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Topic: Bitcoin mining’s comeback in China (Read 428 times)
I don't really think China will let crypto mining make a comeback anytime soon due to its stringent regulations on cryptocurrencies and related activities. However, Hong Kong presents a more favorable environment and could be a great starting point for those interested in crypto mining. The city's more open stance towards financial technologies and digital currencies might offer better opportunities for the development and expansion of crypto-related activities.
Hong Kong is part of china. then don't Chinese regulations apply to hong kong too? I would absolutely love to see a comeback of mining in china too. I hope china ease their rules about bitcoin and cryptocurrency little bit so Chines people can freely start mining and using crypto.Bitcoin mining’s silent comeback in China, according to industry insider
CryptoSlate’s research analyst, James Van Straten, recently sat down with Bitfarms’ Chief Mining Officer, Ben Gagnon, to discuss the evolving landscape of Bitcoin mining, revealing some interesting thoughts on Bitcoin mining in China, along with detailed insights into global miner revenues.
Gagnon, who spent time operating crypto-mining facilities in China, shared his unique perspective on the country’s mining ban and the recent expansion of Bitcoin mining in the nation. Contrary to attributing the ban to environmental or economic reasons, Gagnon suggested the decision was politically motivated.
“When the China mining ban happened in 2021, I really don’t think it had anything to do with Bitcoin itself. I think it was entirely internal politics.”
Gagnon noted that mining is slowly returning to China as a way to recycle waste inputs, notably heat, for residential and office projects. This approach allows for reintroducing mining in China as a net social benefit, balancing business and political interests.
“And I think we’re gonna see a lot more of that. It’s a way for China to bring back mining indirectly and improve the cost efficiency of infrastructure and residential developments.”
While Bitcoin mining might seem insignificant regarding China’s overall GDP, Gagnon observed that it holds significant potential at the individual business level. Entrepreneurs might see it as an opportunity to improve business efficiency, recycle resources, and diversify revenue streams. This is particularly relevant in China’s real estate sector, which has faced challenges but remains a significant part of the economy.
CryptoSlate’s research analyst, James Van Straten, recently sat down with Bitfarms’ Chief Mining Officer, Ben Gagnon, to discuss the evolving landscape of Bitcoin mining, revealing some interesting thoughts on Bitcoin mining in China, along with detailed insights into global miner revenues.
Gagnon, who spent time operating crypto-mining facilities in China, shared his unique perspective on the country’s mining ban and the recent expansion of Bitcoin mining in the nation. Contrary to attributing the ban to environmental or economic reasons, Gagnon suggested the decision was politically motivated.
“When the China mining ban happened in 2021, I really don’t think it had anything to do with Bitcoin itself. I think it was entirely internal politics.”
Gagnon noted that mining is slowly returning to China as a way to recycle waste inputs, notably heat, for residential and office projects. This approach allows for reintroducing mining in China as a net social benefit, balancing business and political interests.
“And I think we’re gonna see a lot more of that. It’s a way for China to bring back mining indirectly and improve the cost efficiency of infrastructure and residential developments.”
While Bitcoin mining might seem insignificant regarding China’s overall GDP, Gagnon observed that it holds significant potential at the individual business level. Entrepreneurs might see it as an opportunity to improve business efficiency, recycle resources, and diversify revenue streams. This is particularly relevant in China’s real estate sector, which has faced challenges but remains a significant part of the economy.
This is good news, China has always been an important factor for the Bitcoin market. Remember times when just a news on "China bans Bitcoin" or "China embraces Bitcoin" could move the price thousands in both directions! So any positive news from China could propel Bitcoin to the new highs.
Bitcoin mining’s silent comeback in China, according to industry insider
CryptoSlate’s research analyst, James Van Straten, recently sat down with Bitfarms’ Chief Mining Officer, Ben Gagnon, to discuss the evolving landscape of Bitcoin mining, revealing some interesting thoughts on Bitcoin mining in China, along with detailed insights into global miner revenues.
Gagnon, who spent time operating crypto-mining facilities in China, shared his unique perspective on the country’s mining ban and the recent expansion of Bitcoin mining in the nation. Contrary to attributing the ban to environmental or economic reasons, Gagnon suggested the decision was politically motivated.
“When the China mining ban happened in 2021, I really don’t think it had anything to do with Bitcoin itself. I think it was entirely internal politics.”
Gagnon noted that mining is slowly returning to China as a way to recycle waste inputs, notably heat, for residential and office projects. This approach allows for reintroducing mining in China as a net social benefit, balancing business and political interests.
“And I think we’re gonna see a lot more of that. It’s a way for China to bring back mining indirectly and improve the cost efficiency of infrastructure and residential developments.”
While Bitcoin mining might seem insignificant regarding China’s overall GDP, Gagnon observed that it holds significant potential at the individual business level. Entrepreneurs might see it as an opportunity to improve business efficiency, recycle resources, and diversify revenue streams. This is particularly relevant in China’s real estate sector, which has faced challenges but remains a significant part of the economy.
