms of industry competition.

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November 02, 2019, 08:50:52 AM
 #15

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

How come most of rocket science and nuclear technology textbooks are in English whilst China had managed to master these technologies despite of any language barrier?

I think the Chinese are very intelligent and keen as being rabid enthusiasts in Bitcoin that its no wonder  they had also managed to grab a strong foothold on this emerging technology. Imho.
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November 02, 2019, 08:51:20 AM
 #16

China is known as the country that has the biggest influence on the world economy, This country is able to master various industrial lines, so it's no surprise that they can dominate bitcoin.
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November 02, 2019, 08:54:19 AM
 #17

China enters every single industry where it then tries to dominate it by offering lower taxes, lower wages, lower power rates, and so on. It has been their signature move for decades now.

I however don't agree that they dominate Bitcoin because a lot of the hashrate has shifted to other countries. Is China still a major player? Yes. Has it resulted in anything bad for Bitcoin's mining ecosystem? No.

I think it's more so that news outlets and the non crypto mainstream media try to scare people off by highlighting China's 'dominance', while the reality is nore nuanced, but they don't tell you that.

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November 02, 2019, 09:01:45 AM
 #18

China has a lot of manufacture power and cheap electricity to creat miners. Thats why a lof of mining power is coming from China
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November 02, 2019, 09:02:55 AM
 #19

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Language is not a major problem factor and English is an international language and many countries master it, China is a country famous for industrial and technological development, so nothing is impossible for the country of China.

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November 02, 2019, 09:10:30 AM
 #20

We all know that the Chinese as a stereotype are more inclined to accept technological innovations. They also have cheap work hands and electricity so that's why business people started establishing huge mining farms there. China's focus on Bitcoin and cryptocurrencies could be a smart thing for the next years to come. We all know that the early bird gets the prize, so they have a head start in comparison with USA. However I think US handles the problem more professionaly, but in the old snail-pace like style so the banks won't have to dump the fiat garbage.
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November 02, 2019, 10:08:37 AM
 #21

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

I get the impression that you mean Chinese doesn't learn how to read english  Cheesy

China had been manufacturing  graphic cards since companies who does product graphic cards invest in China laborers. The Chinese took advantage of the products and mine BTC when Graphic cards can still mine BTC.  They were also producing Asic devices as well after it. They dominate it all because its just how things work now.

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November 02, 2019, 10:10:26 AM
 #22

Simply because the cheap electricity in China has been a HUGE advantage. The cost of electricity is capped and in some places it’s almost free. Also most ASIC manufacturing comes from China, and they release their tech for public sale after an initial use period. The rest of the world has trouble catching up because the Chinese have very good tech and can build mining farms quicker and cheaper with lower unkeep costs. for other reason we could mention to the Chinese Government that it's not the most open minded when it comes to freedom. Thus, the “use case” for Bitcoin is more valuable in an Oppressive regime, and attract people to it.

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November 03, 2019, 05:37:27 PM
 #23

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.
Yeah, I guess this is the main reason. Plus the population, which was already mentioned. And addressing the op's question, while China is a popular country that comes to mind when people talk about cryptocurrencies, it's actually debatable whether China is a dominant country when it comes to Bitcoin. Nowadays, at least, after the harsh policies introduced by the authorities. Unfortunately, it's hard to make sure the data is accurate, but from what's available it seems that China is not so dominant anymore. For one, it's only #5 among the countries running Bitcoin nodes. Moreover, it's #4 by the number of Bitcoin hodlers . While these positions are not bad, considering that China is #1 by population, these are not outstanding numbers.

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November 03, 2019, 05:59:33 PM
 #24

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
They practically didn't but instead, people hype made them seems as if they are ahead of everyone. Majority of people felt that China has more larger population so whatever they engage in usually do be become successful. So whatever threat they make in pulling out of Bitcoin or banning it, many becomes anxious.

