Topic: [2016-07-07]Bitcoin’s fate hinges on Chinese miners (Read 347 times)
Bitcoin’s fate hinges on the bitcoin core developers. If the Core team release the 2MB code as they promise, there will be no problem.
Thing is, I do not really think that something as large as bitcoin can be controlled by miners in a single country. If Chinese miners refuse to mine, it will only increase the earning chances of miners in other countries.
It's a fact that Chinese miners control the far majority of the mining industry. And I really believe their market share in the mining industry will grow even further throughout the years. Can't really blame them as the larger mining farms make good money every month. And in some way they also have big influence on the major exchanges there in the way that they will not allow the price to drop below a certain price level.
Thing is, I do not really think that something as large as bitcoin can be controlled by miners in a single country. If Chinese miners refuse to mine, it will only increase the earning chances of miners in other countries.
Hong Kong - Wu Jihan still remembers the exhilaration he felt after learning about bitcoin in 2011.
A self-described computer geek fresh out of China’s top university, Wu soaked up everything he could about the digital currency’s mysterious founder and its users’ ambitions to transform the global financial system. Within a year, he quit his job at a private equity firm to launch a bitcoin startup. Today, his company is one of the world’s biggest players in bitcoin mining, a computing process that makes transactions with the cryptocurrency possible.
http://www.iol.co.za/business/international/bitcoins-fate-hinges-on-chinese-miners-2042846
A self-described computer geek fresh out of China’s top university, Wu soaked up everything he could about the digital currency’s mysterious founder and its users’ ambitions to transform the global financial system. Within a year, he quit his job at a private equity firm to launch a bitcoin startup. Today, his company is one of the world’s biggest players in bitcoin mining, a computing process that makes transactions with the cryptocurrency possible.
http://www.iol.co.za/business/international/bitcoins-fate-hinges-on-chinese-miners-2042846
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