China Quitting Bitcoin Mining Is Very Positive in Long Term

[Leviathan.007]

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.
Despite many concerns, Scaramucci believes that China's interference in bitcoin mining has caused instability in the bitcoin flagship and a 50 percent drop in its price just after the $ 65,000 record.
He added that in the long run, ending the bitcoin mine with fossil fuels from China would solve bitcoin's environmental problem.
He was quoted as saying by Michael Saylor, CEO of MicroStrategy:
"56 percent of all BTC mining operations are performed using green energy."


Source: https://u.today/china-quitting-bitcoin-mining-is-very-positive-in-long-term-anthony-scaramucci

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[Yaunfitda]

Yeah, during the crackdown in 2017, or at least China started to show it's disdain on bitcoin, we have been calling that even if the government decided to shutdown the mining business for good, still we are going to survived. The price might be affected short term. But in the long term, it will be good as the operations could be distributed globally and not concentrated on some powerful miners in China. Maybe now the hashrate are going down hard because of the shutdown, but sooner or later we can and we will recover.

[blckhawk]

well it is positive in the long term because china is one of the countries that holds huge amounts of bitcoin, and if they decide to ban on mining bitcoin then the supply will be distributed to other countries or people that wants to mine bitcoin and i think this is a positive way to promote bitcoin instead of having one country hoards the majority of it.

[freedomgo]

Very positive because not involving China by any means would not affect the market once there's bad news about China. This is a statement that no country could ban bitcoin because others will take the opportunity to mine, and with that, the miners will still be able to profit and the blockchain will continue to work. With the regulation against crypto, no miners will survive doing their operation in a said country.

[stompix]

He added that in the long run, ending the bitcoin mine with fossil fuels from China would solve bitcoin's environmental problem.

So after years of saying that mining in China is done with green energy and hydroelectric power that is not used and wasted suddenly once the mining in China was banned we somehow find out it was done using fossil fuels mainly?
Before the ban even there was a discussion about how much energy is used everyone pointed out Sichuan

However, it is completely incorrect. Most of those who administer the Bitcoin network and provide security (called miners) are located close to cheap, and underutilized, hydro power facilities. I recently spoke several times and at length to former power industry colleagues in Hong Kong and their estimate is that more than 80% of all Chinese miners are located in Sichuan province. The vast majority of power produced in Sichuan is from hydro power. I was in China late last year and visited Sichuan and some of the locals told me that officials are extremely keen on crypto because it leads to more jobs and taxes. There was a policy to curtail renewables development, as there was so much overcapacity, until crypto arrived.

What happened to those claims?  
Now that they banned it everything from China was bad even before?

So, everyone claiming that mining in China was done with green energy was a liar? Good to know!  

[cryptoaddictchie]

Yes it is. Its better to have those bitcoin out of China's hand. If they want to ban mining completely then it will open a huge door to other to accumulate bitcoin instead. This is not just a simple scenario but I believe that even without China, cryptocurrency will bloom into something more valuable in the future especially bitcoin. Who wants China side anyway.

[Kakmakr]

One of the things that are the most positive about China banning Bitcoin mining... is that it was a heated point of debate from most anti-Bitcoin people.. that China had a monopoly over Bitcoin mining. A lot of people saw this as a threat, because China would supposedly crash the technology to sabotage the world economy.

This has proven to a lot of pessimists that a total ban on Bitcoin mining in China... did not collapse the whole Bitcoin mining scene and most of these miners relocated to more Bitcoin friendly countries. 

[JohnBitCo]

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon. They have been doing this drama every year and we should be used to it. However, if majority of the mining is moved out of china  bitcoin will be less dependent and china fuds will no more be effective.

[hatshepsut93]

Why is he so sure that miners that move to other countries will use green energy? Miners care only about thing, the cost of electricity, and there's still a lot of places in the world that have cheap fossil fuels and are ready to burn them if there's enough demand. Bitcoin will be 100% green when the world will be 100% green, which will happen at some point, so you can't say that Bitcoin will always have environmental problem.

[bL4nkcode]

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon. They have been doing this drama every year and we should be used to it.

After they banned crypto I never heard that they accept it again though, and they ban crypto so many times, now the mining which is somewhat good news actually.

[DarkDays]

Very positive because not involving China by any means would not affect the market once there's bad news about China. This is a statement that no country could ban bitcoin because others will take the opportunity to mine, and with that, the miners will still be able to profit and the blockchain will continue to work. With the regulation against crypto, no miners will survive doing their operation in a said country.

Good news because then China will no longer hold such a powerful assertion on the price of BTC or crypto markets altogether like it has been since 2009.
The short-term might have not been so great but when it comes to these political decision is the long-term that matters/

Excluding mining from China is a good thing for the planet in general as it forces and enables miners to focus more on renewable energy sources at a time of need.