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November 03, 2019, 06:12:17 PM
 #25

We know how business-oriented the Chinese are, and when it comes to capitalizing on things they knew they have a huge advantage at, they do it extremely well and improve whatever it is that needs improving. They might not be the masters of being original nor craftsmanship and whatnot, but they know so well how to make things profitable for them, and that's why they rushed into the creation of their own miners and established huge farms that will outgrow and outnumber those of the West. They aren't the ones who made mining this big, but they competed against the likes of Avalon and other names on the West until they took over the whole mining scene with a blast.

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November 03, 2019, 07:14:31 PM
 #26

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
They practically didn't but instead, people hype made them seems as if they are ahead of everyone. Majority of people felt that China has more larger population so whatever they engage in usually do be become successful. So whatever threat they make in pulling out of Bitcoin or banning it, many becomes anxious.



Yes it's the hypes and the way the posts goes viral does have a short term affect in the market and practically whatever China does has no term affects over the bitcoin price, after some time people will get used to these news and it will not become viral. Population does plays a major role here, but we cannot trust the motive behind Chinese government's stance on crypto due to it's dynamic policies.

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November 03, 2019, 07:23:02 PM
 #27

The labor cost is very cheap in China. There are also many minerals that are important ingredients to technology materials like computers and other tech hardware. This allowed the Chinese to monopolized the supply of mining materials. And because of these advantages they can easily set up also their mining farms. At present, mining bitcoin is illegal in China but because they still have the accessibility then it will be futile to completely eliminate.

 
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November 03, 2019, 07:27:28 PM
 #28

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
China is a very big country that keeps up with the times!If tomorrow there will be something more interesting than bitcoin, they will forget it the next day.Do not forget that the other day the President of this country spoke positively about blockchain technology.From here you can draw conclusions and the answer to the question ,,why,,!!!!

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November 03, 2019, 08:08:06 PM
 #29

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
What does that even mean, you think that people from China does not understand English to come to a conclusion like this  Roll Eyes, a few who got interested had money to invest in mining and they started mining bitcoin and the weather and electricity was cheap and if you remember Bitmain is a Chinese company and no competitor was able to create efficient machines than them and hence they control the majority of the market share and all these cumulative things made China the mining hub.

Shitty times ahead, when will the shit ends
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November 03, 2019, 08:53:09 PM
 #30

The Bitcoin whitepaper was released in English, how did the Chinese get so interested ahead of others that they dominate mining of bitcoin?
Well let's make this clear, the bitcoin blockchain network has most of its nodes situated in China but that does not guarantee that these anonymous individuals are Chinese lol. For all you know we can have quite a number of English speaking people moving to China in order to mine bitcoin because of the following:
1. Cheap resources in mining bitcoin
2. Flexible laws regarding cryptocurrencies.
3. Availability of cheap source of electricity as compared to other countries.

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November 03, 2019, 10:50:04 PM
 #31

The Bitcoin whitepaper was released in English, how did the Chinese get so interested ahead of others that they dominate mining of bitcoin?
Well let's make this clear, the bitcoin blockchain network has most of its nodes situated in China but that does not guarantee that these anonymous individuals are Chinese lol. For all you know we can have quite a number of English speaking people moving to China in order to mine bitcoin because of the following:
1. Cheap resources in mining bitcoin
2. Flexible laws regarding cryptocurrencies.
3. Availability of cheap source of electricity as compared to other countries.
WE can't deny that China is now in the lead when it comes to cheap resources, especially for electronic materials and gadgets. It somehow will affect in terms of profitability and (less) expenses when we start mining. Ain't no wonder that more people coming from other countries to take this opportunity and do business with them.

Of course, why not Chinese people wouldn't take this opportunity since they already have the resources and knows that mining Bitcoin is profitable. Knowing the fact that they lift the ban for crypto, it is always their chance to fully engage in crypto as they don't have any worries of being caught by the authorities.

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November 03, 2019, 10:54:07 PM
 #32

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
They took advantage the advance technology on their country and since the cost of energy in China is not that high, they took the risk of mining. Right now, China shows another support to blockchain technology and maybe they will dominate the whole market again in the future luckily they can’t still control bitcoin.

