After a few months of China crackdown on mining. Check it out!

[pooya87]

I am not sure, but possibly if we know in the past few years, there are some pools in China that sum up to more than 51% of network hashrate, so a few smaller pools can contribute to bring it up to 75%. Obviously I know pools and ownership are different if we talk about origin of hashrate.

Exactly.
Another reason to doubt the charts (specifically first one) is that the percentage drops to zero. If we justify the initial huge hashrate by saying it is counting pool hashrate then the end of it is wrong since even today the sum of hashrate coming from Chinese pools is not zero. In fact the 2 pools F2Pool and AntPool have a total of 33.56% between them according to btc.com.

[Quickseller]

I am not sure, but possibly if we know in the past few years, there are some pools in China that sum up to more than 51% of network hashrate, so a few smaller pools can contribute to bring it up to 75%. Obviously I know pools and ownership are different if we talk about origin of hashrate.

Exactly.

The underlying data is from the originating IP address of the miners connecting to the pools, not the pools themselves.

If someone connects to a pool with a Chinese IP address, they will show as being a miner from china. If someone from china uses a VPN located in the US to connect to their pool, they will show as being located in the US.

[Kakmakr]

So from what I have heard.... Russia has invested a lot of money into Crypto currency mining and I believe a lot of the Chinese mining operations have relocated to USA and Canada?

I also believe that the zero mining operations in China might be wrong and that someone might still be mining on a very small scale, from their basement or mining Alt coins from their GPU's. (It will never just go to zero.... those stats are being manipulated)

[so98nn]

Finally something good about China. Lolz. I mean in perspective of rest of the world or non-China who always thought China could manipulate the market severely and destroy the decentralisation any time soon. The whole thing has turned upside down for the China if above values are accurate.

One thing is clear, China will see great amount of reduced income in their country. Just imagine almost 30+ % of mining power and at the current rate the bitcoin income could have been enormous!! It’s literally shut off for China in blink of an eye. Plus I’m not sure what are they gonna do about the hardware, rented mining places, and what not. This is serious damage to them.

[tranthidung]

The underlying data is from the originating IP address of the miners connecting to the pools, not the pools themselves.

If someone connects to a pool with a Chinese IP address, they will show as being a miner from china. If someone from china uses a VPN located in the US to connect to their pool, they will show as being located in the US.

This. CBECI has three big assumptions in their methodology

• Assumption 1: IP addresses of mining facility operators are an accurate indicator of hashrate location.
• Assumption 2: data provided by participating mining pools constitutes a representative sample of Bitcoin’s total geographic hashrate distribution.
• Assumption 3: the available sample of Chinese province data is representative of the total hashrate distribution within China.

The accuracy can be affected by

• Underlying IP address and other sensitive data from mining pools that CBECI can not access;
• Representative of sample size for global hashrate
• Representative of sample size for China

One thing is clear, China will see great amount of reduced income in their country.

They - government - can only get tax and power bills from miners there. They can increase power base price or increase tax rate but their priority now is energy supply for the country, for more essential industries. Most of income will be for Bitcoin miners, not government or the nation.

[pooya87]

The underlying data is from the originating IP address of the miners connecting to the pools, not the pools themselves.

Correct but I haven't seen mining pools that reveal their miners' IP addresses. That would be a violation of their privacy and more importantly security. I also haven't seen any mining pool releasing general stats about their miners' locations, etc. I would love to see them if they exist and anyone can provide a link (from mining pool website itself not third parties).

[wissy]

Looks like Chinese government shoot themselves in the knew with anti mining regulations. It was logical, that miners will move to other countries and pay for electricity and rent there, while bitcoin will continue to grow. Looks like Russia will be the winner of this year crypto regulations.

[kryptqnick]

I think enough has been mentioned here to doubt the accuracy of the data. I believe that it's accurate for most countries, but not for those where cryptos are officially restricted, and China is the most suspicious case. I mean, people can't just stop operating all at once. If the hashrate decreased by half or even by three quarters, I'd probably believe it. But going to zero? No way. Didn't mining farms often operate in stealth mode even prior to all these restrictions? And I tend to believe that many still do, but of course they'll try to hide the information about their location, given that it's not allowed in China anymore.

[Ararbermas]

Well thanks god they're zero now because there's no more problems in the future that will emerging from them, or should i say they don't have power to manipulate the market using their negative views about it. Lol Indeed there are some bad news again from them but seems nothing happened, so probably they're useless now..for them for sure it's a bad move because of these results, but for everyone its a good decision..  

[yazher]

That was fast and they can remove it in just a span of less than a year but the interesting part is they actually managed to removed it completely and obviously the miners have migrated to the US and other countries where they think they will be there for a longer period. Hope that they found some good to settle their things and start to support the crypto market again with their resources and equioments.

[michellee]

Yes, it is. If the miners move to other countries, the government will regret it because if they can control the miners, that can be another revenue for the country. But some miners already move and continued in the mining process as we see that in some countries, the hashrate increases and China has 0. But I do not believe if China has a 0 hashrate for the mining process. So no matter if China is in the bitcoin or not, bitcoin will continue to grow. Hopefully, China government will realize this and will change its policy.

[Quickseller]

The underlying data is from the originating IP address of the miners connecting to the pools, not the pools themselves.

