blockchain.info now shows CHINA mining 54% of BTC

[innocent93]

Well, as a Chinese, I haven't seen Bitcoin mining is getting so hot as it takes 54% of production.

It's wired, what I hear and see is people are dropping out Bitcoin for the dropping price.

[1715432011]

1715432011

[dothebeats]

Are you saying the China Government is mining or that people from China are mining?

I wouldn't  link miners in China to the Chinese Government...if they're in the BTC community they are most assuredly with us, no? Unless of course you can confirm it's a Chinese government operation.

Some independent players obviously not part of the Chinese Government. Yes, if they're into btc, they wouldn't make some regulations against bitcoin if they're indeed into bitcoin.

[NUFCrichard]

...

This is the first time I have seen blockchain.info showing separate stats for BW.COM at their mining stats page.

https://blockchain.info/pools

The top four miners (percentage of recent block wins / hashing power):

AntPool:           20%
F2Pool:            16%
BW.COM:         11%
BTCChina Pool:  7%

Total China:    54%

(Sort of reminds when GHash.IO briefly took 51% of mining)

It doesn't alarm me and I don't really think it should be too surprising either.  People make a lot of the fact that some Chinese exchanges have no trading fees, so that in thei ropinion means that the volume is fake.  Nothing has proven this hypothesis though.  China is about 2/7ths of the world populationwise, but they are an increasing power that is tech savvy.  I don't know about the prices of electricity there, so can't comment, but I do know that they are pretty good at producing electricals, so can probably pump out a large number of ASICs at a reasonable price to start these farms.

It doesn't really remind me of the GHash.IO story, because they actually had control of more than 51% of the mining, so could have double spent if they had so chosen.  Here the biggest pool is 20%, which is a good thing for securing the bloch chain from future 51% attacks.

China seems very big on any kind of external investment nowadays, they are buying up property, prescious metals and apparently are now dominating Bitcoin mining too.

[DooMAD]

Just because they happen to reside in the same arbitrary borders, doesn't mean they're some sort of hive-mind colluding to take over.  Stop jumping at shadows.  Also slightly disgusted with the double standard that no one cared when it was any other country with the largest hash rate (since there's obviously always going to be one with a higher hash rate than the others), but now just because it's China we should sound the alarm?  Are you trying to come across as racists or something?

[dothebeats]

...

This is the first time I have seen blockchain.info showing separate stats for BW.COM at their mining stats page.

https://blockchain.info/pools

The top four miners (percentage of recent block wins / hashing power):

AntPool:           20%
F2Pool:            16%
BW.COM:         11%
BTCChina Pool:  7%

Total China:    54%

(Sort of reminds when GHash.IO briefly took 51% of mining)

It doesn't alarm me and I don't really think it should be too surprising either.  People make a lot of the fact that some Chinese exchanges have no trading fees, so that in thei ropinion means that the volume is fake.  Nothing has proven this hypothesis though.  China is about 2/7ths of the world populationwise, but they are an increasing power that is tech savvy.  I don't know about the prices of electricity there, so can't comment, but I do know that they are pretty good at producing electricals, so can probably pump out a large number of ASICs at a reasonable price to start these farms.

It doesn't really remind me of the GHash.IO story, because they actually had control of more than 51% of the mining, so could have double spent if they had so chosen.  Here the biggest pool is 20%, which is a good thing for securing the bloch chain from future 51% attacks.

China seems very big on any kind of external investment nowadays, they are buying up property, prescious metals and apparently are now dominating Bitcoin mining too.

And don't forget that China is one (if not the) leading countries in terms of economic growth. Based on what I've read, electricity costs and manpower services in China is way cheaper compared to Western countries. With that said, one can easily establish a mining farm and start hashing with lower risks of losing money in the end.

[dothebeats]

this is pretty alarming

not really..

after all. for atleast a year, maybe even 3+ years america was dominating the mining..

Yeah, where were the alarm bells when virtually 100% of the hash power was in the US?
And a conspiracy among Chinese miners to launch a 51% attack is not logical as it would hurt their businesses as much as anyone.  

Correct. It would definitely backfire to them in case a 51% attack happened.

Not sure if being racist or not, but why are we alarmed when the Chinese gets their name on the headlines?

[Abbey_j]

Chinese pool ≠ Chinese miners
There are many other countries people who connect their miners to these pools to mine.

[AtheistAKASaneBrain]

Just because they happen to reside in the same arbitrary borders, doesn't mean they're some sort of hive-mind colluding to take over.  Stop jumping at shadows.  Also slightly disgusted with the double standard that no one cared when it was any other country with the largest hash rate (since there's obviously always going to be one with a higher hash rate than the others), but now just because it's China we should sound the alarm?  Are you trying to come across as racists or something?