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November 04, 2019, 05:53:20 AM
 #33

China can always dominate everything. if we look at some of the products we use ranging from clothing, electronics and household appliances, some come from china. China can always see opportunities, they also see the great opportunities that bitcoin and cryptocurrency have. so if we look at most investors and bitcoin miners come from china. and I think China has dominated the bitcoin market. because every news about bitcoin that comes from china always impacts the price of bitcoin. like yesterday the president of china made a statement supporting this blockchain making bitcoin  prices pump up.

 
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November 04, 2019, 06:44:38 AM
 #34

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

we can say that China is one of the most sophisticated countries in the field of digital technology, their government always has the idea of ​​designing technology to advance the country, and in China there are many investors who invest with bitcoin and large mining companies in their countries that are able to dominate computing power ( power hash) from a decent bitcoin network.

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November 04, 2019, 07:06:00 AM
 #35

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
in my opinion the bitcoin was so famous but at the time the bitcoin was made and started to launch in the last 10 years so in my opinion when bitcoin become famous the china i think the chinese government become interested in bitcoin because it has a great technology and china see it as a good asset. So i think a lot of companies in china become interested in it.

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November 04, 2019, 07:11:40 AM
 #36

We all know that the Chinese as a stereotype are more inclined to accept technological innovations. They also have cheap work hands and electricity so that's why business people started establishing huge mining farms there. China's focus on Bitcoin and cryptocurrencies could be a smart thing for the next years to come. We all know that the early bird gets the prize, so they have a head start in comparison with USA. However I think US handles the problem more professionaly, but in the old snail-pace like style so the banks won't have to dump the fiat garbage.
You need to add the fact that China has the biggest population of all. The labor force that their country have is not a joke. On top of that is their culture where their merchant line runs ancient hence they have this mindset to be open with new ideas and technologies perhaps like blockchain as you had said. Aside from cheap electricity and labor, the climate helps in building a mining farm since people would prefer colder climate which would help the mining farm cool down. USA on the other other hand is very cautious and I think it is given to them.
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November 04, 2019, 07:18:23 AM
 #37

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.

Yeah. Everything in china is very cheap. That's why most of the merchandise in the world are made in china but it does not mean the quality is low.
China is the center piece of the productivity of almost everything under the sun including btc,blockchain technology, and mining rigs.
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November 04, 2019, 07:25:50 AM
 #38

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Bitcoin mining uses a lot of power and the best way to locate your mining venture is to have it on China because there are areas where  electricity rates are lower compared to the Asian average and its availability has never been a problem. In other countries, Bitcoin mining is not anymore feasible because of the rising cost and concerns that Bitcoin is taking away the top resource that economic activities depend on. Of course, not to mention that many Chinese have this insatiable appetite for making money and doing a good business, or just simply very entrepreneurial. We should not wonder why China is dominating so many industries today and into the future, we are in fact the China century.
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November 04, 2019, 07:27:53 AM
 #39

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.
Cheap mining operating, lower price of mining tool and lower payment fees electric in China make they always dominate with bitcoin transaction, they have big investor want to adopt bitcoin and altcoin as currency investing. When make announce about positive side of bitcoin just awhile bitcoin price can fly to higher price, and they are very easy how to make bitcoin down with negative news.

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November 04, 2019, 07:31:50 AM
 #40

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Simply because they had manpower, China always dominate everything whether manufacturing of different products and services so there's no doubt they will dominate Bitcoin mining and even the market. As a matter of fact every move China made makes a big impact on the market just like what happended recently where president Xi announced about Blockchain technology. Anyway, this big country had enough technology to conduct these activities.

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November 04, 2019, 07:52:32 AM
 #41

I think the name "Satoshi Nakamoto" peaked the interest of a lot of the Asian people in those countries, because it is a common name there.  Cheesy  So they started to investigate and people were curious to know who it was and how it worked.

