Why China shut down mining farm? Carbon Emission.

[Daltonik]

El Salvador plans to attract miners using geothermal energy El Salvador's president Nayib Bukele has instructed the state-owned geothermal energy company LaGeo to draw up a plan offering bitcoin mining facilities with very cheap, 100% clean, zero-emission renewable energy from our volcanoes. https://twitter.com/nayibbukele/status/1402680890057166858

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[asiabtc]

El Salvador plans to attract miners using geothermal energy El Salvador's president Nayib Bukele has instructed the state-owned geothermal energy company LaGeo to draw up a plan offering bitcoin mining facilities with very cheap, 100% clean, zero-emission renewable energy from our volcanoes. https://twitter.com/nayibbukele/status/1402680890057166858

build up power plant needs much time and investment. it's not useful. just for PR.
the attached pic is very limited watt: around 3-5MW.

[Daltonik]

The authorities of the Chinese province of Sichuan demanded to stop the activities of key miners and banned local energy companies from supplying them with electricity.  Earlier, the media reported that the authorities of Sichuan will allow local miners to finalize until the end of September.

According to journalist Colin Wu, there are many small hydroelectric power plants in Sichuan and Yunnan provinces that can continue to cooperate with miners. However, large enterprises will switch off in the near future.

[philipma1957]

Well forcing the big farms out is interesting development.

Latest Block:   688059  (10 minutes ago)
Current Pace:   90.3539%  (604 / 668.48 expected, 64.48 behind)
Previous Difficulty:   21047730572451.55
                            
Current Difficulty:   19932791027262.74
                          
Next Difficulty:   between 18012520008199 and 18905994760842
Next Difficulty Change:   between -9.6337% and -5.1513%
Previous Retarget:   last Sunday at 4:06 PM  (-5.2972%)
Next Retarget (earliest):   June 28, 2021 at 10:22 AM  (in 10d 2h 51m 38s)
Next Retarget (latest):   June 29, 2021 at 3:58 AM  (in 10d 20h 27m 26s)
Projected Epoch Length:   between 14d 18h 16m 27s and 15d 11h 52m 16s
...

This drop of 10% means the price of mining btc is better.

This force out could be short term and along with chip shortage miners may have 1 year of okay difficulty.
It may favor miners in a niche of 100kwatts to 500kwatts of power. 
They could find ways to stay afloat. While huge farms will be crushed out or have to build a solar array and donate 10% of the power.

BTW BTC could easily create millions of kwatts of solar power for mining with the profits it makes. Donate 10% of the power  to the people and it becomes a win win for everyone but the coal companies.

our diff was at a peak of 26T is now 19.9 t and will soon be 18.3T?

so 18.3/26.0 x 64000 = 45,000   and coins are 37,500 not 45,000 so we are off peak profits a bit but still bigly profits are here.


a s17 set to 55th and 2.0kwatts at 10 cent power

55 x .2466 = $13.56 earned
50 x .1000 =.   5.00 burned

profit is         $8.56 daily

Please note I rounded  kwatts to 50 a day  which is 2.083 kwatts an hour

[rulovico]

Why they would donate 10% of their power 

[philipma1957]

Why they would donate 10% of their power 

Poorly written my bad.

Power is not to be donated it is to be sold at break even.

Concept is  you created say 1 megawatt of clean power burn 90% of it to mine and run your business.

And sell 10% excess at cost to local customers.

New Jersey has this.  So you build a big field and have excess power you "donate" the excess to the grid at cost "4 cents"

that is clean power for someone local to you.

The term used is donate in real world you are selling at cost.

Sorry about that.

[asiabtc]

One more month passed, the hashrate  dropped more than 50% .
are you happy, miner?

[kano]

One more month passed, the hashrate  dropped more than 50% .
are you happy, miner?

No it didn't drop more than 50%.

[Daltonik]

Owners of small hydroelectric power plants up to 50 MW in China have started selling equipment due to the restrictive measures of the authorities against bitcoin miners, there is an increase in the number of ads for the sale of mini-hydroelectric power plants on the Xianyu platform. https://www.scmp.com/tech/policy/article/3138130/bitcoin-crackdown-sends-graphics-cards-prices-plummeting-china-after

[philipma1957]

One more month passed, the hashrate  dropped more than 50% .
are you happy, miner?

Yes and it should really drop the full fifty percent not the 40 something percent which will be true on this thurs or fri.

My gut says next jump it drops 2-3% which gets us close to a 45% drop.

[coinfoundry]

You can't be serious suggesting that the Chinese (yes, and that includes not just the government but average Joe as well) does anything for a greater good. It has been demonstrated on many occasions that the average Chinese doesn't give a fuck about anything that does not immediately concern himself. Not a child getting kidnapped in plain daylight, a woman getting assaulted by a raper or their neighbors in need and certainly not the environment.

[mindrust]

Why China shut down mining farm? Carbon Emission.
here is one great article, Predicted this shutting down action.

Bitcoin Segwit2M （B2X)-Green and Scaled bitcoin.
https://bitcoinnewyork.medium.com/bitcoin-segwit2m-b2x-green-and-scaled-bitcoin-3f0b0b32ac64

China are shutting down all high energy consumption, high pollution factory, because of Carbo emission. this is global govs unified action.
we will see the hashrate drop 30-50% at the end of this year. because in winter, all Chinese farm are shut down : no enough hydro , and gov control the carbon emission, shut down the coal-burn electricity supply.

good timing for over sea miners join mining. if you have cheap than 4 usd cent electricity, and enough capacity.

Didn't Elon recently say that he he will accept BTC for Tesla cars again because did the math wrong and Bitcoin is not as harmful as he thought it was?

I mean even the smartest man alive is allowed to make mistakes sometimes. I guess we can forgive him for that. The question is... why don't the Chinese believe Elon?

[stompix]

Didn't Elon recently say that he he will accept BTC for Tesla cars again because did the math wrong and Bitcoin is not as harmful as he thought it was?

And?
Yeah, the evil coal mining in China is done for. Hail to the good coal and gas mining in the US!

https://www.wsj.com/articles/bitcoin-miners-are-giving-new-life-to-old-fossil-fuel-power-plants-11621594803

Nobody will pay 8-10 cents a kWh for clean green energy when you have a  deal like this one:

In the joint venture, Beowulf gets part-ownership of Marathon, but Marathon keeps the Bitcoin output from a data center that will use an estimated 37MW of power from Beowulf's 119MW Hardin Generating Station in Big Horn County, Montana. Marathon will pay $0.028/kWh for the energy, which is about a quarter of the average US domestic rate of around $0.11/kWh.

Whoever thought that by closing a mining farm that used electricity from coal-burning miners will suddenly find enlightenment and switch to hydro is living in a fairy dream. If coal plants in the US would be able to provide cheaper energy than others they will be the ones powering the gear, not solar panels and windmills.

[arielbit]

apparently volcanoes does not care about "human's carbon emission" cacophony LOL

want some volcano fart???

[Bitcoin_Arena]

I don't know if my thoughts are just off but who else thinks that the Bitcoin mining crack down in China is a good thing for Bitcoin in the long run?

With miners pulling out of China and looking for other favorable places to set up their mining farms, I think we shall see a much well balance distribution of miners across the globe contrary to the situation where over 50% the hashrate was from china so that in future, so anything happen to China, the effect on the Bitcoin network will be minimal.