After a few months of China crackdown on mining. Check it out! - page 2.

tranthidung

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Quote from: hatshepsut93 on October 19, 2021, 06:18:09 PM

The fact that a large percentage of Bitcoin users is young doesn't mean that a lot of young people are using Bitcoin. In this context the important number is percentage of the population that uses Bitcoin, and currently it's in very low single digits for most countries, and much less than 1% globally.

I meant about the trend. Now, young people attribute to big percent of Bitcoin users and children now will have higher probability that they will use Bitcoin when they pass through 18+.

I meant the picture will be very different next ten years or next 20 years. Like the Internet or Facebook, especially Facebook, the elderly does not use that much initially but when it becomes a common application, more elderly will use it but it is not too much important. The more importance comes from the population of children and teenagers, they will be main parts of Bitcoin community.

hatshepsut93

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Quote from: tranthidung on October 19, 2021, 01:55:35 AM

I think in the future, the demographics of Bitcoiners will become younger and it will be unstoppable trend.

Bitcoiners' Demographic over years
According to Coin.dance, the Bitcoin community engagement by age as follows: 18-24: 16.65%, and 25-34: 41.35%

The fact that a large percentage of Bitcoin users is young doesn't mean that a lot of young people are using Bitcoin. In this context the important number is percentage of the population that uses Bitcoin, and currently it's in very low single digits for most countries, and much less than 1% globally.

Take marijuana for example, 15% of americans consume it regularly and over 50% at least tried it once, and yet it's still not legal in all states, and it was illegal for many decades and all the protesting didn't do much. Banning Bitcoin today would be an extremely easy action.

stompix

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Blackjack.fun

Quote from: franky1 on October 16, 2021, 11:21:06 PM

and yet some pools official data is still showing they are solving blocks from farms in china

https://pool.btc.com/en-US/pool-stats
(scroll to bottom)
8 blocks by just this pool are recorded to be mined in china on the 16th of october.
so it seems china is still on their record as being majority mining

Still, having trouble differentiating pols from miners and servers from nodes?
Do you really think those servers who how many poeple mine in Beijing?
You could do an experiment, set your miners to BTC pool, and check where...oh wait, sorry! I forgot you don't mine!
I was going to ask you how on earth there are no blocks mined from Philipines or Iran or Canada or Australia there but that would mean demanding too much.

Quote from: tranthidung on October 19, 2021, 01:55:35 AM

I meant in the future, with bigger adoption in general population and with more investment and involvement from institutes or corporations.

How long in the future?
And what's the plan if they do this before you reach that point?
You can see in all those topics about Nigeria poeple claiming an outrageous number of users like million over millions yet the central bank banned financial transactions and there was nobody! protesting, If we look at real life, not twitter warriors.

Quote from: wajik-tempe on October 16, 2021, 10:37:42 PM

Does this will affect the price if really happen ? if most countries are banning bitcoin and those countries are still available to mine are the country with high electricity bills. That means it's harder to got more bitcoin and ofcourse the price will be so much higher because the supply will be stuck and the demand keep increasing. I'd love to see that happen actually Grin

That's not how mining works. The supply will never be "stuck" unless nobody mines anymore, and if indeed the hashrate would drop to 1% for a period the pace will be again recovered at the adjustment. Also, a serious drop in hashrate to affect considerably the number of bitcoins mined would mean also fewer blocks, lower blockchain capacity, higher fees, I believe it would do more harm than the slight temporary decrease in coins issued.

tranthidung

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Quote from: hatshepsut93 on October 17, 2021, 05:00:06 PM

Serious demonstrations? I very much doubt that, only a few percent of people use Bitcoin, and for any sort of protest to have a chance of success, it must be supported by at least 20-30% of the population. The thing that can more effectively stop such ban is political lobbying done by business that is interested in crypto, like exchanges, ETFs, companies. This is why the ongoing institutional adoption is a positive thing.

I meant in the future, with bigger adoption in general population and with more investment and involvement from institutes or corporations.

I think in the future, the demographics of Bitcoiners will become younger and it will be unstoppable trend.

Bitcoiners' Demographic over years
According to Coin.dance, the Bitcoin community engagement by age as follows: 18-24: 16.65%, and 25-34: 41.35%

hatshepsut93

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Quote from: tranthidung on October 16, 2021, 07:55:40 PM

However, you are missing a point, top countries are different and most of them are Western countries that are totally different than China. In China, government controls all, there is no separations of power like in Wester countries. In Western countries, governments will face with serious demonstrations from their citizens that might lead to uncertainty in society that they don't want to face with.