CryptoSlate’s research analyst, James Van Straten, recently sat down with Bitfarms’ Chief Mining Officer, Ben Gagnon, to discuss the evolving landscape of Bitcoin mining, revealing some interesting thoughts on Bitcoin mining in China, along with detailed insights into global miner revenues.
Gagnon, who spent time operating crypto-mining facilities in China, shared his unique perspective on the country’s mining ban and the recent expansion of Bitcoin mining in the nation. Contrary to attributing the ban to environmental or economic reasons, Gagnon suggested the decision was politically motivated.
“When the China mining ban happened in 2021, I really don’t think it had anything to do with Bitcoin itself. I think it was entirely internal politics.”
Gagnon noted that mining is slowly returning to China as a way to recycle waste inputs, notably heat, for residential and office projects. This approach allows for reintroducing mining in China as a net social benefit, balancing business and political interests.
“And I think we’re gonna see a lot more of that. It’s a way for China to bring back mining indirectly and improve the cost efficiency of infrastructure and residential developments.”
While Bitcoin mining might seem insignificant regarding China’s overall GDP, Gagnon observed that it holds significant potential at the individual business level. Entrepreneurs might see it as an opportunity to improve business efficiency, recycle resources, and diversify revenue streams. This is particularly relevant in China’s real estate sector, which has faced challenges but remains a significant part of the economy.
This is good news, China has always been an important factor for the Bitcoin market. Remember times when just a news on "China bans Bitcoin" or "China embraces Bitcoin" could move the price thousands in both directions! So any positive news from China could propel Bitcoin to the new highs.
I don't really think China will let crypto mining make a comeback anytime soon due to its stringent regulations on cryptocurrencies and related activities. However, Hong Kong presents a more favorable environment and could be a great starting point for those interested in crypto mining. The city's more open stance towards financial technologies and digital currencies might offer better opportunities for the development and expansion of crypto-related activities.
China is where bitcoin mining truly built its scale from an individual hobbyist project to an economic force that could shape the world. China economic system is very update. The previous Cambridge update showed that China's share of mining went from 34.3% in June 2021 to 0.0% in July 2021 following a crypto mining ban in the country. Last week's update showed that China's share of mining went from 0.0% in August 2021 to … 22.3% in September 2021. Research from the University of Cambridge's Judge Business School shows that China is second only to the U.S. in Bitcoin mining. In December 2021, the most recent figures available, China was responsible for 21% of the Bitcoin mined globally.
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There are many miners that can run underground even without public knowledge. You can easily export the machine to North Europe and run a farm, because hashpower is global. The bans are cosmetic. percentages here https://mempool.space/graphs/mining/pools and search for pools locations.
But if you have your own hydro generator, then you are more difficult to detect than a regular miner.
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There are many miners that can run underground even without public knowledge. You can easily export the machine to North Europe and run a farm, because hashpower is global. The bans are cosmetic. percentages here https://mempool.space/graphs/mining/pools and search for pools locations.
.. especially since I believe that the laws in China are strictly implemented.
Which is what I have been thinking since the day this thread was first posted. China is well known for its laws and habit of controlling everything that its citizens do. Hence if mining is illegal people would not dare to run it underground. However I am not aware of insider details, I would assume that the people there would be terrified of resuming mining even after a ban is running and think twice before re-starting if the ban if lifted.Such a news article will make no sense until the ban is actually lifted.
You speak without knowledge. Have you ever seen how the business works?
There are many miners that can run underground even without public knowledge. You can easily export the machine to North Europe and run a farm, because hashpower is global. The bans are cosmetic.
.. especially since I believe that the laws in China are strictly implemented.
Which is what I have been thinking since the day this thread was first posted. China is well known for its laws and habit of controlling everything that its citizens do. Hence if mining is illegal people would not dare to run it underground. However I am not aware of insider details, I would assume that the people there would be terrified of resuming mining even after a ban is running and think twice before re-starting if the ban if lifted.Such a news article will make no sense until the ban is actually lifted.
You speak without knowledge. Have you ever seen how the business works?
There are many miners that can run underground even without public knowledge. You can easily export the machine to North Europe and run a farm, because hashpower is global. The bans are cosmetic.
China is a very strange country or I could say that Chinese people are strange. When China banned Bitcoin mining, many Chinese people came to my country, to one city and bought many apartments in a certain area. They definitely came for mining or crypto business in my country because there are many benefits, i.e. cheap electricity and super easy possibility to start a business if you are a foreigner.
It's also very strange that mining is banned in China but they are developing and manufacturing bitcoin miners and supply many people. At the same time, Chinese pools own a high share of the mining hash rate.
It's also very strange that mining is banned in China but they are developing and manufacturing bitcoin miners and supply many people. At the same time, Chinese pools own a high share of the mining hash rate.
China banned the Bitcoin mining, so Chinese people go to world for making money by mining, because they are so clever.
