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

[Godlovesyou]

Probably you didn't do a recent findings. China do not occupy such position even in the first place Americans does. Remember during Russian x Ukraine, China roll over some units of bitcoins to Ukraine as support which even bring them down the more. America has almost 40% of bitcoin mining.

Though China where very active in mining and they were ready go above any country since it was booming economy in the digital market.

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[Ndabagi01]

China did take the lead of the largest bitcoin mining in the world but there’s an abrupt decline to that some years back after there was total ban of bitcoin by the country. Satoshi Nakamoto the inventor of bitcoin has been mostly attributed to being an Asia man, more like a Japanese name, maybe that gave them the opportunity to become the largest miners in the world then.

Over the years, many countries have taken over and now lead china in the world largest bitcoin miners. The importance and use of digital currencies cannot be overemphasized anymore, all other countries have found interest in mining and are all utilizing the opportunity of owning the largest share of bitcoin in the world.

[ringgo96]

China used to be known as the largest bitcoin mining country, but in the end they were strictly banned by the government and many miners at that time turned to other countries, to find safety so as not to become wasteful and violate government regulations, there are several countries that ban bitcoin mining because of the many flows they spend but all will run fast if the government can regulate bitcoin mining in their country then this will work with  seriously and I believe the government can also benefit immensely.

[Kalchef]

I get all my graphic cards from china because it's the closest foreign country to mine, and my suppliers have told me what was going on with crypto miners in China, it was like a war on drug, the government hate the sight of Asic miners and only those selling to other foreign countries are left to do their businesses, you can't be in china and be mining Bitcoin.

[FahriZah]

In The Crypto Currency World's If Anyone Thinking Crypto Not Possible To  Without China Because China Have So Many Popular Mining Platform And World's Biggest Mining Country Also China So Country China Is World’s  Largest Bitcoin Mining  Country.

[kamvreto]

China used to be known as the largest bitcoin mining country, but in the end they were strictly banned by the government and many miners at that time turned to other countries, to find safety so as not to become wasteful and violate government regulations, there are several countries that ban bitcoin mining because of the many flows they spend but all will run fast if the government can regulate bitcoin mining in their country then this will work with  seriously and I believe the government can also benefit immensely.

Bitcoin mining ban in China does have a significant impact. When Bitcoin was Illegal and banned, all bitcoin miners in China began to move to several countries that still allowed bitcoin mining and still provided full regulation for bitcoin. The role of the government regarding regulation will be very important for the growth of bitcoin and some bitcoin miners. The regulations given are also balanced with sufficient electrical resources to support bitcoin mining. That is indeed one of the factors why China does not allow bitcoin miners anymore. Waste of electricity resources and the increase in temperature continues to occur.
The need to regulate Bitcoin miners is to be more planned, and the use of electric power is not too bloated. There must be alternative technologies made so that they do not have a negative impact on everything with various interests from all parties involved.

[Asuspawer09]

There is already numerous news that bitcoin mining in China is starting to decline its reputation as a major player when it comes to bitcoin mining. China is a major player in bitcoin mining for many years and probably mines the highest percentage compared to a lot of countries. One of the factors I believed is that they could easily buy much cheaper hardware in China plus they have much cheaper electricity compared to other countries like japan, the UK, Italy, etc.

I mean China has a lot of restrictions on cryptocurrency, especially on bitcoin and we have since in the past years that China tried to ban it, they actually banned it but a lot of people could easily bypass it and you can't really control cryptocurrency, and its internet. But that was probably big news for miners since they can't operate anymore. But when bitcoin mining difficulty continues to increase it is going to affect a lot of mining and could easily affect the market price and bitcoin circulation. I don't know if its a good or bad thing.

[|MINER|]

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?

China not is it will be the China was the largest producer of bitcoin mining before the banning or crack downing the mining sector. China considers Bitcoin and its mining a threat to their economy and banned both Bitcoin mining and trading in May 2021, before that China was the largest country in the Bitcoin mining sector with not only just  60% it's up to 65% on some websites I saw up . But in the current context that is no longer the case. If they restart it, it will not only benefit them but also the entire global Bitcoin community.

[borovichok]

China not is it will be the China was the largest producer of bitcoin mining before the banning or crack downing the mining sector. China considers Bitcoin and its mining a threat to their economy and banned both Bitcoin mining and trading in May 2021, before that China was the largest country in the Bitcoin mining sector with not only just  60% it's up to 65% on some websites I saw up . But in the current context that is no longer the case. If they restart it, it will not only benefit them but also the entire global Bitcoin community.

Banning of Bitcoin mining really affected the entire operation of the project. It's the major reason behind the sudden dump of Bitcoin in the market which have stayed for a lengthy period of time. Owning 60% of the mining sector was a hugh one for China and balance stability was triggered in the space. China is a developed country, they're responsible for the high rate of mining of bitcoin. Bitcoin mining sector was labeled weak during 2021 section, but I believe the mining sector would bounced back stronger if there's lift of Bitcoin ban.

[panganib999]

You're a little late to the news, AFAIK as early as 2020 they started to ban the operations of cryptocurrencies on their territories, including mining. For a second you had me thinking they reverted their decision sometime in the past lmao.

