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Author Topic: After a few months of China crackdown on mining. Check it out!  (Read 515 times)
stompix
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October 25, 2021, 04:46:33 PM
Last edit: October 25, 2021, 05:15:05 PM by stompix
 #61

The error is definitely more than 1%-6% too.
~
You don't need to mine 1 block per day, you get a profit equal to how much you invest. A single ASIC is enough for a "home" miner.
You'd be surprised how many people are using a ton of electricity and have nothing to do with bitcoin and bitcoin mining. For example a couple of months ago where I live there was a big news about a celebrity's electric bill that his usage had surpassed 10k KWH. Based on your numbers that is 3-4 ASICs. There are those who waste a lot more than that.
Power companies have always been complaining about these excessive users even before bitcoin was invented. In other words there is nothing to notice about a home miner.

You're forgetting this is China and ignoring the current situation there . And second, you're forgetting mining is not like browsing and not that easy to hide..

The average household consumption in China is just around 200kwh for the cities, a single S9 burns 1000kwh a month.
All the Chinese government has to do is get the list of poeple who are consuming more than 5 times the average, step one.
Of course, you say that this guy and that guy has used 10k kWh a month, but there is a difference, I'm willing to bet all my BTC that his consumption pattern is not linear. For sure I can turn my air conditioner, my oven (electric), the washing machine and manage to get triple the consumption, but I can't do this all day all night. For the miner the consumption is linear, 30kwh a day, 1.5 each hour after hour, a pattern that simply can't be hidden.

The second, the IP problem.
Of course, use a VPN, but again there is a difference. You connect to a VPN you browse a few websites and before the GFW manages to learn what you're doing you shut down and that's it. But with a miner again you need to connect 24/7 to an IP and send nearly the same amount of data each second and each minute, any such behavior is so easy to track and they did it already.

The third is a pure economic reason.
With an s9 miner, you make around 100$ a month at 10cents/kwh. Right now you can drop this for 500$ and sell it in a few days.
So you can take 5 months of profit in a few days, not carry the risk of mining going unprofitable, not risking the miner crashing, and not risking jail in china, which is quite different from the rest of the world.

Now, to get to the 6% number you would have to get 10exa. That's close to one million old miners. Do you think there are 1 million individual miners in China? Let's be honest about it, if it were the whole f chain would be flooded with miner payments.

Of course, you can assume that some are using more than one, like 5 or 6 or newer models.
Then you have higher easier-to-detect consumption, a noise that can rival a carwash, and oh you can't without a new circuit breaker since most do only 30A and you won't run at 220v even 2 S19pro on that.

And then there is the math behind this.
Bitmain according to announcements and press releases and fillings has delivered just to companies in the US and Canada around 20 exa of hashing power, not to small guys and private entities. Then there is microbt, the rest of the world, and the fleeing big farms (like btc.com).
And despite a huge delivery of brand new hashrate, despite mining per TH being 5 times more profitable than a year ago we're still 25% below the peak.

Now from 180 exa, we cut 135, we relocate around half of it, that 60, we add 40 in new gear and we're still above what we see.
This means that either China had more than 75% or that less than half of it moved and is still on.

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franky1
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October 25, 2021, 06:57:03 PM
 #62

stompix (note comedy)
dont forget to add a disclaimer page to your post with the words "assumptions" "estimates"

and um 1.5kwh does not equate to 30kwh a day. only say this as you love a good knitpick
also whilst at it. you want to make your assumptions on a 1million chinese people

well that would be 14exa. first off..
secondly. you then divert to assume that they would need to get new circuit boards for 2x 219pro
so now you saying that you assume each individual miner has 220thash instead of 14..
well then its not then 1 million people but instead just 45,000 people. thus. a country with a 1.4billion people.. you think that its not even possible that 0.0032% of people would be miners

have you been this neglectful with math on purpose. because it seems you are trying to throw every bath toy out of the water to make it sound insane and inpossible for there to be any scenario where home hobby miners can mine.. when the obvious is actually achievable

90,000 people have ONE s19pro. only 3.25kw/hour, so no big deal.

you can continue to scream and cry and pretend that home hobby mining is not a thing and impossible. but i seen right through your assumptions and estimates

oh and one last thing.
forget your views on china. its no longer the rice paddy fields where homes only get enough electric for a fridge and a single light bulb for just 8 hours a day.
china has sky scrapers. apartments. neon lights. you might be surprised with how much china has evolved in the last 20 years.

yes some farming towns might use less than 1kw/h.. but city dwellers with 70inch TV, smart fridges, central heating. gaming systems and such use alot more then 2-3kw/h

so yea take your ricepaddy field propaganda vision of what you think china is like. and put it as a exclusioned clause in your assumption page

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
stompix
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October 25, 2021, 07:41:03 PM
Last edit: October 25, 2021, 07:58:14 PM by stompix
 #63

The disclaimer should be: not for franky who doesn't know how many sun hours there are in the UK, how a mining reward is split, the difference between a pool and a farm, the difference between the location of a mining pool server and a farm and some more basic stuff like reading

and um 1.5kwh does not equate to 30kwh a day. only say this as you love a good knitpick
also whilst at it. you want to make your assumptions on a 1million chinese people

Have you ever heard of rounding?
An S9 burns 33.6 kWh a day, that is 1.4 kwh an hour, still between than your 300 off margin of error.

well that would be 14exa. first off..
secondly. you then divert to assume that they would need to get new circuit boards for 2x 219pro

Where did I say anything about boards? Get yourself tested, you're seeing things!
And besides, you don't need to get anything because if you would actually check, bitmain has ready to ship s19pro j right now!

well then its not then 1 million people but instead just 45,000 people. thus. a country with a 1.4billion people.. you think that its not even possible that 0.0032% of people would be miners

Let's add kids under 16, poeple over 70, poeple who earn less than 500 a month but somehow magically manage to get their hand of 10k a piece gear. Of course, it's not impossible.
This then brings the question, why wouldn't that be also possible for India. So why is not India having 6% of the hashrate?