The Chinese people have some of the most remarkable "hackers" in the world and they are very smart people. They also like to be at the forefront of new technologies, so they quickly spotted Bitcoin's potential.  Grin

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November 04, 2019, 07:55:07 AM
 #42

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.
That, plus by sheer percentage they represent a large proportion of the world's population.  That, combined with their early interest in bitcoin and its mining, probably best explains why they're so dominant.  And good for them, too.  It would be a bad thing indeed if China didn't have such an interest in crypto.  If you think about it, it's amazing that crypto in general has achieved such a worldwide appeal, even among the poorest of countries.

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Not all Chinese citizens can read english, but I'm sure a *lot* of them can and they're known for producing some very smart scientists/engineers/computer geeks.
+1
+1
+1

this should sum everything up regarding behind the china bitcoin domination.

repetitive comments would come endless after this, the topic itself has really short issue to discuss further. China is on the way to even dominate the world economic, not even russia or USA can stop them right now.
i am pretty sure that it is because of how they have maximized every advantage they have into something proggressive like we are watching it now , chinese products has been spread around the world , just look at the stuff you are using now , where it made in? laptop, cellphone, camera, even a spoon is made in china now.

so it was not something taboo , especially in cryptocurrency where the enthusiasts is so high despite the controversy and bitcoin ban in china.
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November 04, 2019, 08:05:42 AM
 #43

the problem with people nowadays is that they believe any kind of crap that the internet feeds them. so if some random dude told them sky is brown they believe it without even looking at the sky and see what color it really is!
the fact is that only because during 2012 to 2016 they spread a lot of FUD about China and them banning bitcoin, having 100% of hashrate,... certain people are still programmed to believe that. the fact is that it was all FUD. not only China doesn't dominate bitcoin, it doesn't even dominate mining. hashrate is distributed well around the world.
if you look at Chinese trading volume it practically is non existent.
if you look at Chinese number of full nodes it is not the highest.
if you look at Chinese merchants, services, real adoption,... it is the smallest.
so how the hell are they dominating bitcoin? just becuas the internet said it and Bitmain is Chinese?!!!

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November 04, 2019, 09:50:17 AM
 #44

Simply because they are aware of it and they want to adopt in the advancement of technology. They are also one of the countries who's very innovative in technology. And maybe their big population help to make them be one of the countries that is dominating in bitcoin mining.
And now that blockchain have the possibility to be afopted in China, expecr that more Chinese will discover bitcoin
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November 05, 2019, 09:28:37 AM
 #45

Simply because they are aware of it and they want to adopt in the advancement of technology. They are also one of the countries who's very innovative in technology. And maybe their big population help to make them be one of the countries that is dominating in bitcoin mining.
And now that blockchain have the possibility to be afopted in China, expecr that more Chinese will discover bitcoin

For me, the sole reason why China "Should" dominate bitcoin is because they have enough human resources to adopt the crypto and pump it. As well as they have the capability to create a massive infrastructure that will support cryptocurrency and bitcoin mining, which will surely harvest most of the hash power of the cryptocurrency. In this case, if China will be aware of it and they will surely make their move to take advantage of it to lead the cryptocurrency innovation.

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November 05, 2019, 09:45:44 AM
 #46

Two reasons really.

1) there is a lot of new money in China. Hundreds of millions lifted out of poverty, more millionaires than in the USA. Tight capital controls mean it is difficult to diversify and move your money out of the country. Bitcoin helps with this. Unlike Korea, it is not your average middle class who is holding bitcoin, it is the richer folk.

2) cheap electricity from hydropower. They have more electricity than they can use themselves.
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November 05, 2019, 09:50:45 AM
 #47

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Chinese are known to be business-minded and if they've seen opportunities they will grab it right away. It's been mentioned that they have a big advantage due to the cost of electricity and with manpower they also manage to build more mining devices, we remember before that they've banning
bitcoin farms but now with the president's statement about interest with blockchain, there's a chance that they've realized that with this new technology, the advancement towards future system can be develop by them, to build up much stronger and competitive system globally.

