Bitcoin mining’s comeback in China

[FP91G]

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There are many miners that can run underground even without public knowledge. You can easily export the machine to North Europe and run a farm, because hashpower is global. The bans are cosmetic.

Would you risk illegal, easy-to-detect, energy-guzzling and noisy activity for the potential profits? If you do, many people will not risk it, so since mining was banned in China, miners have moved to other countries. There may be a percentage of mining in China, but the main mining basins, which control a good percentage of hashrate, are outside China.
percentages here https://mempool.space/graphs/mining/pools and search for pools locations.

Mining pools do not show the location of the equipment. Russian miners often use AntPool. Binance pool has good conditions for commissions and sales on their exchange.
But if you have your own hydro generator, then you are more difficult to detect than a regular miner.

[1M]

China is where bitcoin mining truly built its scale from an individual hobbyist project to an economic force that could shape the world. China economic system is very update. The previous Cambridge update showed that China's share of mining went from 34.3% in June 2021 to 0.0% in July 2021 following a crypto mining ban in the country. Last week's update showed that China's share of mining went from 0.0% in August 2021 to … 22.3% in September 2021. Research from the University of Cambridge's Judge Business School shows that China is second only to the U.S. in Bitcoin mining. In December 2021, the most recent figures available, China was responsible for 21% of the Bitcoin mined globally.

[New Money]

I don't really think China will let crypto mining make a comeback anytime soon due to its stringent regulations on cryptocurrencies and related activities. However, Hong Kong presents a more favorable environment and could be a great starting point for those interested in crypto mining. The city's more open stance towards financial technologies and digital currencies might offer better opportunities for the development and expansion of crypto-related activities.

[serveria.com]

Bitcoin mining’s silent comeback in China, according to industry insider
CryptoSlate’s research analyst, James Van Straten, recently sat down with Bitfarms’ Chief Mining Officer, Ben Gagnon, to discuss the evolving landscape of Bitcoin mining, revealing some interesting thoughts on Bitcoin mining in China, along with detailed insights into global miner revenues.

Gagnon, who spent time operating crypto-mining facilities in China, shared his unique perspective on the country’s mining ban and the recent expansion of Bitcoin mining in the nation. Contrary to attributing the ban to environmental or economic reasons, Gagnon suggested the decision was politically motivated.

“When the China mining ban happened in 2021, I really don’t think it had anything to do with Bitcoin itself. I think it was entirely internal politics.”

Gagnon noted that mining is slowly returning to China as a way to recycle waste inputs, notably heat, for residential and office projects. This approach allows for reintroducing mining in China as a net social benefit, balancing business and political interests.

“And I think we’re gonna see a lot more of that. It’s a way for China to bring back mining indirectly and improve the cost efficiency of infrastructure and residential developments.”

While Bitcoin mining might seem insignificant regarding China’s overall GDP, Gagnon observed that it holds significant potential at the individual business level. Entrepreneurs might see it as an opportunity to improve business efficiency, recycle resources, and diversify revenue streams. This is particularly relevant in China’s real estate sector, which has faced challenges but remains a significant part of the economy.

This is good news, China has always been an important factor for the Bitcoin market. Remember times when just a news on "China bans Bitcoin" or "China embraces Bitcoin" could move the price thousands in both directions! So any positive news from China could propel Bitcoin to the new highs.

[spiker777]

I don't really think China will let crypto mining make a comeback anytime soon due to its stringent regulations on cryptocurrencies and related activities. However, Hong Kong presents a more favorable environment and could be a great starting point for those interested in crypto mining. The city's more open stance towards financial technologies and digital currencies might offer better opportunities for the development and expansion of crypto-related activities.

Hong Kong is part of china. then don't Chinese regulations apply to hong kong too? I would absolutely love to see a comeback of mining in china too. I hope china ease their rules about bitcoin and cryptocurrency little bit so Chines people can freely start mining and using crypto.

Bitcoin mining’s silent comeback in China, according to industry insider
CryptoSlate’s research analyst, James Van Straten, recently sat down with Bitfarms’ Chief Mining Officer, Ben Gagnon, to discuss the evolving landscape of Bitcoin mining, revealing some interesting thoughts on Bitcoin mining in China, along with detailed insights into global miner revenues.

Gagnon, who spent time operating crypto-mining facilities in China, shared his unique perspective on the country’s mining ban and the recent expansion of Bitcoin mining in the nation. Contrary to attributing the ban to environmental or economic reasons, Gagnon suggested the decision was politically motivated.

“When the China mining ban happened in 2021, I really don’t think it had anything to do with Bitcoin itself. I think it was entirely internal politics.”

Gagnon noted that mining is slowly returning to China as a way to recycle waste inputs, notably heat, for residential and office projects. This approach allows for reintroducing mining in China as a net social benefit, balancing business and political interests.

“And I think we’re gonna see a lot more of that. It’s a way for China to bring back mining indirectly and improve the cost efficiency of infrastructure and residential developments.”

While Bitcoin mining might seem insignificant regarding China’s overall GDP, Gagnon observed that it holds significant potential at the individual business level. Entrepreneurs might see it as an opportunity to improve business efficiency, recycle resources, and diversify revenue streams. This is particularly relevant in China’s real estate sector, which has faced challenges but remains a significant part of the economy.

This is good news, China has always been an important factor for the Bitcoin market. Remember times when just a news on "China bans Bitcoin" or "China embraces Bitcoin" could move the price thousands in both directions! So any positive news from China could propel Bitcoin to the new highs.

You are right man. that was such a memorable time. hopefully a time like that would come again.