No one is being racist here, we are just speculating. China has been playing a major role in the bitcoin price development with their massive adoption, mining and dumping of coins. They can really change the price.

[dothebeats]

Chinese pool ≠ Chinese miners
There are many other countries people who connect their miners to these pools to mine.

I've been guilty of this thing haha. I've connected my miners to a Chinese pool back in the days because I thought their "luck" percentage is way higher compared to those of the Western pools. Well I didn't have enough knowledge back then and I did that because of overthinking of profits. 

[dothebeats]

The biggest btc mine in the world is right here
https://bitcointalk.org/index.php?topic=969823.0

You should see the massive massive mining infrastructure and get a feeling what it likes.

The mining farm is strategically placed too. It is placed on the highlands where the temperature is cooler that helps the miners in terms of cooling. Electricity costs are also cut down because of the "natural cooling system" the miners have in that place.

[QuestionAuthority]

The Chinese could have just ignored Bitcoin instead of trying to become the worlds Bitcoin miner. Ignoring it would be much worse. They deserve the rewards because they're a hard working studious people. Westerners think they can sit on their ass, eat hamburgers and get fat while the world pours riches at their feet. The Chinese are working for it. Good for them.

[yakuza699]

he should start a mining farm 

Yeah total zero for cooling expenses.Also if am not mistaken tangpool is also based in china.Or it is not? If not than where is it?

[ajareselde]

Zero surprise there, as most of tech and profit harvesting industry is there, giving others small chances of making positive returns.
They are mostly not interested in bitcoin itself, but only on profit they can make mining it, but doing so it happened that they spread some awareness about bitcoin on their comunity
that quickly produced exchanges and other bitcoin related industry that makes them even more profit.

cheers

[ranochigo]

Zero surprise there, as most of tech and profit harvesting industry is there, giving others small chances of making positive returns.
They are mostly not interested in bitcoin itself, but only on profit they can make mining it, but doing so it happened that they spread some awareness about bitcoin on their comunity
that quickly produced exchanges and other bitcoin related industry that makes them even more profit.

cheers

There are still a percentage of people preferring a pool based in China than one outside of it.

Since IP address are not revealed to the public, we don't know how many percent of the miners in the pool are based in China. Blockchain.info's hashrate chart isn't the accurate.They base it on the average of a timeframe specified and calculate according to the amount of blocks found. If the biggest pool experience a very bad luck, it is possible that the hashrate share would be lower. There are plenty of cheap warehouses and electricity in China too. With alot of ASIC manufacturer based in China, they can buy it in bulk without experiencing huge shipping delays.

[Cryddit]

I thought bitcoin was banned in China? World 51% Attack

Bitcoin was banned 'officially' in China as it was in Russia. That means that it is not banned at all. People have still free access to it as you can see. You can't ban every pc or other device with internet connection after all.

I don't know if anybody else has made this point yet, but Bitcoin has not been banned as such in China. 

What they have done is banned banks, exchanges, and money transmitters from dealing in it.  But if individuals use it to pay for things, or accept it as payment, or use state-sponsored electricity to run hashing farms, that's still okay under their laws.

[Cryddit]

he should start a mining farm 

Not really.  Connectivity really sucks up there.  It costs huge money to get good Internet and electrical service installed once you go north of the Arctic Circle. 

[Cryddit]

The biggest issue I see with the Chinese exchanges is them paying out interest, that scares the living hell out of me.

Seriously?  If that's the case, they're headed for a major crash, and not too far in the future.  That kind of thing only happens in a major bubble, or in the presence of incredibly stupid monetary policy.  That's a sign as strong as no-income, no-assets, zero-down-payment low interest loans in the US mortgage market was.  

[thejaytiesto]

The biggest issue I see with the Chinese exchanges is them paying out interest, that scares the living hell out of me.

Seriously?  If that's the case, they're headed for a major crash, and not too far in the future.  That kind of thing only happens in a major bubble, or in the presence of incredibly stupid monetary policy.  That's a sign as strong as no-income, no-assets, zero-down-payment low interest loans in the US mortgage market was.  

It's them running a ponzi and fractional banking and yeah they can disappear anytime but hopefully the Chinese government putting the people who do this in jail will scare them enough to stop.

I don't think the government cant do much beyond what has been already done, china bitcoin is already marked as regulated.

[Malin Keshar]

this is slightly inaccurate.  lots of US miners on f2pool for instance.

the other 46% maybe?

It is not said that China is the only player.

But maybe the biggest because their costs are smaller

[maku]

this is slightly inaccurate.  lots of US miners on f2pool for instance.

the other 46% maybe?

It is not said that China is the only player.

But maybe the biggest because their costs are smaller

For now it is not the problem I agree but China will reign supreme in a couple of years. That is certain - then it probably would become a problem when they will be able to influence bitcoin world.