In any case, the ban was both a good thing and a bad thing for crypto. For instance, it lost one of its biggest contributors, which meant less people mining on the coins and with lower demands, the crypto industry experienced the effects firsthand for a bit, till it bounced back without anyone every knowing why. On the other hand, the loss of China as the biggest contributor distributed the opportunity to the rest of the countries who actively partake in mining. As it stands today, US is winning if I'm not mistaken.

[Scripture]

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?

Maybe that list is not updated anymore since many mining companies in China already get out of that country and looked for alternative place to mine this is due to the pressure of the government and the unstable stand of China with regards to the legality of Bitcoin. We are close to mine every single Bitcoin, and the next halving will surely affect miners, let’s just hope that its value will rise as well and make mining worth it.

[samcrypto]

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?

Maybe that list is not updated anymore since many mining companies in China already get out of that country and looked for alternative place to mine this is due to the pressure of the government and the unstable stand of China with regards to the legality of Bitcoin. We are close to mine every single Bitcoin, and the next halving will surely affect miners, let’s just hope that its value will rise as well and make mining worth it.

As Chinese government ban those mining and even cryptocurrency before so China is not a place for mining anymore. Their problem is legality and of course the cost of mining. This can still be profitable as we rely on those miners, and without mining we might experience shortage already. Other countries already adopt crypto and even accept mining as legal. In a few years more, mining will be more important.

[pgbit]

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 think it is great that China is the world’s largest producer of Bitcoin mining. This shows how powerful and influential China is in the cryptocurrency industry. With the amount of Bitcoin produced in China, it is clear that the country is a major player in the cryptocurrency market and is likely to remain so in the future.

[Helena Yu]

I think it is great that China is the world’s largest producer of Bitcoin mining. This shows how powerful and influential China is in the cryptocurrency industry. With the amount of Bitcoin produced in China, it is clear that the country is a major player in the cryptocurrency market and is likely to remain so in the future.

Before creating a post, make sure you're already read the other replies too, have made few research and not only agree with any words written by @OP. As you can see the quoted part below, China already ban Bitcoin mining since 2021, there's no more mining activity you can find in China because it's illegal.

Bitmain headquarter company was in China, but it seems they're already move to United States because they're failed to launch IPO in China.

China sent shockwaves through the blockchain sector in 2021, when it announced extreme restrictions on Bitcoin (BTC) mining and crypto trading. It imposed the ban in phases, and by late-September 2021, the government put a stop to all crypto transactions. Within months, Bitcoin's hash rate plummeted, and Chinese crypto exchanges left the country, leaving many BTC supporters unsure of how the industry would recover after Beijing's ruling.

[Venik]

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 think it is great that China is the world’s largest producer of Bitcoin mining. This shows how powerful and influential China is in the cryptocurrency industry. With the amount of Bitcoin produced in China, it is clear that the country is a major player in the cryptocurrency market and is likely to remain so in the future.

But this data is outdated, China is not the top miner currently. Check it from here: 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

[Reatim]

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.

Yeah I don't know where did OP get this standard as China already Banned Bitcoin and yes Miners are already Fled the country and divert/migrate to other countries.

But really? Kazakhstan is the second largest mining country in the world now(second to USA?  even Bigger than Russia?

thanks for this share mate , I never learn this till now.

[Flexystar]

Ok so OP is old or they do not have updated news (which is really old) that bitcoin mining was banned completely long ago. It’s sad that many of the users do not have updated knowledge base. If China was still contributing to the bitcoin mining at the highest rate then they would have also added more power to it and more higher version would have been in the market to mine it. That’s why it’s sad that china backed out really soon from it. I don’t know just now I read the news that out of rivalry China is now accepting crypto deposits so that more businesses can jump in. I believe in no time we will hear that China has started the mining process again.

[Jason Brendon]

if you look at your acics machine, bang, made in china.

[karmamiu]

I get all my graphic cards from china because it's the closest foreign country to mine, and my suppliers have told me what was going on with crypto miners in China, it was like a war on drug, the government hate the sight of Asic miners and only those selling to other foreign countries are left to do their businesses, you can't be in china and be mining Bitcoin.

That sounds bad for those who are miners, and that also means they have to evacuate or migrate to another country if they want to continue mining. In terms of technology, it is arguable that China is one of the leading suppliers of some technological parts like what you've said graphic cards. Years ago, I have also ordered from them a raspberry pi to help my former classmate about his robotics competition. For us living in Asia, China has become a primary source of those techs and aside from we didn't have to spend so much for shipping fees, they also offer good quality products depending on which supplier you chose. At that time also they are the ones who heavily supported crypto and mining industry, it's just funny how the tables turn and now they are against the very idea they supported.

[socks435]

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.

Yeah I don't know where did OP get this standard as China already Banned Bitcoin and yes Miners are already Fled the country and divert/migrate to other countries.

But really? Kazakhstan is the second largest mining country in the world now(second to USA?  even Bigger than Russia?

thanks for this share mate , I never learn this till now.

Some news said the report stats is innacurate but there are many Chinese people who are still mining even though mining crypto is banned in China. However the operation is hidden most of them hiding their miner through a proxy and the source of their power come from solars to hide their power consumption and presence from the public.