After a few months of China crackdown on mining. Check it out! - page 4.

SFR10

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Quote from: tranthidung on October 13, 2021, 08:10:35 AM

Good or bad. Please share your thoughts about this trend.

Quote from: Charles-Tim on October 13, 2021, 08:22:07 AM

I will wish many other countries to encourage mining so that USA will not be the new China so that the hashes generation is not congested in a single country.

Same here! I don't mind seeing the US having more hash rate than other countries on that list, but having said that, I really don't like seeing around 1/3rd ^{[or probably more by now]} of the hash rate being in a single country ^{[doesn't matter which one]}!
^{- If someday, the US decides to follow in China's footsteps, the impact that it could have it'd be a lot more than what China had when it started the bans for the first time!}

Quote from: avikz on October 13, 2021, 08:50:27 AM

But China can quickly make up for it if the government allows bitcoin mining in future.

Even if that happens, I don't think most of the miners would go back ^{[it's not worth the risk]}.

hugeblack

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It is impossible to believe that mining in China has fallen to zero, even when the government is tough on something, the compliance rate will not be zero.
miners will go to places with cheap electricity and abundant profit, regardless of whether it is in China or any other country that provides them with these advantages, but the advantage in China lies in the low energy fees and obtaining equipment and equipment quickly.

In general, if this data is accurate, even if at a low percentage, Bitcoin mining decentralization looks good.

stompix

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Quote from: NeuroticFish on October 13, 2021, 08:26:31 AM

So while the numbers may not be that accurate, the trend is clear: everybody who could has moved out of China. We are also back to December/January hash rate. Not the May maximum, but will get there too. Machines still need to be relocated and some may have been also stopped for good.

But with a price per BTC and a revenue per TH nearly 50% higher and with the hashrate staying flat for this period, with the slight possibility of going down, the pace is now 99.55 of what it should be.

With this energy crisis, I doubt we will see the hash rate back to May levels this year despite the price being close to the same levels.
China had a ton of cheap and very cheap power, you will never be able to compete with that unless you use the same resources and coal is treated like rabies in the rest of the world.

Quote from: Charles-Tim on October 13, 2021, 08:22:07 AM

I will wish many other countries to encourage mining so that USA will not be the new China so that the hashes generation is not congested in a single country.

No chance of that happening, companies in the US have a lot of orders for the next year and as long the authorities let them still run coal and flare gas there is nothing stopping them from going over the share China held in the past.

avikz

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I believe that's what was expected after the ban by the Chinese government. But frankly I didn't expect China to slip to 0 but definitely expected a drop. It's amazing and positive for the bitcoin network. Too much dependency on a authoritarian nation and ruin the entire bitcoin network. I am happy that the chance is now gone.

But China can quickly make up for it if the government allows bitcoin mining in future. So I just hope that the Chinese government stays firm with their decision and let the bitcoin network flourish.

NeuroticFish

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While the numbers do look impressive, have hard times believing that mainland China has indeed 0 hash rate. I also don't think that the data is that accurate.
And I've looked at the link you posted and everything depends greatly on what the miners are reporting (and whether they use any proxy or such) and what mining pools are part of the reporting/sample.

So while the numbers may not be that accurate, the trend is clear: everybody who could has moved out of China. We are also back to December/January hash rate. Not the May maximum, but will get there too. Machines still need to be relocated and some may have been also stopped for good.

Goodbye China Grin

Charles-Tim

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Nothing like China can take over bitcoin or bitcoin network again, it appeared to novices before that China can be in control of bitcoin, but bitcoin hashrate increased back as many miners left China into another country to mine bitcoin while some mining pools especially in United State increased their mining hashrate.

What this just revealed is that if a country do not support bitcoin, some other countries are supporting it, if mining bitcoin is not allowed in a country or banned, other countries will see it as an opportunity to encourage mining and take advantage of the opportunity.

I will wish many other countries to encourage mining so that USA will not be the new China so that the hashes generation is not congested in a single country.

tranthidung

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Source: Cambrigde Bitcoin Electricity Consumption Index
With the great hashrate migration, since May, the distribution of Bitcoin hashrate on the globe has changed a lot.
There are some countries which have increases of hashrate such as the United States, Russia, Kazakhstan. China has a share fall to 0.
More decentralization, at least geographically, more ownership of hashrates.
Good or bad. Please share your thoughts about this trend.

* Note: In graphs, I made a typo: Perent, it should be Percent.

To help you more easily to see chronologically changes, I break it down by country, over months.

Topic: After a few months of China crackdown on mining. Check it out! - page 4. (Read 518 times)