Reduce the hash of several mining pools due to power outages in China

[mr_ROBOTT]

Are you still saying that China is not mining bitcoin with all its might?
I mentioned earlier in a topic that China is going to war with other countries (especially the United States) by over-extracting bitcoins:

https://bitcointalk.org/index.php?topic=5329322.msg56739441#msg56739441

Now this article on bitcoin mining in China has caught my attention.During a comprehensive safety and blackout inspection in northwest China due to flooding in one of the mines, the hash power of the Bitcoin network was greatly reduced according to the image below.



News source: https://cointelegraph.com/news/chinese-mining-pools-hash-power-plummets-amid-regional-blackouts

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[franky1]

and if you do the maths. the 166exa to 136exa that the differences count as

is only 21%
so atleast you know "china" do not own bitcoin. do not have 50% but at the most 21%


next thing you realise is that these dips are only about the stratums(pool servers) and not the mining rig count themselves

so when a server goes offline in china. it may house multiple countries asics that could not connect to the chinese server

and so the count is actually low than 21%

so can people now chill and realise china 'owns' under 21%

[dkbit98]

Are you still saying that China is not mining bitcoin with all its might?
I mentioned earlier in a topic that China is going to war with other countries (especially the United States) by over-extracting bitcoins

You think that every mining pool from US is controlled by US government?
Even if mining pools from China totally shut down one day, pools from other countries will take over and continue mining like nothing happened.
There are many countries with cheaper or same price of electricity like in China, there is Russia, India, Georgia, Ukraine, Argentina, Paraguay, Turkey and others that can take over.
Nothing is stopping people to create more mining pools in other countries, but governments are not controlling them all.

You didn't really come up with this idea of China going to war with other countries over Bitcoin, but you just posted some cointelegraph article links and reposted what they say.
You can't consider that mining pools like Binance and others are directly connected with Chinese government when they are not allowed to run their exchanges in China,
they are all forced to go out in other countries to operate, and remember how many time China tried to ban bitcoin.
They are busy making their own centralized coin for cross border payments and they even made hardware wallet in shape of their ancient chinese coins, and they don't care so much about uncontrollable Bitcoin.
500,000 people will test their digital yuan and this is probably what they are preparing for fight with USD.


source article

[jackg]

Are you still saying that China is not mining bitcoin with all its might?

If the 21% was in the UK and they were considering a war over it, the 21% would be down for approximately 5 hours while the containers went on a trip to the Netherlands, France or Sweden where there was power.

If China were in a war type scenario over this, the power wouldn't have been cut. Emergency generators would've been rolled out in order to bring the miners back online almost immediately.

[BrewMaster]

the hashrate chart found on https://charts.bitcoin.com/btc/chart/hash-rate#5m9v shows only 20 Exa hash drop which is 11.7% drop in total.
the stories also don't make sense to me. the power outage was only in part of China in northwest of it and the list of mining pools in that picture contains a lot of pools that are not even in China and Chinese miners aren't connecting to them in first place so how can they experience drop in their hashrate even if Chinese miners were out?

[franky1]

the hashrate chart found on https://charts.bitcoin.com/btc/chart/hash-rate#5m9v shows only 20 Exa hash drop which is 11.7% drop in total.
the stories also don't make sense to me. the power outage was only in part of China in northwest of it and the list of mining pools in that picture contains a lot of pools that are not even in China and Chinese miners aren't connecting to them in first place so how can they experience drop in their hashrate even if Chinese miners were out?

the so called '11%' /20exa is rounded/diluted out over a day. meaning when electricity returned later the day the numbers went up.. but at the exact moments of the power outage the dip was more then 11%


asic miners dont have to be hosted in same location as stratum(pool) servers
a stratum can be in thailand and yet:
25% of asics can be in china, 25%in america 25% in iceland 25% in georgia
and thus a china power outage can cause a 25% dip for a thailand pool. even if the pool is not in china

by looking at which pools suddenly dropped shows which international stratums the northwest china miners connect to.

[hd49728]

Without any catastrophes relate to power supplies, bitcoin miners will shut down their rigs when they want or schedule to do so. They don't lose anything by shutting down rigs, farms for a few weeks.

You as bitcoin investors or traders won't lose your bitcoin if you won't panic sell yours when you read news. If you are experienced and senior trader and can be able to take the dips as opportunities to enrich your bitcoin amount, do this. If you are unable to do it, hodl your bitcoin.