China Ban and the mining exodus

[Blawpaw]

A lot of countries have been benefitting from China ban on cryptos. Due to the ban, countries that made borders with China saw their crypto mining industry boom. Kazakhstan is one of the most recent countries where the crypto mining interest is surging as "at least $1.5B in economic activity from crypto mining within 5 years" is expected to hit the country. The investment that crypto will bring to the country will be a boost for Kazakhstan's development.

https://cointelegraph.com/news/kazakhstan-expects-at-least-1-5b-in-economic-activity-from-crypto-mining-within-5-years

[1714612883]

1714612883

[Yogee]

....The investment that crypto will bring to the country will be a boost for Kazakhstan's development.

That could happen if the mining activities are handled properly since there's an ongoing bank ban on trading cryptocurrencies if I'm not mistaken. It's already costing too much energy for them causing shortages. They could also ban this sooner or later if they fail to regulate it and stop or minimize illegal miners. There's already a proposal to limit mining energy consumption to 100MW for the entire country.

[passwordnow]

Good for their neighboring countries since they're where the miners will go first but it's still a consideration about the electricity cost if they're cheaper or close to what China has. I just wish that the Chinese government won't chase those miners especially the bigger farms that have been operating in their country and then forced to rehabilitate because of the policy that they've implemented about mining which made them ban it.

[24Kt]

Good for their neighboring countries since they're where the miners will go first but it's still a consideration about the electricity cost if they're cheaper or close to what China has. I just wish that the Chinese government won't chase those miners especially the bigger farms that have been operating in their country and then forced to rehabilitate because of the policy that they've implemented about mining which made them ban it.

They may look for alternative energy sources like tapping renewable energy. So if they are planning to stay long in the area, maybe investing in renewable energy may be a good option for them. We have no idea what Chinese government will have a take on mining facilities because as they totally ban the usage of crypto and so are miners. Now, some may be are just hoping that their government will change their stance on this matter, but when?

[OcTradism]

Kazakhstan is one of the most recent countries where the crypto mining interest is surging as "at least $1.5B in economic activity from crypto mining within 5 years" is expected to hit the country. The investment that crypto will bring to the country will be a boost for Kazakhstan's development.

This can be an exaggerated news but there is fact behind it. And if it contains fact about profit for countries, do you really think that China will maintain their ban on Bitcoin/ crypto mining forever?

They used to have biggest Bitcoin mining farms and industry so will they easily to give it up by themselves?

It is unlogically to think that Chinese government will keep their ban when their energy crisis is over.

[TangentC]

A lot of countries have been benefitting from China ban on cryptos. Due to the ban, countries that made borders with China saw their crypto mining industry boom. Kazakhstan is one of the most recent countries where the crypto mining interest is surging as "at least $1.5B in economic activity from crypto mining within 5 years" is expected to hit the country. The investment that crypto will bring to the country will be a boost for Kazakhstan's development.

https://cointelegraph.com/news/kazakhstan-expects-at-least-1-5b-in-economic-activity-from-crypto-mining-within-5-years

Bitcoin PoW mining is a plague on any country dumb enough to invite it in.
Rolling Blackouts anyone.  

https://forkast.news/headlines/kazakhstans-power-shortages-crypto-miners-scramble/
https://compassmining.io/education/kazakhstans-power-shortage-outage-bitcoin-mining/
https://www.reuters.com/business/energy/kazakhstan-rations-power-after-coal-fired-plant-outages-2021-10-15/
https://eurasianet.org/kazakhstan-to-restrict-crypto-miners-amid-power-shortages

Then China offered a reality check this summer when it banned cryptocurrency use and mining on its territory.
Many farmers simply moved operations across the border, turning Kazakhstan into the world’s second-largest crypto miner.
The country’s share of global mining soared from 1.4 percent in September 2019 to over 18 percent,

Kazakhstan to restrict crypto miners amid power shortages

Facing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry.
Then China offered a reality check this summer when it banned cryptocurrency use and mining on its territory.
Many farmers simply moved operations across the border, turning Kazakhstan into the world’s second-largest crypto miner.
The country’s share of global mining soared from 1.4 percent in September 2019 to over 18 percent

Permanent Bans of Bitcoin PoW mining in Kazakhstan , not far away.
China Smarten up, and so will Kazakhstan ,about the dangers of PoW to the people and energy grid,
although odds are Texas holds out until their power grid is destroyed and throws Texas back to the stone age for years.  
Watch Texas growing power nightmare here : http://www.ercot.com/
Odds are less than 2 years until a Texas Power Grid collapse during a winter storm, thanks to the increased energy drain by PoW bitcoin miners.