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November 05, 2019, 10:04:10 AM
 #48

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

It wasn't china that dominates bitcoin mining, it was just the location where most of the mining company setup their mining activities because of both cheap labors and cheap electricity.  Aside from that, chinese can read english language too so do not think that only english people can understand the white paper of Bitcoin.  Aside from that there are also a chinese translation of Bitcoin whitepaper
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November 05, 2019, 11:26:53 AM
 #49

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
As you know that bitcoin is being used differently around the globe and since chinese had the most genius hacker on their country. It's just normal that they get the attention of bitcoin usage so they started to think on how they could make money from it. Chinese people are business-minded so if they saw some opportunity they grab it fast.
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November 05, 2019, 11:32:01 AM
 #50

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
As you know that bitcoin is being used differently around the globe and since chinese had the most genius hacker on their country. It's just normal that they get the attention of bitcoin usage so they started to think on how they could make money from it. Chinese people are business-minded so if they saw some opportunity they grab it fast.

I agree. Language is not an obstacle if the product is truly profitable. The Chinese catch every opportunity to earn money, they are very tenacious people in business, Bitcoin was no exception
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November 05, 2019, 12:33:16 PM
 #51

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Very cheap electricity.

See

https://www.wired.co.uk/article/bitcoin-mining-china-ban-crypto-cryptocurrency-wechat

Quote
China has 70 per cent of the world’s crypto-mining capacity, and over 70 per cent of that capacity is nestled in the mountains of Sichuan, where abundant hydroelectric power makes the price per kilowatt some of the cheapest anywhere in the world.

Basically, during the financial crisis, the Chinese govt poured money into infrastructure like hydroelectric plants, mainly to create work for people and prevent unemployment rising.

But the result was overcapacity - these plants are producing electricity they can't sell. Then the bitcoin miners turned up and said, we'll buy some electricty if you do us a deal so it is cheap. Faced with producing electricity that is wasted, and getting a little money for selling it to the bitcoin miners, the electricity generators chose the latter.

If the electricity plants find a better customer for their power, then the mining will move somewhere else.


 
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November 05, 2019, 12:50:09 PM
 #52

China is the leading factor with Bitcoin mining. China plays a very important role in the bitcoin mining ecosystem, has always have. In the last month, China accounts for around 80% of all mined bitcoins. The country offers several advantages to bitcoin miners like centralized mining operations. There were many fears early in Bitcoins beginning that China would initiate a 51% attack which would have destroyed Bitcoin. I still don't think it has happened to this day. China also has a supply of cheap electricity, hydro-power and coal production.

Source: https://www.investopedia.com/news/china-intensifies-crackdown-bitcoin-mining/
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November 05, 2019, 01:35:00 PM
 #53

China is a business-minded country. They're into business so even a language is never a barrier for them to understand things about cryptocurrency. They have cheaper equipment so they could definitely do crypto mining. China has now a huge number of crypto users and it really brought a huge impact on the growth of cryptocurrency.

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November 05, 2019, 02:00:59 PM
 #54

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Unfortunately I cannot assert and discuss global processes because I do not have enough knowledge and information as well as such processes seem to me too ambiguous. Nevertheless looking around I see many people from China working in various spheres and I may suppose that they choose BTC as a perfect mean for transferring money and making transactions cheaply and without expensive and heavy taxes.
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November 05, 2019, 02:24:44 PM
 #55

Simply because they are aware of it and they want to adopt in the advancement of technology. They are also one of the countries who's very innovative in technology. And maybe their big population help to make them be one of the countries that is dominating in bitcoin mining.
And now that blockchain have the possibility to be afopted in China, expecr that more Chinese will discover bitcoin

Aside of that china will gain most popular bitcoin miners and users. government there will easily dominate it because of peoples support. they choose blockchain to control all over cryptocurrencies. their population will help them to fulfill their preference. In a short time of period they rapidly thinking the steps on making their own cryptocurrency. with this, miners on their country have the opportunity to improve more and earn more. on their move many country has motivational way to follow the footsteps of china in expanding blockchain and crypto in their country.

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November 05, 2019, 02:45:42 PM
 #56

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
The fact that the whitepaper of satoshi was written in English does not mean that it cannot be translated into chines and moreover, we have so many Chinese people that speaks English very well, so they don’t even need to use goggle translator for them to interpreter it directly into another paper.

