China Controls Bitcoin's Future

[Ozero]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

The fact that a significant part of bitcoins are mined in China has nothing to do with its possible centralization and control by the Chinese authorities. Miners are ordinary people and bitcoins remain with them, the Chinese government does not have the ability to manage them. In addition, the Chinese government is now taking measures to reduce the volume and capacity of miner farms due to the high consumption of electricity. Therefore, the overall percentage of bitcoin mining in China will decrease.

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[DapanasFruit]

We don't have to worry on the possible scenario of China controlling Bitcoin as this will never happen not unless maybe if the government of China will decide to siphon the majority of the Bitcoin supplies, but I am really doubting on that. The China government is convinced with the benefits of blockchain technology but not Bitcoin. And in case the government will be trying to sabotaged Bitcoin mining, miners can easily go where they are very much welcome and this can be the big reason why even if the government is not recognizing Bitcoin they are still allowing the mining as this can be good for their expanding economy. Right, now, there are already other countries opening their jurisdiction for crypto mining even including some states of the USA.

[jrrsparkles]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

They are not going to control anything, they can stop the miners and ban the mining process completely but still the transactions will be confirmed and more adoption comes we can expect more miners from different parts of the world so they keep losing their dominance according to the adoption.

[cryptobaht]

The way things go globally in the last couple of decades I guess it's not only Bitcoin China might majority control of in not so remote future...

[Darker45]

In what way will Bitcoin become centralized simply because a lot of miners are dependent on China's cheap electricity? China does not control the miners nor the mining pools nor the manufacturers of mining rigs.

The numbers are already saying that a great majority of new Bitcoins are mined in China. However, there never was a time when Bitcoin's decentralization went even a bit shaky. If it didn't happen when the concentration was very high, there's no reason to fear now when it is continuously going lower.

China controls everything that happens in China...

Bitcoin does not happen in China. Even if China orders a tenfold increase in the energy consumed by Bitcoin miners, or shuts down all Bitcoin mining activities within its jurisdiction, or confiscates and burns all Bitcoin mining facilities and equipment, it won't kill Bitcoin.

Well, China is rich enough that it can probably afford to spend billions and billions just to control more than 50% of Bitcoin's hashrate and then uses such power to attack Bitcoin's blockchain, but I doubt the country is that angry toward Bitcoin to do just that. Even supposing China is that hell bent to attack Bitcoin, it won't be sustainable either. I guess it won't even last for hours.

[mezzaluna]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

China is just a big country with a lot of Cryptocurrency users that is based there but if you are talking about China talking control over Bitcoin, then boy I can say that you are dreaming. Yes it is famous in their country and yes they can research a lot of things on how to utilize it properly but they do not have enough influencing power to take control over Cryptocurrency is still not a possibility for them. It's just cool on how they utilize Cryptocurrencies their own way. I still believe that the influence is still scattered globally and it will continue to happen in that way for an indefinite amount of time.

[Kelvinid]

https://www.cnbc.com/2021/03/02/china-bitcoin-mining-hub-to-shut-down-cryptocurrency-projects.html

Not anymore and I don't think as well that they are the one controlling Bitcoin nor they want it since they are banning crypto many times.
Bitcoin remains decentralized and that what we believe until forever. We accept that there is a huge number of crypto mining industries in there but as the news stated, many of them are shutting down. We may expect more shutdowns in the coming years.

I have also come to the conclusion that countries such as China, Iran or Saudi Arabia, where electricity is cheap, have even used electricity from power plants and solar panels to extract bitcoins:

Miners need now the most advanced technology and this increases the use of electricity and increasing their expenses as well. As the situation badly goes like this, they are not profitable anymore and it gives them an option not to continue and forcing them to stop.

[kryptqnick]

Mining is just a part of what's important for Bitcoin, so even though it's not only largely located in one country, but is largely under control of one company, I don't think it means that Bitcoin's future is under control. Miners can't really affect much when it comes to Bitcoin. The price doesn't depend on them, and the difficulty rate will adjust if a big chunk of miners suddenly decide to stop mining. The biggest threat is the 51% attack, but it requires enormous recourses to take control even for a little while, so it's safe to assume that won't happen. Bitcoin is not under anyone's control, that's the beauty of it.

[J1mb0]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

There is no way for anyone or any country in the world to control bitcoin, it is designed to be decentralized and anonymous.
If one day bitcoin becomes centralized and controlled I think it will crash and become a pile of rubbish, nobody wants that to happen.

[someone703]

You must understand the problem is that the mining with different ownership, they mine to sell to? So I wouldn't think that one country can control an entire market. If you look back on the history of the miners, they have that large number of miners, what does it mean they control, let's find out about the global crypto distribution.

[Searing]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

this is false

let's say a 'natural disaster' wiped out say 1/4 of all BTC mining in China next week? Due to their world-famous largest Dam in the world breaking

or something.

all that would happen is difficulty would go up on BTC mining and all the other decentralized miners in the world would make more $$$ per block

as a result.

big whoop....so a 25% gain for the other decentralized miners of the world of BTC

let's say by some 'magic' All the mining in China was to go 'poof' ...say the state secretly put in 'a magic shut the Internet down in the country switch

that they messed up on and shut all of such internet out of china down for a week or more or forever

same result

according to this link:

https://www.buybitcoinworldwide.com/mining/china/

the network would just make the remaining 35% of miners in china well off in difficulty as a result if 65% of the miners went poof

so it is a non-issue IMHO

this is what they mean by decentralization in BTC mining...it is like trying to juggle jello...just 'squishes' someplace else

brad

[conected]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

The fact that a significant part of bitcoins are mined in China has nothing to do with its possible centralization and control by the Chinese authorities. Miners are ordinary people and bitcoins remain with them, the Chinese government does not have the ability to manage them. In addition, the Chinese government is now taking measures to reduce the volume and capacity of miner farms due to the high consumption of electricity. Therefore, the overall percentage of bitcoin mining in China will decrease.