Correct but I haven't seen mining pools that reveal their miners' IP addresses. That would be a violation of their privacy and more importantly security. I also haven't seen any mining pool releasing general stats about their miners' locations, etc. I would love to see them if they exist and anyone can provide a link (from mining pool website itself not third parties).

You can review the methodology the CBECI uses. This is not from the mining pools themselves, but is from an entity associated with Cambridge business school, which I think is reputable enough to believe they are not simply making up data. They have been publishing this data for over a year now, and I think if pools were not actually providing this information to CBECI, they would have said something by now.

[ven7net]

As for the situation in China, namely, the alleged withdrawal from the BTC market, or rather, the departure of miners, I think, can be associated with the current situation in the energy market in the world. Of course, the fact that the possibility of mining BTC is becoming more decentralized is very good, but I see that in this case the situation is slightly different. The withdrawal of BTC miners from China is an opportunity for China to survive in the energy market. Perhaps at first glance this is not visible, but more and more I agree that all this was calculated and planned in advance.

[pooya87]

You can review the methodology the CBECI uses. This is not from the mining pools themselves, but is from an entity associated with Cambridge business school, which I think is reputable enough to believe they are not simply making up data. They have been publishing this data for over a year now, and I think if pools were not actually providing this information to CBECI, they would have said something by now.

It is not as if data fabrication is uncommon in academia. In fact they were caught a couple of times and had to pull the articles
Besides there are about 20 different mining pools located in many different countries, it is near impossible to work with all of them in secret to get data that has never been available to public. I don't know about you but I only accept information that I can verify myself.

[wiss19]

Their government has finally cracked down on cryptocurrency mining. That has been their plan right from time, although at times it got really confusing as to what they really need, whether they wanted to ban cryptocurrency or not, because they kept talking about this year’s, and after they have said you’re still going to see something that will make you say “oh, it’s not banned yet”.

It has continued like this for years in China until now. I guess they got more serious about it because they have released their own cryptocurrency which is the digital Yuan, and have decided to stop others so that their citizens will adopt their CBDC.

[Myleschetty]

The good thing about the Chinese ban on Bitcoin is that it always open another door of opportunities to another player in the field and I could remember the time they place a ban on Bitcoin in year 2018 if I can remember correctly, a lot of experienced investors make huge profit through and this is what we also see again when the ban Bitcoin mining.

In the meantime, we will see if they are going to get in additional income taxes after the Bitcoin mining

[hatshepsut93]

If a ban on mining can effectively reduce hashrate of a country to zero, then this is an argument against the statement that Bitcoin can't be shut down by government. If all those top countries decided to ban Bitcoin, where would the miners move? To countries with a fraction of electricity producing capabilities? That would mean Bitcoin's network would take a large hashrate hit, which means reduced security. So while Bitcoin can't be literally shut down, it can be very seriously harmed by governments, if they decided to act against it together.

[tranthidung]

If a ban on mining can effectively reduce hashrate of a country to zero, then this is an argument against the statement that Bitcoin can't be shut down by government.

Exactly. If the data is accurate about hashrate from China, this shows the power of government to destroy anything they want. You are right with this point.

If all those top countries decided to ban Bitcoin, where would the miners move? To countries with a fraction of electricity producing capabilities?

However, you are missing a point, top countries are different and most of them are Western countries that are totally different than China. In China, government controls all, there is no separations of power like in Wester countries. In Western countries, governments will face with serious demonstrations from their citizens that might lead to uncertainty in society that they don't want to face with.

That would mean Bitcoin's network would take a large hashrate hit, which means reduced security. So while Bitcoin can't be literally shut down, it can be very seriously harmed by governments, if they decided to act against it together.

Yes, but only when Bitcoin is small, cryptocurrency is small. Now they are big and it's too late for them to shut crypto industry down.

[Quickseller]

You can review the methodology the CBECI uses. This is not from the mining pools themselves, but is from an entity associated with Cambridge business school, which I think is reputable enough to believe they are not simply making up data. They have been publishing this data for over a year now, and I think if pools were not actually providing this information to CBECI, they would have said something by now.

It is not as if data fabrication is uncommon in academia. In fact they were caught a couple of times and had to pull the articles
Besides there are about 20 different mining pools located in many different countries, it is near impossible to work with all of them in secret to get data that has never been available to public. I don't know about you but I only accept information that I can verify myself.

The project references in the OP is not collecting any data in secret. It has named the mining pools they are receiving data from, and has used data validation techniques to confirm information is correct. It then makes the assumption that the data from the select pools are representative of the population of miners.

I would be surprised if any of the pools individually have data that is substantially different than the others. If you have a specific reason to doubt the information, I would encourage you to speak up, but I don’t think it is reasonable to make the assumption it is wrong.

[wajik-tempe]

If a ban on mining can effectively reduce hashrate of a country to zero, then this is an argument against the statement that Bitcoin can't be shut down by government. If all those top countries decided to ban Bitcoin, where would the miners move? To countries with a fraction of electricity producing capabilities? That would mean Bitcoin's network would take a large hashrate hit, which means reduced security. So while Bitcoin can't be literally shut down, it can be very seriously harmed by governments, if they decided to act against it together.

Does this will affect the price if really happen ? if most countries are banning bitcoin and those countries are still available to mine are the country with high electricity bills. That means it's harder to got more bitcoin and ofcourse the price will be so much higher because the supply will be stuck and the demand keep increasing. I'd love to see that happen actually