Secondly, when it comes to the mining machine, they are the ones that are producing it, and how would they not have the knowledge of what they are producing, so expect them to definitely understand the machine the more, which is why I think that is the reason why they are the main dominant of bitcoin mining. It would even be easier for them to use it more there because the cost of producing it here is what they need while other will consider several cost before even moving it out of china.

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November 05, 2019, 02:47:58 PM
 #57

Simply because they are aware of it and they want to adopt in the advancement of technology. They are also one of the countries who's very innovative in technology. And maybe their big population help to make them be one of the countries that is dominating in bitcoin mining.
And now that blockchain have the possibility to be afopted in China, expecr that more Chinese will discover bitcoin

Aside of that china will gain most popular bitcoin miners and users. government there will easily dominate it because of peoples support. they choose blockchain to control all over cryptocurrencies. their population will help them to fulfill their preference. In a short time of period they rapidly thinking the steps on making their own cryptocurrency. with this, miners on their country have the opportunity to improve more and earn more. on their move many country has motivational way to follow the footsteps of china in expanding blockchain and crypto in their country.
China can dominate with bitcoin because most popular digital currency there is bitcoin, before bitcoin raise with higher price China become first country have allowed of bitcoin as legal currency payment, there are have many big bitcoin mining project and thousand ICO investing launching there, when bitcoin banned there many investor keep trust for investing in bitcoin.

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November 05, 2019, 03:06:11 PM
 #58

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
You dont ask why they still do the mining as much as they do it then? I dont stay in china but the news say electricity is cheaper there. China might look greedy to most people outside Asia but they provide a platform that allows industrialization and innovation to thrive. Am disappointed with the rate of bitcoin export from china also and poverty seem to cause it. However, they still own a large portion of bitcoin.
are you sure that the cost of electricity in China is very cheap?

I read the news, China is getting interested in Bitcoin because the electricity theft rate in their country has increased sharply. their police force found that the electricity thieves built Bitcoin mining, because cases of this kind emerge continuously so their government is paying great attention to Bitcoin, this is the reason why many of the Bitcoin mining is forcibly closed.

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November 05, 2019, 03:15:07 PM
 #59

I guess because china is not so strict than US? US has been well-known for a very tight security country and china wants to adapt and take the risk, they are business-minded people willing to learn about new technology, In fact, they are tokenizing their national currency and will be launching soon, I think what china is doing will have a great impact on crypto community.

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November 05, 2019, 08:04:29 PM
 #60

Lol dude, Many Chinese people can speak English too you know. It is always like that. When something is popular the Chinese jump on it first. Manufacturing things and labour is so cheap there that is why almost everything is made there. You just cannot compete. Same with mining. They get the miners before anyone else since they made cheaply by badly paid workers on a massive production line that works 24/7 building miners. It's intense.
They just roll them out and start mining with them ASAP.

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.

A Legendary member spamming?? You should know better and be ashamed. YOu won't even read this though. Spamming your max 20 posts per day posting one-liners saying nothing of importance. Must be nice being paid 20k a pop and 400k a day to talk utter shit. You shouldn't be in the campaign. If I see you spamming again I will report you. I have been nice and I have warned you.



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November 05, 2019, 10:07:34 PM
 #61

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Lol... this guy is very funny, actually.
The Chinese people are business savvy more than any people in the world.
Also, in China they have very cheap electricity that why the majority of bitcoin miners are from China.
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November 05, 2019, 10:25:59 PM
 #62

I think the name "Satoshi Nakamoto" peaked the interest of a lot of the Asian people in those countries, because it is a common name there.  Cheesy  So they started to investigate and people were curious to know who it was and how it worked.

The Chinese people have some of the most remarkable "hackers" in the world and they are very smart people. They also like to be at the forefront of new technologies, so they quickly spotted Bitcoin's potential.  Grin
That name isn't very common, it's a pretty rare name in Japan and I don't think a lot of people where named satoshi in Japan. There's actually a pretty cool theory that "Satoshi" is a combination of several big companies and they think engineers/people from them created the crypto-currency.