- Exactly, although the Chinese government has had some stages of banning and desiring a regulation but until now, the farm of miners still not under their control, some even have moved to other countries, and bitcoin is not really concentrated here when miners also want to make money, selling bitcoin to other countries is often what they do, they don't have too much storage, which makes them unable to control bitcoin. In general, bitcoin is scattered around the globe, each country will be a force and a group of users, they create a balance between the forces, bitcoin becomes an intermediary here, nobody dares to claim sovereignty over bitcoin

[soulripper]

By looking at the decentralized system in bitcoin, I think anyone who holds the majority of bitcoins can move the movement of bitcoins easily. I think China has had an influence on the development of bitcoin but not absolutely.

Bitcoin is it a decentralized system and i think it will be hard to control the movement of bitcoin that easy. Unless you got 80% bitcoin at the market that might be a different story of course. Still i think China had a big influence on the development on bitcoin as they are the big boy at mining bitcoin overall. At the future if China really does control at bitcoin i would definitely will off from bitcoin territory.

[Renampun]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

to be honest, this is a very strange question IMO 'lol'...
China controlling Bitcoin is a fairy tale, until whenever China will not be able to influence Bitcoin. The price of Bitcoin went up not because of China and the price of Bitcoin went down not because China, the stern sentence was 'China is nothing for Bitcoin'.

[milani]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

It does not depend on the territory, country or location where miners are situated, it will not have any impact on becoming Bitcoin to be centralized, because Bitcoin can not be centralized. May be in some way it may influence on some processes but not on the changing the most important feature of Bitcoin, the very essence of it.

[Zanab247]

Since most of Bitcoin is mined in China and depends on China's energy, do you think it is possible that Bitcoin will become centralized, with China becoming the authority?

No, bitcoin cannot become centralized currency because it was created by Satoshi Nakamoto to serve as a decentralized currency in the world, to help people to reduce unsafe money.  Despite China are participating on bitcoin investment does not mean that China  can control the price of bitcoin because bitcoin is not control by any countries of the world.

[Ausgewielt]

But bitcoin adoption is getting better now. The proof is big companies like Tesla who get involved to bitcoin. I thing day by day bitcoin is spread evenly around the world so china or other big community who own bitcoin will not easily control bitcoin future.  Our job is prepare ourselves for the future, we should earn bitcoin as much as we can so we can be a part of people who get a lot of profit in the future.

[Trinx01]

I don't think so, even though China has the greatest number of crypto miners they cannot still control bitcoin, imagine how many countries are mining bitcoin even though China has the advantage in terms of numbers they cannot still get over those miners in different countries but at least they give some factors on the movement of the value.

[DarkDays]

If we look at the current trends, mining is being more decentralized as US/Canada, Russia and EU are also coming into spotlight.

To add to this shift in the BTC mining industry where the mining power is shifting away from one central hostspot - China, there are also particular code structure that prevents from a 'centralized' only monopoly. This means that mining cannot be controlled by a country alone, miners are decentralized and the process is getting harder and more complex with each mined block. So it makes sense that mining will gradually become lesser of a proportion in China with other miners around the world being able to lead in the ever complicated technological structure to continue the mining BTC.

 So on short, no, not one country or entity can control something that it was designed to be decentralized.

[stompix]

Do you know the increase of bitcoin mining activities in Kazhakstan? The Mining City is based in Kazhakstan and more new mining pools will appear and contribute aggregated hashrates to reduce the dominance of Chinese based mining pools.
Mining City is at the 24th rank with 0.13% of total hashrate.

Do you know that Miningcity was/is a ponzi scheme?
https://behindmlm.com/mlm-reviews/mining-city-review-bitcoin-mining-securities-fraud-investment-scheme/
https://behindmlm.com/mlm-reviews/mining-city-review-2-0-expanded-crypto-mining-sec-fraud/

When the money dried out so did the blocks they've "mined"
The same scheme with them claiming to mine was used by BitClub Network

Even if China orders a tenfold increase in the energy consumed by Bitcoin miners, or shuts down all Bitcoin mining activities within its jurisdiction, or confiscates and burns all Bitcoin mining facilities and equipment, it won't kill Bitcoin.
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Well, China is rich enough that it can probably afford to spend billions and billions just to control more than 50% of Bitcoin's hashrate and then uses such power to attack Bitcoin's blockchain, but I doubt the country is that angry toward Bitcoin to do just that. Even supposing China is that hell bent to attack Bitcoin, it won't be sustainable either. I guess it won't even last for hours.

You're contradicting yourself.
So are they unable to do anything against bitcoin or they can seize all the mining gear and launch a 65% attack on the network?
And where did you come with the "it won't even last for hours"?

If they want to launch an all-out attack on it they can, they will simple confiscate all the mining gear, they will shut down bitmain and Cannan so no new gear is shipped outside, they will produce themselves more gear if needed and simply feed those state-controlled farm cheap subsidized energy. They don't even need to launch a 51% attack, simply mining empty blocks for three days would clog the network that badly it will make everyone who wants to spend less than $1k look for an alternative.