[cabron]

A lot of countries have been benefitting from China ban on cryptos. Due to the ban, countries that made borders with China saw their crypto mining industry boom. Kazakhstan is one of the most recent countries where the crypto mining interest is surging as "at least $1.5B in economic activity from crypto mining within 5 years" is expected to hit the country. The investment that crypto will bring to the country will be a boost for Kazakhstan's development.

https://cointelegraph.com/news/kazakhstan-expects-at-least-1-5b-in-economic-activity-from-crypto-mining-within-5-years

Bitcoin PoW mining is a plague on any country dumb enough to invite it in.
Rolling Blackouts anyone.  

https://forkast.news/headlines/kazakhstans-power-shortages-crypto-miners-scramble/
https://compassmining.io/education/kazakhstans-power-shortage-outage-bitcoin-mining/
https://www.reuters.com/business/energy/kazakhstan-rations-power-after-coal-fired-plant-outages-2021-10-15/
https://eurasianet.org/kazakhstan-to-restrict-crypto-miners-amid-power-shortages

Then China offered a reality check this summer when it banned cryptocurrency use and mining on its territory.
Many farmers simply moved operations across the border, turning Kazakhstan into the world’s second-largest crypto miner.
The country’s share of global mining soared from 1.4 percent in September 2019 to over 18 percent,

Kazakhstan to restrict crypto miners amid power shortages

Facing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry.
Then China offered a reality check this summer when it banned cryptocurrency use and mining on its territory.
Many farmers simply moved operations across the border, turning Kazakhstan into the world’s second-largest crypto miner.
The country’s share of global mining soared from 1.4 percent in September 2019 to over 18 percent

Permanent Bans of Bitcoin PoW mining in Kazakhstan , not far away.
China Smarten up, and so will Kazakhstan ,about the dangers of PoW to the people and energy grid,
although odds are Texas holds out until their power grid is destroyed and throws Texas back to the stone age for years.  
Watch Texas growing power nightmare here : http://www.ercot.com/
Odds are less than 2 years until a Texas Power Grid collapse during a winter storm, thanks to the increased energy drain by PoW bitcoin miners.

It can't be true because the country is among the top countries with coal reserves.

All of sudden the news comes after they were heavily doing BTC mining. Is the big man up above pulling all the strings on the poor countries?
I have the feeling that in the next few more years, only the governments are the ones mining Bitcoin and the people are just going to be the holders and making transactions.

[Poker Player]

Permanent Bans of Bitcoin PoW mining in Kazakhstan , not far away.
China Smarten up, and so will Kazakhstan ,about the dangers of PoW to the people and energy grid,
although odds are Texas holds out until their power grid is destroyed and throws Texas back to the stone age for years.  
Watch Texas growing power nightmare here : http://www.ercot.com/
Odds are less than 2 years until a Texas Power Grid collapse during a winter storm, thanks to the increased energy drain by PoW bitcoin miners.

If you're going to make such a criticism, you'd better post a link that works, that's accessible to everyone:



Besides, it's no longer what you say, but how you say it that doesn't inspire me much confidence.

[Bttzed03]

~
It can't be true because the country is among the top countries with coal reserves.

All of sudden the news comes after they were heavily doing BTC mining. Is the big man up above pulling all the strings on the poor countries?

Good argument but that doesn't mean they have to tap those reserves to provide more electricity. They could probably consume more from what they produced yearly to accommodate BTC mining but that would also decrease what they could add to their reserves.

I have the feeling that in the next few more years, only the governments are the ones mining Bitcoin and the people are just going to be the holders and making transactions.