EG, Samsung + toshiba = Satoshi.

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
You dont ask why they still do the mining as much as they do it then? I dont stay in china but the news say electricity is cheaper there. China might look greedy to most people outside Asia but they provide a platform that allows industrialization and innovation to thrive. Am disappointed with the rate of bitcoin export from china also and poverty seem to cause it. However, they still own a large portion of bitcoin.
are you sure that the cost of electricity in China is very cheap?

I read the news, China is getting interested in Bitcoin because the electricity theft rate in their country has increased sharply. their police force found that the electricity thieves built Bitcoin mining, because cases of this kind emerge continuously so their government is paying great attention to Bitcoin, this is the reason why many of the Bitcoin mining is forcibly closed.
Yes. It always has been cheap, but sometimes there are issues with people stealing electricity from companies/government, but that happens anywhere and isn't related to China specifically.

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November 05, 2019, 10:43:48 PM
 #63

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Lol... this guy is very funny, actually.
The Chinese people are business savvy more than any people in the world.
Also, in China they have very cheap electricity that why the majority of bitcoin miners are from China.
It's funny that most Chinese don't speak English but there's a big difference between an average construction worker and a university student.

Mining was dominated by the Chinese for 2 main reasons.

1 They had easy access to chip manufacturers. Most of the electronics we see in stores is made in China so they could design and produce everything on site.
2 Cheap power.
The Chinese are smart people and know how to make money. Asians have the highest average IQ of all races. Add points 1 and 2 to the mix and you get your answer.

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November 05, 2019, 10:59:31 PM
Last edit: November 05, 2019, 11:19:09 PM by imstillthebest
 #64

so if its released in english it does mean that only english people can learn it ? lol no it does not work that way   . in every country there are people that can learn multiple language but normal people can still learn to read or write in a different language more easier with the help of our current technologies these days  .  there were other countries that also get interested on mining not just china but china is more dedicated and many  people on this country have alot of interest than others , thats why   .

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November 05, 2019, 11:15:50 PM
 #65

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
It's simple, because they got profits from mining. As we know from rate mining and mining cost management, everything is very cheap. I got information about the costs they had to spend to make mining equipment and their daily expenses.


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November 05, 2019, 11:30:18 PM
 #66

China is on the pathway of becoming the superpower in the world. They are aiming to dominate as much fields as they can and digital money is in this fields too. So, it is not surprising to see that China dominates Bitcoin.
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November 05, 2019, 11:43:39 PM
 #67

China is on the pathway of becoming the superpower in the world. They are aiming to dominate as much fields as they can and digital money is in this fields too. So, it is not surprising to see that China dominates Bitcoin.

Obviously that's what they aim for ever since. China offers money to lend to any country and later on when they cant be able to pay for it china will take part of that nation as their share. Now china wants to have a fair share and took advantage of the cryptocurrency's ability to transform a country in a more improved economic state.
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November 06, 2019, 01:33:06 AM
 #68

It's not like English can't be translated. Also because they have the resources to do so. China has one of the cheapest electricity in the world and not only that, they have the man power to mine Bitcoin. With that, they are able to monopolize early Bitcoins because of their situation. China is all about industry, they saw Bitcoin as a potential and grab it at its early stage. Even today, they still hold a large portion of Bitcoin compared to other country.

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November 06, 2019, 02:13:30 AM
 #69

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
They are moving ahead on so many ways and China is showing a fully support on blockchain technology. Maybe they are doing this with their current trade war with US and maybe blockchain technology is a good way for them to survive and be better than any country. Mining is doing good in China, they are earning a lot of money because of this.
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November 06, 2019, 02:48:40 AM
 #70

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

One of the reason is very affordable electricity in which vital on every mining operation process. In Bitcoin mining you will not earned a lot if your electricity is very expensive to consume that is why there are lot of Bitcoin mining corporation choose China as the right place of their business mining operation.

