Topic: Bitcoin Miners "reportedly" fleeing China - page 2. (Read 274 times)
Most miners fleeing China will likely move to Russia, because they have still one of the cheapest energy costs and also areas with a very cold temperature. The total mining capacity will surely not decrease and it will not have any impact on confirming transactions.
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?
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?
The Chinese government clearly wants to control as much as they can. They've done so since the beginning, especially when it comes to technology. Their bans on certain websites are just examples of this same behavior. If the miners are able to move out of China cleanly, then I think mining has the chance to remain stable. Japan could be the new home of these many miners. I think the prominent miners will be able to quickly move out just because of the Bitcoin surges. Their worth had to have gone up as we approached 16k. Mining being more widely spread out, as far as I know, isn't any different from if it were central to a certain place in terms of transaction fees and confirmation times. I doubt transactions will come to a halt any time soon.
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?
I just see this as history repeating itself, for a long time China has tried to isolate itself from the world and all those attempts have always failed, we may have more advanced technology but humans are the same, they are trying to isolate themselves once again, like with the great firewall the equivalent of the great wall, and now they are banning new technology if they keep following this path china is going to collapse again. 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?
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?
I think mining would still remain stable even if Chinese stops mining. It might be better as they won't be the ones with the biggest has power anymore and the hash power of btc would be more diversified causing it to be more decentralized. It won't make transactions halt but I am sure it would temporarily slow down but in the long run it will recover the lost hash power. 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?
Already,bitcoin transactions are not getting confirmed quickly and transaction fee is also very high.Now china has decided to gradually ask miners to stop mining bitcoins.This would make the situation much worse for atleast temporarily.Bitcoin miners have no other option than shifting their mining firm s to other countries.
The difficulty is adjusted every two weeks. So miners shutting down (extreme case) would not really have an impact (other than temporary) on confirmations. The problem of high transaction fees and long confirmation times is structural - you shouldn't think of events like this as causing these problems. Unless a scaling solution is implemented, these problems will continue.
This might look like an attack on bitcoin and crypto.
There's an alternate explanation for it. China is taking steps to ensure capital stays inside its borders. Bitcoin is one method of extracting capital in china to other nations, across china's borders. That could be one real motivation and reasoning behind these crackdowns on ICO's, exchanges, etc. There are more detailed pieces on this topic which can be found via search engine for those interested.
Very good point ^. (I was going to say that)
Chinese miners often have access to hydroelectric power, which is cheaper and more environmentally friendly than coal. This gave chinese miners a HUGE advantage over their competition in the US and elsewhere. With that advantage removed, mining might actually become profitable again and like cellard said, the mining aspect of crypto could become less centralized across china.
Also china's energy market being more deregulated & having fewer laws relating to energy production being clean or ethical makes electricity cheaper there too if I'm not mistaken.
There's an alternate explanation for it. China is taking steps to ensure capital stays inside its borders. Bitcoin is one method of extracting capital in china to other nations, across china's borders. That could be one real motivation and reasoning behind these crackdowns on ICO's, exchanges, etc. There are more detailed pieces on this topic which can be found via search engine for those interested.
This ultimately is good. It's obvious chinese miners had an unfair advantage due their cheap electricity costs, now they will need to compete with realistic electricity bills like the rest of the world. It also helps decentralize the bulk of the mining out of the chinese territory. We need mining in as many different jurisdictions as possible.
Very good point ^. (I was going to say that)
Chinese miners often have access to hydroelectric power, which is cheaper and more environmentally friendly than coal. This gave chinese miners a HUGE advantage over their competition in the US and elsewhere. With that advantage removed, mining might actually become profitable again and like cellard said, the mining aspect of crypto could become less centralized across china.
Also china's energy market being more deregulated & having fewer laws relating to energy production being clean or ethical makes electricity cheaper there too if I'm not mistaken.
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?
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?
Long term it's probably for the better, more competition in any market is almost always beneficial, and certainly in an environment such as bitcoin where resources are scarce. Short term it could cause some chaos as mining rate reduces.
Already,bitcoin transactions are not getting confirmed quickly and transaction fee is also very high.Now china has decided to gradually ask miners to stop mining bitcoins.This would make the situation much worse for atleast temporarily.Bitcoin miners have no other option than shifting their mining firm s to other countries.
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?
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?
Bitcoin could take a big hit in terms of decrease of the hashrate and it would still remain perfectly safe. It's easily assumable so I wouldn't bother if there is a decrease in hashrate while chinese minners allocate their gear somewhere else.
This ultimately is good. It's obvious chinese miners had an unfair advantage due their cheap electricity costs, now they will need to compete with realistic electricity bills like the rest of the world. It also helps decentralize the bulk of the mining out of the chinese territory. We need mining in as many different jurisdictions as possible.
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?
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?
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