90,000 people have ONE s19pro. only 3.25kw/hour, so no big deal.

2340 kwh a month, 10 times above the average consumption per household! in a country where police are patrolling the streets and issuing fines to merchants who let the lights out during the night when the shop is closed.
Hilarious!

china has sky scrapers. apartments. neon lights. you might be surprised with how much china has evolved in the last 20 years.

It doesn't fucking matter.
Have you actually read the official orders on power rationing coming directly from the government?
Again, frankly, read something that is actually happening, not your unicorn dreams:
https://finance.sina.com.cn/stock/hyyj/2021-09-26/doc-iktzscyx6474716.shtml

yes some farming towns might use less than 1kw/h.. but city dwellers with 70inch TV, smart fridges, central heating. gaming systems and such use alot more then 2-3kw/h

Put your electric consumption bill my dear franky!
Let's see how you manage to get 2000kwh a month!
But of course, I know already that you won't since when it comes to facts and numbers you run away like a child screaming curses because the other guy was mean to you.

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worldofcoins
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October 25, 2021, 09:34:06 PM
 #64

It's not only related to mining but China recently made it clear " Transactions related to Cryptocurrency  are illegal"

That clearly means cryptocurrencies as a whole are banned in China, No ICO in China - China also used this as an excuse " ICOs are being used to raise illegal fundings", Including many others.

China's hash rate dropping to 0 should be satisfying to China.

But i have a question: What if someone uses a VPN before they start mining, Will their original location also be changed in the statistics of hate rate share?
DewiKirana
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October 26, 2021, 06:08:58 AM
 #65

It seems that China is very strict with banning Bitcoin mining, I already suspected that when China made regulations regarding Bitcoin, China with all its might would enforce these rules.
franky1
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October 26, 2021, 06:39:12 AM
 #66

It doesn't fucking matter.
Have you actually read the official orders on power rationing coming directly from the government?
Again, frankly, read something that is actually happening, not your unicorn dreams:
https://finance.sina.com.cn/stock/hyyj/2021-09-26/doc-iktzscyx6474716.shtml

comedy gold
your using an associated press article talking about small villages running on coal as your excuse to say there is laws against electric use in renewable area's and cities.
(hint bitcoin farms avoid the coal powered north east)

let me guess in your imagination you think china only operates factories for 4 hours a day..

and you also want to pretend that cities have mandatory blackouts at night where its like london blitz where anyone showing a glimmer of light at night will be fined

oh my god you are desperate.

its now highly apparent that you have never even run, visited or even researched a mining farm in china. never actually travelled or experienced china nor even spoke to anyone living in china to actually know what its like in china.

..
if however you are just exaggerating propaganda to cause argument on this forum. please find a new hobby to entertain yourself. maybe try comedy. you seem to have a skill of people laughing at things you say.


truth is.. just like in america, NY banned all bitcoin activity.. why.. so they can then offer licences. (research:NY bitlicence)
they cant licence something until they first ban it.
so aim your research at the real politics. not the media propaganda you exaggerate.
oh.. and um.. ill show you a picture. please do not react with anxiety over 'fines'


disclaimer: no chinese citizen was fined in making this pretty

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
stompix
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October 26, 2021, 02:33:09 PM
 #67

comedy gold
your using an associated press

I didn't know that AP controller Sina aka Weibo.
But in your fairy tale imagination, everything is possible. I guess that the CCP is actually controlled by Nestle.

(hint bitcoin farms avoid the coal powered north east)

Oh yeah Franky!!!, you tell those stupid miners!
Those morons from Bitmain building their biggest facility in Ordos, in the land of coal.
How stupid of them not to follow your advice, I mean, how could a multibillion company do otherwise than you say and still make billions.
Morons, everyone should just follow your advice!!!

oh my god you are desperate.

Look in the mirror and come with something other than this shit if you really want to prove something.
At this point, you just mumbling like an idiot who has again caught in his lies caused by a total lack of information and his pride of being a know-it when in reality is as stupid as this world allows it.


disclaimer: no chinese citizen was fined in making this pretty

And your proof is a picture grabbed from the internet.
Loooooool!
So you have the English mouthpiece of the Chinese government acknowledging the industrial output is decreasing, factories are getting shut but no, franky knows it all knows better because he saw a picture of a skyscraper on the internet:
https://www.scmp.com/economy/china-economy/article/3150315/china-electricity-shortage-industrial-production-grinds-halt

Oh, one more thing, if there is no energy crisis in China why has the price of coal reached 280$/ton?
Probably because AP, they are the ones not telling how right now in China everyone leaves their appliances running as they have too much energy!
You know franky, there was a thing about never being too late to stop being stupid but somehow you've managed to get past that point and magically sealed the way back.

Again zero fucking proofs of anything, zero numbers, zero everything just a shitload of crap, as usual.

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