Topic: Bitcoin Miners "reportedly" fleeing China (Read 266 times)
I'm sure transactions will continue, though it will be greatly slowed down until these Chinese miners relocated and start up their mining operations once again.
Whoa, this clearly is bad news if you really think about it. I have said this because most of the miners thatake good profits are from china. This is because almost everything there is cheaper than most of the countries im the world. And if this continues, we might see even bigger numbers of miners leaving china or completely abandoning mining. This will never be good for crypto people in china. Tsk tsk...
Miners cannot abandon mining, if they can be profitable in other countries why are they going to stop mining and if they cannot be profitable in these new circumstances it is not like they are leaving mining behind they are just unable to compete and are going to face bankruptcy, but with the block reward still being high and the huge fees I bet they are still going to be profitable even with more expensive electricity costs. 
And now it happened on Korea, people, this is all a HUGE fud, you need to understand that! Please, open your eyes! a lot of people have already fall in this huge fud and they all sold their bitcoins because of that. Just be patient, bitcoin can still keep going up, only that it is full of fud.
I can see it, moreover, many projects cryptocurrency of China that appear to the world success.I think they want to control this digital currency
Are you sure of what you are saying, cause the way I’m seeing things, China is just no longer interested in cryptocurrencies and wants to kick it out from their country completely. I don’t see any other reason that will make miners run out from the country, if not for the way they see things.
I literally don't think that it's gonna affect anything for the bitcoins but it will affect China for sure in the future if they decided to adopt bitcoins or any other cryptocurrency then there will be a problem that they would be facing.
They will have no OWN MINERS which are skilled in everything and then , they will lack behind .. I do think that sooner or later every country is gonna adopt some digital currency and this is exactly what happenes when you use a narrow minded thinking.
They are just letting potentially intelligent people who are in this stuff go from their country shifting their man power somewhere else.
They will have no OWN MINERS which are skilled in everything and then , they will lack behind .. I do think that sooner or later every country is gonna adopt some digital currency and this is exactly what happenes when you use a narrow minded thinking.
They are just letting potentially intelligent people who are in this stuff go from their country shifting their man power somewhere else.
Do you think mining would still remain stable?
From what i know miners in china play a significant role in the bitcoin network,if all of them shutdown all at once we might see a huge delay again in the transactions and fees will back in an abnormal state.
Would this be for the better (mining become more widely spread out) or can this cause transactions to come to a halt?
Moving out and and finding a new place to put the factory is not an easy task to do, businessmen who owns the miner rigs will be looking for cheap electricity on some part of the world which is not so easy and some other aspect that they would benefit from the location.
This will surely be a huge blow to bitcoin and among other its users, we can only hope for the good and once again the fees will head straight "to the moon".
It's not easy task but they will find the way. This is too big profit for them just to let this go so simple and give up.
Also I don't think they will shut down at once but gradualy move their farms for better conditions. And somehow I think that behind this stands a much more complex story than it looks at first glance. Why wouldn't China give up such profit, it doesn't make sense?
Do you think mining would still remain stable?
From what i know miners in china play a significant role in the bitcoin network,if all of them shutdown all at once we might see a huge delay again in the transactions and fees will back in an abnormal state.
Would this be for the better (mining become more widely spread out) or can this cause transactions to come to a halt?
Moving out and and finding a new place to put the factory is not an easy task to do, businessmen who owns the miner rigs will be looking for cheap electricity on some part of the world which is not so easy and some other aspect that they would benefit from the location.
This will surely be a huge blow to bitcoin and among other its users, we can only hope for the good and once again the fees will head straight "to the moon".
Last month, China banned mainland residents from trading in cryptocurrencies on exchanges and made it illegal for Chinese start-ups to raise funds via initial coin offerings. a hybrid of crowdfunding, venture capital, and initial public offerings, to put it simply. Bitcoin prices fell. Ether prices fell. And then cryptocurrency start-ups shook it all off. It was as if they were punched in the face, shook the cobwebs out of their head, and remembered that this whole blockchain thing is decentralized and autonomous. That's the point. Banned in one country, move to another.
This shift in policy really baffles me. I get the ICO ban and exchange ban. China has a capital outflow problem, as everyone already knows, so it makes sense for China to plug those holes. They simply don't want Chinese people to give their money to foreign companies. Mining is different though. Miners basically generate money, so doesn't that bring money in? It would make sense if majority of miners in China are foreign, but aren't they pretty much all Chinese? Doesn't this move actually hurt them? I would appreciate someone shedding some light on this.
I don't think this matters much in the grand scheme of things though, and it's only going to cause a two week backlog at most. It's even a good thing for the hashrate to not be as concentrated in China. It's just baffling though.
I don't think this matters much in the grand scheme of things though, and it's only going to cause a two week backlog at most. It's even a good thing for the hashrate to not be as concentrated in China. It's just baffling though.
I can see it, moreover, many projects cryptocurrency of China that appear to the world success.I think they want to control this digital currency
Whoa, this clearly is bad news if you really think about it. I have said this because most of the miners thatake good profits are from china. This is because almost everything there is cheaper than most of the countries im the world. And if this continues, we might see even bigger numbers of miners leaving china or completely abandoning mining. This will never be good for crypto people in china. Tsk tsk...
