China's game plan

[BrewMaster]

The last time the price was 30k and there was no sign of China doing anything was in January,

in January price was coming down from $42k.

at that time we were flat at 147.46 EH/s, 149.05 EH/s, 153.41 EH/s for a month,

it wasn't flat in January. the price went from
$28700 to $42000 to $28800 to $38900
and hashrate went from
137 to 155 to 144 to 153

Also, 10%? Nope.

maybe my calculations were off but it definitely is not a 80% drop

No. I believe the poster is referring to aggregate data obtained through the mining pools. From the locations of the IP, you can sample and determine the range of miners that are located within China.

so you are telling me that there was a dumb mining pool out there that betrayed its users and revealed their IP addresses?

[Imran232]

To be honest its really impossible to predict China’s  game plan. Because the whole china is one of those country which is calles mysterious. There has no freedom. So everything decides Only government. So its definitely we can say if china thinks about any types of game plan so sorry to its can't possible for us to know about that plan. Where i don't think soo Chinese general public also can't predict their government decision by staying that country. Where we are live in outside of that country so how can we say. Its my opinion others can be different thank you.

[Shenzou]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China is well know for controlling everything, from restricting websites to all kind of weird prohibited things, and all of that because the government wants to be able to hold control all over its people, and with bitcoin they are not able to do that, they won't be able to see who is sending money to who and for what reason, and with bitcoin being decentralized they don't have any control over it, and maybe they are trying to make their own cryptocurrency to hold control over the transactions.

[Issa56]

From the little experience am having and from what I notice I believe China wants to dump bitcoin because they don't really want any competition with there digital currency that's why they are just trying to dump bitcoin but I believe the only thing China can do currently is just to stop bitcoin from pumping and I believe is just temporary, Nobody can stop bitcoin from pumping.

[stompix]

The last time the price was 30k and there was no sign of China doing anything was in January,

in January price was coming down from $42k.

Common, let's be serious...
The difficulty adjusted to 147.46 EH/s on January 9th, the price reached $40,180.37 on the 7th.
And then coming down after 3 days of staying above 40k, like any miner would check the price see it's at 40k, not 36k, and suddenly plugin 100k s9 and start hashing, and not unplugging them when the price fell to 32 two weeks later but miraculously adding more and more...
What about November 2020, when the hashrate was 137.12 EH/s, where was the price coming down from at that time? 

https://bitinfocharts.com/comparison/bitcoin-price.html#1y
https://bitinfocharts.com/comparison/bitcoin-hashrate.html#1y

Don't try to blame the drop on the price, it doesn't make sense!

maybe my calculations were off but it definitely is not a 80% drop

He said 80% out of the Chinese-based hashrate, maybe not 80% but definitely, 60% of that is gone.
Let's not forget a lot of gear has already left and is mining again in different locations, let's not forget others kept receiving gear:
https://www.globenewswire.com/news-release/2021/06/02/2240330/0/en/Marathon-Digital-Holdings-Announces-Bitcoin-Production-and-Mining-Operation-Updates-for-May-2021.html
7 000 more on top of those 5000 have come during June, and that's just Marathon, there is Riot, and many others who are not China-based.

[teosanru]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

Overall, I don't think the Chinese government is worried about miners. For China, politics has been much more important than economics. This means China would not allow their resources to be used for anything which doesn't give them enough revenues at the same time they ensure that they have strict control over the spread of information due to that thing. Bitcoin promotes a free economy which is entirely opposite of the ideology that China has, when they are working okay after banning social media websites like Facebook, Twitter and even Google, then banning bitcoin won't be a big loss for them.

[Hamphser]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

When it comes to financial capacity then they wouldnt really care much on how much they had missed out or lost in terms of fiat when it comes to revenue or something like that and of course every action

would have be having corresponding reason behind it and it would really be varying into their interest but honestly, does it really matter that much? China could make those kind of decisions but i dont see for it to be a
major concern even though it can really affect on how the market moves but it isnt the end of everything.

They might have a plan but to know that the world doesnt only turns around because of China.

[Tolosi]

China nor anybody else can accept Bitcoin as the new world's currency as long as 1.000.000 early mined Bitcons are unaccounted for.

[ranochigo]

so you are telling me that there was a dumb mining pool out there that betrayed its users and revealed their IP addresses?

Aggregated data doesn't reveal anything sensitive about their users. It is perfectly fine for them to do so and I believe this would be covered under their privacy policy as well. They aren't dumb and this isn't a betrayal.

But yes, 3 of the larger mining pools agreed to share the data.

[zasad@]

I have not yet formed my theory, I also wrote that the Chinese CBDC will replace bitcoin, therefore such sanctions.
Does anyone think a little more globally?
The sanctions against miners will lead to the decentralization of bitcoin around the world.
Covid is only testing for the destruction of the population.
The next viruses will be more terrifying.
All evil comes from China ..

[Distinctin]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China had no other game plan aside from forcing crypto to shut down. They actually win on their country but their want to stop it fully, that is impossible.

For several times that China is urging their people to stop mining and using crypto, the more it makes their people moving out from their country for the sake that they will continue what they are doing. It is very unfortunate how these people suffer such terrible actions which Bitcoin hasn't done bad to the economy instead it helps people to live comfortably and generate income. They are wrong chasing Bitcoin down, they will just fail.