Serious demonstrations? I very much doubt that, only a few percent of people use Bitcoin, and for any sort of protest to have a chance of success, it must be supported by at least 20-30% of the population. The thing that can more effectively stop such ban is political lobbying done by business that is interested in crypto, like exchanges, ETFs, companies. This is why the ongoing institutional adoption is a positive thing.

Dhaniii

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https://i.imgur.com/hgxNNiA.png

Quote from: so98nn on October 15, 2021, 03:42:48 AM

Finally something good about China. Lolz. I mean in perspective of rest of the world or non-China who always thought China could manipulate the market severely and destroy the decentralisation any time soon. The whole thing has turned upside down for the China if above values are accurate.

One thing is clear, China will see great amount of reduced income in their country. Just imagine almost 30+ % of mining power and at the current rate the bitcoin income could have been enormous!! It’s literally shut off for China in blink of an eye. Plus I’m not sure what are they gonna do about the hardware, rented mining places, and what not. This is serious damage to them.

their actions have cost themselves a disservice except they are just making issues to bring down the market temporarily and they start adopting bitcoins secretly in countless numbers. in that way they can dominate the markets and finance around the world. I don't think the Chinese are stupid but are playing with aces and creating markets under their control.

franky1

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and yet some pools official data is still showing they are solving blocks from farms in china

https://pool.btc.com/en-US/pool-stats
(scroll to bottom)
8 blocks by just this pool are recorded to be mined in china on the 16th of october.
same day
2 blocks US
3 blocks EU

so it seems china is still on their record as being majority mining

wajik-tempe

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Quote from: hatshepsut93 on October 16, 2021, 05:41:22 PM

If a ban on mining can effectively reduce hashrate of a country to zero, then this is an argument against the statement that Bitcoin can't be shut down by government. If all those top countries decided to ban Bitcoin, where would the miners move? To countries with a fraction of electricity producing capabilities? That would mean Bitcoin's network would take a large hashrate hit, which means reduced security. So while Bitcoin can't be literally shut down, it can be very seriously harmed by governments, if they decided to act against it together.

Does this will affect the price if really happen ? if most countries are banning bitcoin and those countries are still available to mine are the country with high electricity bills. That means it's harder to got more bitcoin and ofcourse the price will be so much higher because the supply will be stuck and the demand keep increasing. I'd love to see that happen actually Grin

Quickseller

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Quote from: pooya87 on October 16, 2021, 03:03:34 AM

Quote from: Quickseller on October 15, 2021, 02:40:55 PM

You can review the methodology the CBECI uses. This is not from the mining pools themselves, but is from an entity associated with Cambridge business school, which I think is reputable enough to believe they are not simply making up data. They have been publishing this data for over a year now, and I think if pools were not actually providing this information to CBECI, they would have said something by now.

It is not as if data fabrication is uncommon in academia. In fact they were caught a couple of times and had to pull the articles Wink

Besides there are about 20 different mining pools located in many different countries, it is near impossible to work with all of them in secret to get data that has never been available to public. I don't know about you but I only accept information that I can verify myself.

The project references in the OP is not collecting any data in secret. It has named the mining pools they are receiving data from, and has used data validation techniques to confirm information is correct. It then makes the assumption that the data from the select pools are representative of the population of miners.

I would be surprised if any of the pools individually have data that is substantially different than the others. If you have a specific reason to doubt the information, I would encourage you to speak up, but I don’t think it is reasonable to make the assumption it is wrong.

tranthidung

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Quote from: hatshepsut93 on October 16, 2021, 05:41:22 PM

If a ban on mining can effectively reduce hashrate of a country to zero, then this is an argument against the statement that Bitcoin can't be shut down by government.

Exactly. If the data is accurate about hashrate from China, this shows the power of government to destroy anything they want. You are right with this point.

Quote

If all those top countries decided to ban Bitcoin, where would the miners move? To countries with a fraction of electricity producing capabilities?

However, you are missing a point, top countries are different and most of them are Western countries that are totally different than China. In China, government controls all, there is no separations of power like in Wester countries. In Western countries, governments will face with serious demonstrations from their citizens that might lead to uncertainty in society that they don't want to face with.

Quote

That would mean Bitcoin's network would take a large hashrate hit, which means reduced security. So while Bitcoin can't be literally shut down, it can be very seriously harmed by governments, if they decided to act against it together.