Saw this first thing when I opened my browser. http://markets.businessinsider.com/currencies/news/bitcoin-miners-ditch-china-as-crackdown-on-cryptocurrencies-continues-2018-1-1012533774
OK, we all know China is trying to make its own digital fiat and we kinda expected it would clamp down on competition. Do you think mining would still remain stable? I mean, there are probably miners there that might not be able afford to quickly move out. Would this be for the better (mining become more widely spread out) or can this cause transactions to come to a halt?
Since crypto currency was boom by the last quarter of 2017, potential growth of the market will be enormous and potential traffic too. Miners move out of china will provide them more profit in other country, also it will be an addition to the faster transaction which blockchain can create specially the help of a massive population of miners in China. Quote
Bitcoin miners are reportedly fleeing China because it is cracking down on cryptocurrencies
Two of China's largest bitcoin mining operations are looking to set up shop elsewhere as the country expands its clampdown on cryptocurrencies to mining operations, Bloomberg news reported Friday.
Bitmain, which runs two exchanges, has set up a regional office in Singapore, as well as mining operations in the US and Canada, CEO Wu Jihan told the news channel in an interview. News of the impending crackdown was first reported Wednesday.
China banned wildly popular initial coin offerings - or ICO's - last year, as well as banning trading of the digital assets on local exchanges. The country had initially been popular for cryptocurrency mining because of cheap energy costs.
The policy shift could drastically affect the bitcoin mining landscape, which is already struggling with transaction times that can exceed 10 minutes.
The price of bitcoin has tapered slightly from its intraday highs, but is still trading up more than 7% at $16,471 per coin.
Two of China's largest bitcoin mining operations are looking to set up shop elsewhere as the country expands its clampdown on cryptocurrencies to mining operations, Bloomberg news reported Friday.
Bitmain, which runs two exchanges, has set up a regional office in Singapore, as well as mining operations in the US and Canada, CEO Wu Jihan told the news channel in an interview. News of the impending crackdown was first reported Wednesday.
China banned wildly popular initial coin offerings - or ICO's - last year, as well as banning trading of the digital assets on local exchanges. The country had initially been popular for cryptocurrency mining because of cheap energy costs.
The policy shift could drastically affect the bitcoin mining landscape, which is already struggling with transaction times that can exceed 10 minutes.
The price of bitcoin has tapered slightly from its intraday highs, but is still trading up more than 7% at $16,471 per coin.
OK, we all know China is trying to make its own digital fiat and we kinda expected it would clamp down on competition. Do you think mining would still remain stable? I mean, there are probably miners there that might not be able afford to quickly move out. Would this be for the better (mining become more widely spread out) or can this cause transactions to come to a halt?
Another attack on bitcoin by Chinese regulatory authority and I am very sure the major aim is to manipulate cryptocurrency in future and we should not be discouraged about it because mining can be done from any were around the world. Bitcoin and others cryptocurrency has come to stay and no governments can exterminate it. I will advice miner to change location for time being in other to take decisions on how to come back in grand stile when Chinese government began to allow bitcoin to strive.
I was really surprised how wise is China government because they allow their people to mine and earn good income, but it looks like it came to an end. Really sad...
Yeah, i use china multipool... Its sad becourse bitcoin is big industry out there and world`s biggest pools are in Asia.
I'm interested to know what that would do to the price of Bitcoin. Out of disasters there's always opportunity.
I was really surprised how wise is China government because they allow their people to mine and earn good income, but it looks like it came to an end. Really sad...
For the time being this is really bad news. As transaction fees area at an all time sometimes reaching 30 usd. Moreover, transaction time will reach 10 minutes. Eventually hash power (2/3rds of it btw) will get distributed but as they will be mining in normal electricity costs this doesn't bode well for transaction fees in long term.
It could be a rough transition and yes, transactions can halt to a grind. I would still prefer that happening though rather than keep all the mines there. Having it spread out means less likely that they'd all get shut down by a government, especially that even in Asia the reception differs. Also reduces the influence of any single government on the price. Like, who else remembers when China closed down exchanges?
This does not look good as we all know the majority of miners are in China.
Remember what happened to the price when they banned all exchanges in China during the later half of the summer?
That will happen again when the miners completely shut down there.
And I think this is what the PBoC sleeping in the same bed as the Chinese government exactly want to happen because they see bitcoin as a really big threat to their economy and are looking for their own way to manipulate bitcoin's technology as in the blockchain to have the upper hand on the world's global economy and how it can benefit their own countries concerns the most.
The other countries can go to hell is all they would care about anyway this turns out. They want to be on top.
Remember what happened to the price when they banned all exchanges in China during the later half of the summer?
That will happen again when the miners completely shut down there.
And I think this is what the PBoC sleeping in the same bed as the Chinese government exactly want to happen because they see bitcoin as a really big threat to their economy and are looking for their own way to manipulate bitcoin's technology as in the blockchain to have the upper hand on the world's global economy and how it can benefit their own countries concerns the most.
The other countries can go to hell is all they would care about anyway this turns out. They want to be on top.
The difficulty is adjusted every two weeks. So miners shutting down (extreme case) would not really have an impact (other than temporary) on confirmations.
On top of that, miners have already been playing with Bitcoin by activating and halting hash power, resulting in 25% difficulty swings, which on their turn result in average confirmation times having stretched out to 15 minutes per block. It's all speculation, but the suspicion goes in the direction of those who support BCH. I constantly see the Jihan cartel refer to Bitcoin becoming slower and slower, and they are doing their best to make sure it gets slower, shady bastards. With this they are also impacting their own operations as blocks take longer to come through....
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