[Lucius]

I have not yet formed my theory, I also wrote that the Chinese CBDC will replace bitcoin, therefore such sanctions.
Does anyone think a little more globally?
The sanctions against miners will lead to the decentralization of bitcoin around the world.
Covid is only testing for the destruction of the population.
The next viruses will be more terrifying.
All evil comes from China ..

How can central bank digital currency replace Bitcoin, and even more so in China, where trading with it has been banned since 2017? CBDC is a digital version of national currencies, any comparison to Bitcoin is really ridiculous and makes no sense.

As for other theories about viruses and China as a source of evil, you might look at how much evil has come from some so-called democracies in the Western world over the past 30 years. After all, who can say for sure that the virus originated in China, maybe it's someone's plan from the beginning?

I think there are two sides right now, and I find them both amusing

Feel free to add a third, because as you can see there are some who have put together very imaginative conspiracy theories - according to them, we should not worry too much about Bitcoin, because the Chinese are already working on a new deadly virus ... but first they have to deal with Bitcoin.

[bryant.coleman]

1. China is known for big announcements that bring the price down. We don't know if and how much hash rate was taken down in order to be relocated and how much hash rate was just temporarily stopped in order to support the FUD/pump and dump game. And yes, I tend to believe that China together with N Korea may play pump and dump games with Bitcoin.

2. Bitcoin leaving China may be somewhat beneficial for their game. They are already beta-testing e-CNY. They gave out for free quite some nice amounts of their coin in order to have it spent and tested out. Bitcoin may be seen as an unwanted competitor for this project. And yeah, you may have to read how many things a govt can do with their own centralized e-coin, from surveillance to (automatic) seizing the funds of undesirables.

These two are very important points. Previously, China used to tolerate Bitcoin to a certain degree. But now with the listing of digital Yuan (e-CNY), that tolerance has vanished. It is clear that their CBDC is inferior to Bitcoin, and therefore the Chinese government did what it does when one of their products can't compete with the international competitors. Personally, I believe that this will be beneficial for Bitcoin. There will be a temporary setback, but China accounting for 80% of the Bitcoin hash rate is like a ticking time bomb.

[Xinarae*]

China is preparing to challenge the dominance of the dollar at a bad time for us president donald trump. The country is considering introducing the yuan as a potential digital currency which could change the landscape of the financial sector but china's game plan is really hard to catch being the most developed country in the world they compete with all other countries. I don't think they can have much of an impact on bitcoin even if they plan games because bitcoin is decentralized.

[CryptoStar19]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

The Chinese government is worried about bitcoin competing with their newly issued CBDC. Of course bitcoin is bigger than any single country and is the new world standard of finance (only if they understood) and in time China will recognize that it's a setback for any person, institution, or country to shun bitcoin.

[acener]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

For me they are just controlling it again trying to lower the price.
I think when the price starts to go up they would once again join into it.
They have been playing with the market banning and unbanning in the past so I think it is just the same old drama.

[lepbagong]

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

For me they are just controlling it again trying to lower the price.
I think when the price starts to go up they would once again join into it.
They have been playing with the market banning and unbanning in the past so I think it is just the same old drama.

China has always played with bans like this and this is a repeat, I totally agree. but they have estimated the pros and cons of the ban. as a big country that is indeed mining very much there, of course it is very well calculated what it has done. the goal is clearly to seek profit which we cannot know at this time but in the future it will be seen that what China is doing is aimed at its interests.

[Kelvinid]

China is preparing to challenge the dominance of the dollar at a bad time for us president donald trump. The country is considering introducing the yuan as a potential digital currency which could change the landscape of the financial sector but china's game plan is really hard to catch being the most developed country in the world they compete with all other countries. I don't think they can have much of an impact on bitcoin even if they plan games because bitcoin is decentralized.

They are chasing more market dominance and they are competing with other big countries. Winning the competition makes them proud even they have to sacrifice the lives of their people. How crazy it was and a sort of greediness to power makes someone become evil.

They are trying to fully stop cryptocurrency as they are wanting to use their fiat money which they can easily manipulate. China is not a free country anymore as they wanted everything to be controlled, that will be their game plan. I'm so lucky that I was not there so I can still enjoy my Bitcoin.

[BIN-BIN]

The Chinese government and the central bank may plan on developing their cryptocurrency, and as we are all aware, China is one of the world-leading countries in terms of technical knowledge of modern tech, which Bitcoin is one of such modern development.
But in my long-term view, china may end up shooting itself on the foot by forcing miners to exit the Chinese market for good.

[zasad@]

I have not yet formed my theory, I also wrote that the Chinese CBDC will replace bitcoin, therefore such sanctions.
Does anyone think a little more globally?
The sanctions against miners will lead to the decentralization of bitcoin around the world.
Covid is only testing for the destruction of the population.
The next viruses will be more terrifying.
All evil comes from China ..

How can central bank digital currency replace Bitcoin, and even more so in China, where trading with it has been banned since 2017? CBDC is a digital version of national currencies, any comparison to Bitcoin is really ridiculous and makes no sense.

As for other theories about viruses and China as a source of evil, you might look at how much evil has come from some so-called democracies in the Western world over the past 30 years. After all, who can say for sure that the virus originated in China, maybe it's someone's plan from the beginning?

So I agree that banning bitcoin mining is pointless due to the introduction of CBDC, but China is doing it.
Someone talks about communism, but China lives by capitalist laws.
Bitcoin hashrate has halved, and where will China spend this electricity?
This is a huge problem for China's energy companies.