Have Bitcoin mining and market prices been de-Chinese and more decentralized?

[StanleyBoyle]

Let's briefly understand today's news.

On July 31, 2021, the People's Bank of China held a work conference for the second half of 2021, proposing to promote the standardized development of platform corporate financial services and crack down on illegal virtual currency activities. Cooperate with relevant departments to resolutely implement the decisions and deployments of the Party Central Committee and the State Council on anti-monopoly and prevent the disorderly expansion of capital, interview leading platform companies engaged in financial business, and urge them to fully implement financial supervision, fair competition, and protection of the legitimate rights and interests of consumers. Requirements, in-depth self-examination and rectification should be carried out.

After the last time the Chinese government banned and closed the mines, Bitcoin ushered in a huge drop, once it fell to about 28K US dollars.Bitcoin crashed across the board in May, and China's ban did not exclude Sichuan, which is dominated by clean energy. Even the price of graphics cards is gradually loosening, which may be good news for gamers.

https://gadgets.ndtv.com/internet/news/bitcoin-price-value-fall-trading-losses-china-cryptocurrency-mining-ban-ether-2447086

After a downturn for more than two months, Bitcoin today reached its highest level since mid-May. Bitcoin's trading price today reached $42K. Bitcoin has not been affected by the policies of the Chinese government again.

https://www.coindesk.com/market-wrap-bitcoin-declines-as-buyers-await-lower-support-levels


What I want to discuss with you is that, as China, which controlled more than 51% of the global computing power in the past, most of the miners immigrated to Bitcoin-friendly areas. Has Bitcoin completed its de-Chineseization and become more decentralized?

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[20kevin20]

When will people understand that a country's miners having over 51% of the global hashrate does not mean China is in control of Bitcoin? A country's total mining power doesn't mean all these guys are working together. In fact, this is why there are multiple miners rather than just one.

Also, China has nothing to do with the market prices. Worst they can do is release FUD, but even that has an end all the time. I'd rather think Musk has more influence over the markets than the Chinese do..

[Aliceooo78]

When will people understand that a country's miners having over 51% of the global hashrate does not mean China is in control of Bitcoin? A country's total mining power doesn't mean all these guys are working together. In fact, this is why there are multiple miners rather than just one.

Also, China has nothing to do with the market prices. Worst they can do is release FUD, but even that has an end all the time. I'd rather think Musk has more influence over the markets than the Chinese do..

I agree with your point of view. In my opinion, no matter which area the miners are, they are like gypsies. The gypsies are looking for water, and the miners are looking for cheap power. The panic created by China and Musk, China is relatively straightforward, saying that it is forbidden and forbidden, Musk is too fickle, and Musk makes people even more annoying. Musk is not like the richest man with a sense of responsibility, but more like a clown on stage.

[Kemarit]

First we really need to see where the Chinese miners are moving, US? EU?Asia? Or if they totally move out of this business and let other entities to take over? If not then it will still be the Chinese who will dominate the bitcoin market, so still it's not totally de-Chineseization as far as this business goes.

As for the FUD, I do think when the hash rate drop become majority of them pull out the plug and perhaps the miners really sold out their bitcoins and used the money to relocate to somewhere else. But fortunately, bitcoin shows resiliency and now we are back in this sort of mini bull run in the last 7 day or so.

[Fundamentals Of]

It suffices to say that we now have less worries that whenever something big happens to China, man-made or natural, we won't be bothered anymore. A wider or more global distribution of mining is definitely much better. We can say a lot of things but if 65%-75% of Bitcoin's mining power is focused only in four provinces within a single country, it raises questions and probably anxieties. So miners leaving China towards different parts of the world is a welcome development.

[marine4u]

We have almost separated from the influence of China, most of the big miners have left China, and also the US miners have increased the mining volume, this is good proof.  to remove tumors from China throughout the years.  Usa may soon increase in influence, bitcoin has a chance to go to nicer and friendlier places.  This means that the value of bitcoin will increase greatly.

[pooya87]

Bitcoin was never centralized or Chinese to want to become decentralized and de-Chinese now!
China also never had as much hashrate as some people claimed, the mining pools do not own hashrate and the miners connect to them from all around the world.
As for the price drop which OP focuses on, it wasn't because of China or their ban of mining. Instead it was simply market manipulation because price had gone up a lot without a major crash for the market makers to make profit.

[avikz]

What I want to discuss with you is that, as China, which controlled more than 51% of the global computing power in the past, most of the miners immigrated to Bitcoin-friendly areas. Has Bitcoin completed its de-Chineseization and become more decentralized?