It's quite ironic that they will mine something they do not want to be spent by the people. They will have to pass law recognizing BTC as a legal tender before they start taking over mining.

[michellee]

Good for their neighboring countries since they're where the miners will go first but it's still a consideration about the electricity cost if they're cheaper or close to what China has. I just wish that the Chinese government won't chase those miners especially the bigger farms that have been operating in their country and then forced to rehabilitate because of the policy that they've implemented about mining which made them ban it.

They may look for alternative energy sources like tapping renewable energy. So if they are planning to stay long in the area, maybe investing in renewable energy may be a good option for them. We have no idea what Chinese government will have a take on mining facilities because as they totally ban the usage of crypto and so are miners. Now, some may be are just hoping that their government will change their stance on this matter, but when?

Searching for alternative energy sources is the only way for the miners if they do not want to use their regular electricity and reduce paying the electricity fee. Maybe they should look at what El Salvador did to mining bitcoin with their resources as that can be the alternative energy source.

When China government realize that they did the wrong thing with the miners and crypto, they will change their regulations and will ask the miners or big mining company to sit down together and solve the problem. But if it is not, the miners will move to another crypto-friendly country so they can continue mining crypto.

[GeorgeJohn]

A lot of countries have been benefitting from China ban on cryptos. Due to the ban, countries that made borders with China saw their crypto mining industry boom.

See i noticed that china government ban cryptocurrency because they are not benefiting on like before via crypto mining, that's from my perception" so some countries who knows quite well of cryptocurrency and also sum the profit china miner's return as revenue  has taken it upon their self, base on what you said about (Kazakhstan), now this country have noted that mining of cryptocurrency will help to boost her economic system, so from the estimate measure of profit generated through the source link of op it's obvious mining is another method that can elevate a country if measure is taken proper to embrace crypto fully in a Nation, despite of  the heavy consumption of electricity the process of mining consumed, i would have say that twenty percent (%20) of countries have to adventure into mining.

[pooya87]

This is what I was talking about, miners migrating to jurisdictions that are close by such as Kazakhstan that is a neighbor (the both countries share a border) instead of migrating to the other side of the world into an unknown territory with weird rules about bitcoin and high costs.

[DapanasFruit]

These countries that are benefitting with the crypto ban in China should be thankful that China kicked the crypto and mining industry out of the country's jurisdiction. What China does not want can be a big welcome to others. So at the end, we can see the ban to be working well with the crypto industry because now there can be no single "rogue' country controlling mining. the only big challenge the mining industry has to deal is the high energy consumption so there are now moves to make sure that they avail of renewable energy sources and utilizing wasted energy so it can be utilized for better economic activity rather than be released to the environment for nothing.

[lovesmayfamilis]

This is what I was talking about, miners migrating to jurisdictions that are close by such as Kazakhstan that is a neighbor (the both countries share a border) instead of migrating to the other side of the world into an unknown territory with weird rules about bitcoin and high costs.

Yes, and besides that, in Kazakhstan, the price of electricity remains one of the lowest in the world. And because there are no strict restrictions on mining, Kazakhstan is becoming a profitable place for miners. But to get the right to mine, you need to be a registered organization that has the right to place mining rigs, which means that there are still restrictions for illegal miners.

[passwordnow]

Good for their neighboring countries since they're where the miners will go first but it's still a consideration about the electricity cost if they're cheaper or close to what China has. I just wish that the Chinese government won't chase those miners especially the bigger farms that have been operating in their country and then forced to rehabilitate because of the policy that they've implemented about mining which made them ban it.

They may look for alternative energy sources like tapping renewable energy. So if they are planning to stay long in the area, maybe investing in renewable energy may be a good option for them. We have no idea what Chinese government will have a take on mining facilities because as they totally ban the usage of crypto and so are miners. Now, some may be are just hoping that their government will change their stance on this matter, but when?

They know what to do and for sure that many of them are into renewable energy since they're not just running a rig or two but hundreds to thousands. Which is making them look like a factory of machines that needed to have a lot of energy so they know that factor about energy.
The change of their ruling, they're doing that every year and we don't know what's next with their announcement of the ban. They said the same thing years ago and won't probably be stopping there.

