what you think about china in terms of cryptocurrency and mining process

[coinremitter]

At a time china is the largest cryptocurrency miner. what you think of china and its mining process let's discuss!

[worle1bm]

China was main mining center in the past but it has put a complete ban on bitcoin mining which has lead to hashrate distribution across the globe and now China is no longer biggest player.You can check this article for more details : https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

United States: 35.4%
Kazakhstan: 18.1%
Russia: 11.23%
Canada: 9.55%
Ireland: 4.68%
Malaysia: 4.58%
Germany: 4.48%
Iran: 3.1

Moreover Mining is a process through which new coins come into circulation not confirming the transactions and whenever a block is found the transactions are added in that block in blockchain of which the transaction fees goes to miner along with the block rewards.

[MusaMohamed]

China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

After China cracked down Bitcoin mining in , total country shares of China dropped a lot.

In Jan 2022, Mainland China contributes 21.1%, USA (37.8%), Kazakhstan (13.2%) and I am sure that from 2022 to 2023, mining activities increase in the USA. and other nations more than in China.

Mining map (CBECI). Don't know why they don't keep it updated.

Bitcoin mining by country 2023

United States: 35.4%
Kazakhstan: 18.1%
Russia: 11.23%
Canada: 9.55%
Ireland: 4.68%
Malaysia: 4.58%
Germany: 4.48%
Iran: 3.1%

Data can be not very correct with disappearance of mining pools from China but I am sure 60% is not correct.

[Outhue]

Yes china is not the largest bitcoin miners anymore, their government put a heavy ban on crypto mining and many asic miners were destroyed, that's after putting up a warning message that all miners should stop mining with immediate effect and some went underground, they are later apprehended, some went to prison because they failed to follow the instruction.  I have two families in China and they always give me updates on what is happening in China pertaining the mining issue, many Chinese people start selling off their graphic cards and Asic miners, that was how I helped someone to get some graphic cards for cheap price before Ethereum dumped proof of work.

[hitsnorth]

China was main mining center in the past but it has put a complete ban on bitcoin mining which has lead to hashrate distribution across the globe and now China is no longer biggest player.You can check this article for more details : https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

United States: 35.4%
Kazakhstan: 18.1%
Russia: 11.23%
Canada: 9.55%
Ireland: 4.68%
Malaysia: 4.58%
Germany: 4.48%
Iran: 3.1

Moreover Mining is a process through which new coins come into circulation not confirming the transactions and whenever a block is found the transactions are added in that block in blockchain of which the transaction fees goes to miner along with the block rewards.

Lol, I never thought that Kazakhstan is mining more than Russia and Canada. The more you know.

[slaman29]

What is YOUR point on this? hehe China has always had the largest miner concentrations, whether it was legal or not or even if legality is the issue!! But you must have missed the last few years of news that miners moved out. Those that remain are under the radar.

That is just called economics. You go where the cost is the cheapest. And regulations can be expensive to avoid.

[stompix]

What is your point of you on this?

That I'm paying 1 BTC for your time machine.

You can check this article for more details : https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

Don't use that source, they are simply stealing obsolete data from
https://ccaf.io/cbeci/mining_map
without quoting the source and of course the methodology:
https://ccaf.io/cbeci/mining_map/methodology

which clearly states:

This behavior is best illustrated by the persistently high reported shares of countries like Germany and Ireland where, as far as we can tell, no meaningful mining activities exist.

Second, and more importantly, the whole thing that should be an explanation was written by either a malfunctioning bot or a 7 year old:

It is also home to a desert where 50,000 computers are established in Ekibastuz so that the miners can get it down.
Here, bitcoin miners work 12-hour shifts for two weeks straight until the bitcoin is mined.

[HedgeFx]

Mining should be encouraged by the community, because without mining the entire crypto ecosystem cannot exist. Unfortunately there are countries where mining is impossible due to too high energy costs (as in Italy). I think that if this activity becomes illegal in the main countries where mining is done today, the crypto system could suffer serious consequences.

[NotATether]

Lol, I never thought that Kazakhstan is mining more than Russia and Canada. The more you know.

Yeah, apparently, the majority of miners who fled China resettled in Kazakhstan and other Central Asian/ex-Soviet countries.

[mv1986]

Even though this could be a bit outdated as well, I think this overview well demonstrates how shares in global mining operations shifted between countries:



The article on Cointelegraph also says that it was Kazakhstan to welcome Chinese miners after the government started cracking down on them.

Though keep in mind that one the one hand Tokayev stated “We are ready to go further. If this financial instrument shows its further relevance and security, it will certainly receive full legal recognition”.

But on the other hand this article is just 1.5 months old, stating that energy usage for mining will be limited as they grids can't cope with the load. They also want to distribute official licenses. This once more goes into the direction of coerced control, presumably to the government's financial benefit. 

