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WatchMaker
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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
 #78


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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