First of all, from where did you get the information that China used to dominate 51% of the global computing power? I doubt this statement! China used to have a good hold on the bitcoin mining power, that's true but not the majority! Now with the anti mining policy of Chinese authoritarian government, the number of Chinese miners have dropped to a historically low level. Those who could afford, they have shifted out and rest were forced to give up their mining rigs.

I would say that's great for bitcoin network. Because Chinese government is unpredictable. You will never know what kind of rules they will come up with so I am happy that Chinese people were forced to leave the mining industry. At least we are somewhat immune from the dictatorship rule of China!

[eaLiTy]

~
What I want to discuss with you is that, as China, which controlled more than 51% of the global computing power in the past, most of the miners immigrated to Bitcoin-friendly areas. Has Bitcoin completed its de-Chineseization and become more decentralized?

The concept of one country controlling the BTCitcoin hash rate is bullshit, anyone could invest million or billions and start their own mining farm and there was no restrictions about that and we saw Chinese investors investing millions and now people are portraying that the Chinese government was behind all these huge mining farms .

If you knew the meaning of decentralization you will not say the network is more decentralized now without China when you have one country less to distribute the network .

[ranochigo]

There is no indication that China wants to spend the efforts to try to centralize Bitcoin, or control Bitcoin's functions. On the contrary, a certain mining pool tried to impose restrictions based on loosely defined sanctions on their own blocks. It is also quite important to note that; China's majority hashrate doesn't mean anything. China has a vast land area and the coordination of such an attack would be a logistical disasters which amounts to probably little to no impact to crypto in the long term.

Bitcoin has never been more or less decentralized. Miners are always flocking to areas with favorable policies and good costs-profit ratio. Going by the assumptions, then Bitcoin mining cannot get more or less decentralized just by miners moving their operations around. It is always going to be centralized around a certain region, or a specific group of miners.

[DeathAngel]

I think our worries about Chinese FUD are now over. It was horrible watching the price dump so hard & fast when the mining ban was confirmed but the first green shoots of recovery are now showing. I think you’re right OP, we shouldn’t be negatively affected by them any more. They've played their hand & they now have no part in the bitcoin financial revolution. I think they will regret it long term.

[ilovealtcoins]

Different countries like USA, South America have had a large number of miners migrating from China. Now they have found a convenient place to mine Bitcoin.
Hashrate has continued to increase after 1 month of China's mining ban.

https://www.blockchain.com/charts/hash-rate

Another problem is that the chart of Bitcoin mining in the world is gradually changing. Countries are increasing their percentages relative to China (April 2021 update).
https://cbeci.org/mining_map

[Aliceooo78]

Why is Bitcoin going to be sinicized? Bitcoin itself is decentralized. I think if it is said that miners and mining pools are "de-sinicized", I can still accept it. Bitcoin is free, and he is still what he is. Unfortunately, some people guide maliciously and mislead people seriously by creating various messages.


Why is Bitcoin going to be sinicized? Bitcoin itself is decentralized. I think if it is said that miners and mining pools are "de-sinicized", I can still accept it. Bitcoin is free, and he is still what he is. Unfortunately, some people guide maliciously and mislead people seriously by creating various messages. Join China's total ban on all Bitcoin activities, and Bitcoin will continue to develop. I won’t look at the face of China. Maybe one day many countries will enter the Bitcoin field. At this moment, Bitcoin will say SORRY to China. For example, even if Tokyo bids for the Olympics, I still don’t like the opening ceremony of the Tokyo Olympics. , Qun Demon Flurry, I am not more interested.

[dkbit98]

Getting out of China was not such a bad thing, and at least we don't have to listen anymore nonsense that China controls Bitcoin, but I don't think BTC is more decentralized than it was few months ago just because Chinese banned mining.
People who owned those miners didn't sell them all but just allocated them to different locations outside China and surrounding countries.
Dangerous thing would be if other countries continue to follow this Chinese dictatorial ban because of some global warming co2 propaganda coming from globalist centers of power.

[hatshepsut93]

I wouldn't celebrate the fact that more than a billion people won't have an opportunity to easily buy and sell Bitcoin and use it as a currency. Of course the exodus of miners from China is the only logical thing, but it shouldn't be viewed as some grand goal that we always wanted to achieve. Ideally, Bitcoin would be legal and not overly regulated everywhere and people would be free to mine so they can get the cheapest electricity possible. If more large countries will ban Bitcoin (which right now is not likely), that could introduce centralization, as miners will have less options for choosing their location.

[franky1]

not all the hash power of springs 170exa peak was diminished to 85exa bottom due to "china"

it was actually the smaller percentage hashrate from china drop. that caused a price drop that caused it to be too expensive to mine in america/eu. which caused american/eu miners to drop out. in preference to just buy cheap coin

the chinese drop was far les than 50%