[Plaguedeath]

China is already completely banned Bitcoin including mining, how you can say the largest Bitcoin miners are still operated in China? if someone still dare to mine Bitcoin, it's an illegal miner and sooner or later the police will discover him.

However even Bitcoin already banned in China, it doesn't make the other countries to ban Bitcoin too, so we shouldn't need to be fear when there's a country which want to ban Bitcoin again.

[Merit.s]

Mining should be encouraged by the community, because without mining the entire crypto ecosystem cannot exist. Unfortunately there are countries where mining is impossible due to too high energy costs (as in Italy). I think that if this activity becomes illegal in the main countries where mining is done today, the crypto system could suffer serious consequences.

There will always be miners as long as bitcoin exists. Miners will always move to a country that is bitcoin friendly. We saw this in China who had the highest mining farm but after the ban on bitcoin and other cryptocurrency, miners relocated to other countries that encourages mining activities like the US and Kazakhstan. Mining consumes more power and their are some countries which cheapest power supply,which will boost up mining.

[348Judah]

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

I will say maybe this your information was an old version of the reality happening as at bow, since China has lay ban on cryptocurrency in general, everything about bitcoin there has been minimized and alot of miners have relocated from China to other part of the countries suitable for them to mine, so i wouldn't admit this for now that China is the largest country having bitcoin miners, they might have been the one in the past but not anymore.

[karmamiu]

The information was when China was at its peak and the mining costs there isn't that much. Now adding the fact that they even banned bitcoin, miners tried to move to where they can be more productive, so statistics are now equally divided amongst many big time countries in the world. Before only China could proudly show off their mining power but now? not anymore, I will no longer add more sources since there are already plenty of sources given by our fellow members, besides that's the changers over these years.

[tranthidung]

Even though this could be a bit outdated as well, I think this overview well demonstrates how shares in global mining operations shifted between countries:



The article on Cointelegraph also says that it was Kazakhstan to welcome Chinese miners after the government started cracking down on them.

They used data from CBECI with last data point is in January 2022.

I have my topic about it but with different visualization up to August 2021. I perhaps will update it today or tomorrow with data up to January 2022.

However if you read my topic and follow discussions there, you will see their methodology for data collection have some assumptions and potential weakness.

Only the Assumption 1 is enough to tell us about lack of data accuracy

Assumption 1: IP addresses of mining facility operators are an accurate indicator of hashrate location.

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

[Rigon]

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

As far as I know China is very behind in bitcoin mining. China was once the leader in Bitcoin mining, but when Bitcoin was banned in China, Bitcoin mining was destroyed. Some were jailed again. As a result of the ban, many miners do not keep bitcoins in their mines, which has already led to the collapse of bitcoin mining companies. Due to the ban some miners moved to different states and started mining there. Now as far as I know there are no miners or mining companies in China.

[Z-tight]

As a result of the ban, many miners do not keep bitcoins in their mines, which has already led to the collapse of bitcoin mining companies.

BTC isn't kept or stored in "mines", BTC is stored in BTC wallets. BTC mining companies also didn't collapse, some of them just relocated out of china because of their hostility to mining, and we cannot also be sure that there aren't some mining companies still mining BTC underground in China and using VPN to hide their IP addresses.

Now as far as I know there are no miners or mining companies in China.

We cannot be 100% sure that mining hashrate in China is now at 0, surely it has gone down, but there are probably secret miners still mining BTC in China.

[Negotiation]

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

As far as I know China is very behind in bitcoin mining. China was once the leader in Bitcoin mining, but when Bitcoin was banned in China, Bitcoin mining was destroyed. Some were jailed again. As a result of the ban, many miners do not keep bitcoins in their mines, which has already led to the collapse of bitcoin mining companies. Due to the ban some miners moved to different states and started mining there. Now as far as I know there are no miners or mining companies in China.

You may be somewhat true but there are many countries in the world where it is illegal to both use and generate bitcoins, then there are many people in those countries who generate and use bitcoins. I agree with you that when crypto was banned in China it had a huge impact on cryptocurrencies not just Bitcoin. But I heard many countries use bitcoins for cryptocurrency mining and trading.

[Godday]

I have also seen that China is the biggest cryptocurrency mining country in the world.  Maybe we will get a lot of data out there but my friend from China once said that many Chinese people work in Bitcoin mining.  This is the real thing.  At that time the price of VGA increased dramatically and my friend was a trader of computer equipment and devices in China.  But that was a long time ago before the Pandemic.  I don't know how cryptocurrency mining is there at the moment but I think it has been on the decline as mining BTC has become harder and harder over the years.

[jossiel]

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

Can you give those places where those mining operations are happening? It's because the news that we've probably seen a year or more ago was all about cracking down miners and everything that's related to bitcoin there.

But whether we like it or not, mining from everywhere in there won't stop even if the government steps in. Those miners will still find a way to use their miners as those investments from their equipment weren't that cheap to be stuck.