Yes, but only when Bitcoin is small, cryptocurrency is small. Now they are big and it's too late for them to shut crypto industry down.

hatshepsut93

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If a ban on mining can effectively reduce hashrate of a country to zero, then this is an argument against the statement that Bitcoin can't be shut down by government. If all those top countries decided to ban Bitcoin, where would the miners move? To countries with a fraction of electricity producing capabilities? That would mean Bitcoin's network would take a large hashrate hit, which means reduced security. So while Bitcoin can't be literally shut down, it can be very seriously harmed by governments, if they decided to act against it together.

Myleschetty

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The good thing about the Chinese ban on Bitcoin is that it always open another door of opportunities to another player in the field and I could remember the time they place a ban on Bitcoin in year 2018 if I can remember correctly, a lot of experienced investors make huge profit through and this is what we also see again when the ban Bitcoin mining.

In the meantime, we will see if they are going to get in additional income taxes after the Bitcoin mining

wiss19

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Their government has finally cracked down on cryptocurrency mining. That has been their plan right from time, although at times it got really confusing as to what they really need, whether they wanted to ban cryptocurrency or not, because they kept talking about this year’s, and after they have said you’re still going to see something that will make you say “oh, it’s not banned yet”.

It has continued like this for years in China until now. I guess they got more serious about it because they have released their own cryptocurrency which is the digital Yuan, and have decided to stop others so that their citizens will adopt their CBDC.

pooya87

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Quote from: Quickseller on October 15, 2021, 02:40:55 PM

You can review the methodology the CBECI uses. This is not from the mining pools themselves, but is from an entity associated with Cambridge business school, which I think is reputable enough to believe they are not simply making up data. They have been publishing this data for over a year now, and I think if pools were not actually providing this information to CBECI, they would have said something by now.

It is not as if data fabrication is uncommon in academia. In fact they were caught a couple of times and had to pull the articles Wink

Besides there are about 20 different mining pools located in many different countries, it is near impossible to work with all of them in secret to get data that has never been available to public. I don't know about you but I only accept information that I can verify myself.

ven7net

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As for the situation in China, namely, the alleged withdrawal from the BTC market, or rather, the departure of miners, I think, can be associated with the current situation in the energy market in the world. Of course, the fact that the possibility of mining BTC is becoming more decentralized is very good, but I see that in this case the situation is slightly different. The withdrawal of BTC miners from China is an opportunity for China to survive in the energy market. Perhaps at first glance this is not visible, but more and more I agree that all this was calculated and planned in advance.

Quickseller

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Quote from: pooya87 on October 15, 2021, 04:53:47 AM

Quote from: Quickseller on October 15, 2021, 02:39:48 AM

The underlying data is from the originating IP address of the miners connecting to the pools, not the pools themselves.

Correct but I haven't seen mining pools that reveal their miners' IP addresses. That would be a violation of their privacy and more importantly security. I also haven't seen any mining pool releasing general stats about their miners' locations, etc. I would love to see them if they exist and anyone can provide a link (from mining pool website itself not third parties).

You can review the methodology the CBECI uses. This is not from the mining pools themselves, but is from an entity associated with Cambridge business school, which I think is reputable enough to believe they are not simply making up data. They have been publishing this data for over a year now, and I think if pools were not actually providing this information to CBECI, they would have said something by now.

michellee

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Yes, it is. If the miners move to other countries, the government will regret it because if they can control the miners, that can be another revenue for the country. But some miners already move and continued in the mining process as we see that in some countries, the hashrate increases and China has 0. But I do not believe if China has a 0 hashrate for the mining process. So no matter if China is in the bitcoin or not, bitcoin will continue to grow. Hopefully, China government will realize this and will change its policy.

yazher

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That was fast and they can remove it in just a span of less than a year but the interesting part is they actually managed to removed it completely and obviously the miners have migrated to the US and other countries where they think they will be there for a longer period. Hope that they found some good to settle their things and start to support the crypto market again with their resources and equioments.

Ararbermas

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Well thanks god they're zero now because there's no more problems in the future that will emerging from them, or should i say they don't have power to manipulate the market using their negative views about it. Lol Indeed there are some bad news again from them but seems nothing happened, so probably they're useless now..for them for sure it's a bad move because of these results, but for everyone its a good decision.. Grin

kryptqnick

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I think enough has been mentioned here to doubt the accuracy of the data. I believe that it's accurate for most countries, but not for those where cryptos are officially restricted, and China is the most suspicious case. I mean, people can't just stop operating all at once. If the hashrate decreased by half or even by three quarters, I'd probably believe it. But going to zero? No way. Didn't mining farms often operate in stealth mode even prior to all these restrictions? And I tend to believe that many still do, but of course they'll try to hide the information about their location, given that it's not allowed in China anymore.

Topic: After a few months of China crackdown on mining. Check it out! - page 2. (Read 552 times)