[AmoreJaz]

Very positive because not involving China by any means would not affect the market once there's bad news about China. This is a statement that no country could ban bitcoin because others will take the opportunity to mine, and with that, the miners will still be able to profit and the blockchain will continue to work. With the regulation against crypto, no miners will survive doing their operation in a said country.

Good news because then China will no longer hold such a powerful assertion on the price of BTC or crypto markets altogether like it has been since 2009.
The short-term might have not been so great but when it comes to these political decision is the long-term that matters/

Excluding mining from China is a good thing for the planet in general as it forces and enables miners to focus more on renewable energy sources at a time of need.

i guess, it would be better for china not to be in this market at all. but there will always be chinese miners but not located in their country. i believe a lot of them already moved to more crypto-friendly countries. as miners outside this country are exploring the renewable sources of energy, we may really achieve high percentage of miners using renewable sources, which a lot of critics are still pointing this out. they may look for another loophole once this has been achieved.

[fiulpro]

I do think that it won't only have positive long term effect on the environment basis but at th same time the government might stop tryin to dominate the crypto world, which they do every once in a while by trying to take over the mining farms and such, this doesn't affect things for the long term perse but then the Chinese government will stop trying to attack the hash rate and the network as well, in the future.

Most of the miners who are dependent entirely on the mining already tried to shift somewhere else, to countries which allows mining and is more fluid as compared to China. The regulations were always tight as well and therefore I do think that if the mining was used as a tool to control and dominate the bitcoin market then it's better, they banned it..

[Slow death]

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon. They have been doing this drama every year and we should be used to it. However, if majority of the mining is moved out of china  bitcoin will be less dependent and china fuds will no more be effective.

as I understand what I've seen in all these years (the Chinese government) since they declared they don't want to know about cryptocurrencies they never changed their minds, they were always firm in their decision. the Chinese government is a dismal anti-democratic government, but they know how to keep their word and if they made that decision you can be sure they won't change their minds.

[tabas]

The problem is that they won't move away from mining for a long term. They will accept crypto and they will allow mining very soon.

It might be a decoy news that they will still have their operations and will continue for some specific places only and might be a government owned facility to mine bitcoin.

They have been doing this drama every year and we should be used to it.

Yeah and it's like recycling this fud again and again.

[Vaskiy]

Wide distribution of the mining will happen with the network. There'll be immediate effect and the same won't gets carried forward, because when certain percentage of miners get out of the network it takes little time for the new ones to get into the market. This is something like a cyclic process, because one leaves and the same position is filled by someone else. This keeps the market stable and undisturbed.

[uneng]

These are good news indeed. It's also an opportunity for another countries to attract and incentivize mining companies to run these businesses in their territories, increasing the local receipt to boost national economies.

If the idea of mining bitcoin with vulcanic energy from El Salvador's government works for real, I believe it will be an interesting destiny for many entrepreneurs interested in investing in this field, but if another countries are smart and have exceding energy supplies they should enter the competition as well.

In the end everyone is benefited and btc mining becomes more decentralized, that is, splitted among different countries, what difficults manipulation by governments like China has been doing so far.

[ranochigo]

Clean energy is out of the equation. Miners will always choose a location which gives them the cheapest operating costs, which might be a place that relies primarily on fossil fuel or renewable energy, depending on which is cheaper. It has nothing to do with miners being forced out of China, because there is always another place that is reliant on fossil fuel and is also competitively priced with China. Bitcoin's environmental degradation situation has nothing to do with them moving out of China. Perhaps there might be minute changes but it is likely that the amount of carbon footprint is still too high.

[DOH!]

Theoretically, China's blocking and suppression of bitcoin is only for you in the short term.  I believe bitcoin remains bullish in the long term.  Bitcoin and the market base have had a better adaptation to the first $29k FUD phase.  Even going through this period, After Huobi, in turn, Kucoin banned Chinese users, bitcoin is still active with long-term accumulation.  Until we erase the memory of China, that's for the best for bitcoin

[iTradeChips]

SkyBridge CEO Anthony Scaramucci said in an interview with CNBC that China's move away from bitcoin mines has a very positive effect.
Despite many concerns, Scaramucci believes that China's interference in bitcoin mining has caused instability in the bitcoin flagship and a 50 percent drop in its price just after the $ 65,000 record.
He added that in the long run, ending the bitcoin mine with fossil fuels from China would solve bitcoin's environmental problem.
He was quoted as saying by Michael Saylor, CEO of MicroStrategy:
"56 percent of all BTC mining operations are performed using green energy."


Source: https://u.today/china-quitting-bitcoin-mining-is-very-positive-in-long-term-anthony-scaramucci

What the hell?! Why didn't I thought of that. That is definitely good news if you are going to think about it in the long term benefits. Since the majority of power plants in China are coal powered, then you can imagine why the bitcoin bashers like to throw crap at Bitcoin because of these environment damaging arguments that they have. Now that the miners have exited China, then they will be going to places where more sustainable sources of electricity will be used and everybody can boycott the digital yuan in return.