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November 06, 2019, 04:19:07 AM
 #71

The Whitepaper might have got its release in English, but from the name of the person who served to be the key it is purely China or Japan based. Along with this China and Japan are highly advanced and supportive to technology oriented development. This seems to be the key reason for more bitcoin mining farms implemented on China. Due to some economic downturn China stood against bitcoin for a short and by that time Japan legalized and made thyself strong in the market. Low electricity price is much required which is available with China along with moderate climate conditions.

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November 06, 2019, 06:14:19 AM
 #72

There are a lot of good indicators for this argument, I think China is the ultimate place where you can get access without any hassle, here electricity rate is lower than any other country, labor= is also very cheap in comparison to the other developed country, you can avail very easily miners, electricity and maintenance accessories and so one at a low rate, most important thing is that China has the largest population in this globe, they are pushing their people always doing something, they are known as a businessman and they are doing very well around the world. that's why Chinese people are dominating in this platform also.=

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November 06, 2019, 11:21:51 AM
 #73

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?
Basically China dominates the bitcoin mining is simply because the electricity in the China is cheaper than any country and this is because of the nuclear power that contributed 4.2% of the total chinese electricity production.
That would be the main reason why China easily dominate the bitcoin mining than anyone else, also thinks about the population in the China and think about when all of them are mining bitcoin then maybe they will really become the center bitcoin mining all over the world.
Another reason why China dominate bitcoin mining is because Chinese citizen are very open minded on business in where they can earn money so they tried the bitcoin mining and eventually they succeed on doing this mining.



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November 06, 2019, 02:17:20 PM
 #74

Mining was dominated by the Chinese for 2 main reasons.
1 They had easy access to chip manufacturers. Most of the electronics we see in stores is made in China so they could design and produce everything on site.
The work force in China is cheap because of the naturally huge population and it is not because of ease of access to chip manufacturers alone, even if Bitmain did not develop the chips required for mining they will find a way to import the machines and start mining.

2 Cheap power.
The Chinese are smart people and know how to make money. Asians have the highest average IQ of all races. Add points 1 and 2 to the mix and you get your answer.
If you look at the mining industry in China it is focused on a few area and Sichuan is the place where majority of the mining farms are set up and it is because of cheap hydro power and right now the Chinese government is planning to restrict the mining industry and if that happens they will move out of the country.

Shitty times ahead, when will the shit ends
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November 06, 2019, 03:32:39 PM
 #75

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

why one earth you would think to correlate the laguage of whitepaper and mining in countries where their main language is not english. This is just  illogical.

They just have access to cheap mining equpiment and electricity compared to the rest of the world.

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November 06, 2019, 04:20:32 PM
 #76

China doesn't dominate Bitcoin, only Bitcoin mining. We don't know who owns the most Bitcoins and on where do the wealthiest holders live. Those people really dominate the industry. People who have hundreds of millions in Bitcoin like the Winklevoss Twins, Richard Branson, Mike Novogratz and the rest of them. When you have enough coins to crash the market you dominate it.
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November 06, 2019, 05:18:41 PM
 #77

China doesn't dominate Bitcoin, only Bitcoin mining. We don't know who owns the most Bitcoins and on where do the wealthiest holders live. Those people really dominate the industry. People who have hundreds of millions in Bitcoin like the Winklevoss Twins, Richard Branson, Mike Novogratz and the rest of them. When you have enough coins to crash the market you dominate it.
Of course, I completely agree with you that the big owners of Bitcoin are completely different people, not Chinese citizens, but nevertheless, making all their names public is almost impossible.  But if we are talking about the dominance of china citizens in relation to Bitcoin, then in my opinion we are talking about controlling the hash of Bitcoin speed, where about 70% are controlled by Chinese miners.

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November 06, 2019, 07:00:47 PM
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Chinese people are always fascinated with new technologies more especially when it comes to making money. In China, they have crazy cheap electricity for bitcoin miner to the level where everyone can set up and forget bitcoin miners and make tonne amount of money. So in China, the news of bitcoin spread rapidly saying bitcoin is a digital form of money which anyone can mine.   

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