[cabron]

~
It can't be true because the country is among the top countries with coal reserves.

All of sudden the news comes after they were heavily doing BTC mining. Is the big man up above pulling all the strings on the poor countries?

Good argument but that doesn't mean they have to tap those reserves to provide more electricity. They could probably consume more from what they produced yearly to accommodate BTC mining but that would also decrease what they could add to their reserves.

I have the feeling that in the next few more years, only the governments are the ones mining Bitcoin and the people are just going to be the holders and making transactions.

It's quite ironic that they will mine something they do not want to be spent by the people. They will have to pass law recognizing BTC as a legal tender before they start taking over mining.

Wasn't there a mining council already which if the government took over this economy, they can ban anyone who can try setting up farms.

Obviously, China is the first to have banned BTC and crypto transactions but when the US will also ban everything all because of the power shortages, it's a superficial reason but this is when the government could step in. Remember that SEC will do everything to get things done. Even when institutions are doing ETF already SEC is just not bending all these, they are up to something.

Why all of a sudden they are trying to have these green energy regulations, do you think other countries will follow this mandatory? Every country is trying to get ahead of everyone else. No one is going stop coal or fossil fuels.  IF the US wants to stop, they should set an example so why is their carbon emission still that high?

[kryptqnick]

China possibly made a big mistake because they could've just regulated mining, imposed taxes and things to bring mining out of shadows, and many businesses would have probably stayed under new conditions instead of relocating because relocation is hard and also requires resources. Of course, some countries like the US and Kazakhstan benefited from the ban, and it might be that China now realized that they lost their grip on a big innovative industry to their rivals, so perhaps the asking of public opinion about the mining ban is genuine after all.

[Coyster]

This isn't unusual at all, China prolly thought their ban would affect Bitcoin for so long, but we already knew the effects of that ban would only last for the short period before other countries start to capitalize and use it for their own advantage just like Kazakhstan is currently doing, with miners finding it comfortable to continue their operation there. I actually don't think there is any sort of regulation or ban by any government that can bring/keep Bitcoin down for too long, if one country thinks Bitcoin mining is harmful and doesn't want it, then another will accept it, it is what it is, business will definitely continue.

[Bttzed03]

~
It can't be true because the country is among the top countries with coal reserves.

All of sudden the news comes after they were heavily doing BTC mining. Is the big man up above pulling all the strings on the poor countries?

Good argument but that doesn't mean they have to tap those reserves to provide more electricity. They could probably consume more from what they produced yearly to accommodate BTC mining but that would also decrease what they could add to their reserves.

I have the feeling that in the next few more years, only the governments are the ones mining Bitcoin and the people are just going to be the holders and making transactions.

It's quite ironic that they will mine something they do not want to be spent by the people. They will have to pass law recognizing BTC as a legal tender before they start taking over mining.

Wasn't there a mining council already which if the government took over this economy, they can ban anyone who can try setting up farms.

Obviously, China is the first to have banned BTC and crypto transactions but when the US will also ban everything all because of the power shortages, it's a superficial reason but this is when the government could step in. Remember that SEC will do everything to get things done. Even when institutions are doing ETF already SEC is just not bending all these, they are up to something.

Why all of a sudden they are trying to have these green energy regulations, do you think other countries will follow this mandatory? Every country is trying to get ahead of everyone else. No one is going stop coal or fossil fuels.  IF the US wants to stop, they should set an example so why is their carbon emission still that high?

I'm not sure why the jump to BMC and the US from Kazakhstan's coal.

Banning all miners and taking over may or may not happen. What I'm saying is that before they start making such move, they should lay out the laws which officially recognizes BTC as a legal form of payment. It's contradictory if the Government spend a lot from the national treasury to maintain these mining farms but the product (BTC) is banned by Banks and other financial institutions.

[Dhaniii]

China's ban on the use of cryptocurrencies and the bitcoin mining ban is no longer in effect at this time, other countries have started accepting bitcoins. so from these factors it has only become dust among investors. bitcoin is currently holding between $60k - $62k, so that doesn't mean bitcoin can no longer break through the new ATH, this is just a minor correction to increase the influence on other coins.