China is a very strange country or I could say that Chinese people are strange. When China banned Bitcoin mining, many Chinese people came to my country, to one city and bought many apartments in a certain area. They definitely came for mining or crypto business in my country because there are many benefits, i.e. cheap electricity and super easy possibility to start a business if you are a foreigner.
It's also very strange that mining is banned in China but they are developing and manufacturing bitcoin miners and supply many people. At the same time, Chinese pools own a high share of the mining hash rate.
It's also very strange that mining is banned in China but they are developing and manufacturing bitcoin miners and supply many people. At the same time, Chinese pools own a high share of the mining hash rate.
@FP91G always says that Russia is second, but I found charts that contradict this statement.
I know for sure that mining at such electricity prices is very profitable and China is not far away with cheap ASICs and spare parts for them.
https://bitcointalksearch.org/topic/history-of-garage-mining-in-russia-5474164
legendary
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This is impossible both in Russia and in China. When mining is prohibited, you need to immediately negotiate with officials so that they warn about checks or not check. In my experience, without support you can only mine with low power consumption on video cards.
If that is impossible how is Russia still occupying the top charts in the worldwide mining distribution? I dont think the miners break even that much with underground mining that they can pay bribes and keep up with maintenance costs at the same time. @FP91G always says that Russia is second, but I found charts that contradict this statement.
Maybe fellow Russian miners from this forum can give us an insight on what the real issue here is? I would also love to hear from anyone who has experience of real life mining from China. @Barcode_ help us out please?
The article says that 3,700,000 people were convicted of bribery and 70% were government officials.
I think that in mining it is impossible without this. If a miner works illegally, then he does not pay taxes, which means he has money for bribes. It's the same in Russia.
I see, so it is just speculation so far. I guess it is unlikely to see any concrete data since most miners would likely prefer to hide to avoid being found out by the government. On the other hand, it is still up to debate how many people bribe somebody, and how many decide to mine and avoid both tax and bribe.I think that in mining it is impossible without this. If a miner works illegally, then he does not pay taxes, which means he has money for bribes. It's the same in Russia.
The article says that 3,700,000 people were convicted of bribery and 70% were government officials.
I think that in mining it is impossible without this. If a miner works illegally, then he does not pay taxes, which means he has money for bribes. It's the same in Russia.
I see, so it is just speculation so far. I guess it is unlikely to see any concrete data since most miners would likely prefer to hide to avoid being found out by the government. On the other hand, it is still up to debate how many people bribe somebody, and how many decide to mine and avoid both tax and bribe.I think that in mining it is impossible without this. If a miner works illegally, then he does not pay taxes, which means he has money for bribes. It's the same in Russia.
Where is the Russian hashrate on your chart? Russia ranks 2nd in mining 
Isn't it possible that miners from Russia participated in one of the pools above? I don't see any country mentioned at all unless you count the USA if you think Foundry USA represents the whole country. This is an infographic for the distribution of 16 mining pools. If we take the facts that Bitcoin mining is banned in China, we will find that mining from unknown pools represents about 1.3% and therefore still does not constitute a large percentage of mining pools. The percentage was greater than 30% in the past.
Where is the Russian hashrate on your chart? Russia ranks 2nd in mining Russia has emerged as the world’s second-largest crypto mining country, overtaking Kazakhstan, according to reports from Bitriver, Russia’s largest bitcoin mining provider. While the United States remains the largest crypto miner, generating 3-4 gigawatts of mining capacity, Russia’s capacity reached one gigawatts in the first quarter of 2023. China, which banned crypto mining in 2021, did not make Bitriver’s top 10 list.
https://cryptopresales.com/russia-climbs-ranks-as-second-largest-crypto-miner-in-the-world/
Bribery in China still makes it possible to bypass all legal prohibitions on mining.
So you're saying all those underground miners, including those reported above are bribing officials then? I don't know, sounds like not what small miners would do. I find it difficult to believe it is cost-effective for residential miners, or whatever groups are doing the mining activity over there. Is there any data that shows the cost and how much bribe is required to make it possible to mine 'legally'? Wouldn't it make more sense to just go underground instead of trying to bribe people, and risk getting an extra sentence if others found it?I think that in mining it is impossible without this. If a miner works illegally, then he does not pay taxes, which means he has money for bribes. It's the same in Russia.
I find that these articles are more to attract clicks than to be something real.
"Analysts from the research institute Stone Center on Socio-Economic Inequality found that 91% of officials convicted of corruption within 10 years after Xi Jinping took office as Chairman of the People's Republic of China (2013) were among the 1%. richest people in China.This is an infographic for the distribution of 16 mining pools. If we take the facts that Bitcoin mining is banned in China, we will find that mining from unknown pools represents about 1.3% and therefore still does not constitute a large percentage of mining pools. The percentage was greater than 30% in the past.
If we say that what is meant by mining is solo mining, I do not think that the citizen will risk that because of the noise generated by these devices and the consumption of electricity, and if that were the case, the percentage would still be low.
Bribery in China still makes it possible to bypass all legal prohibitions on mining.
So you're saying all those underground miners, including those reported above are bribing officials then? I don't know, sounds like not what small miners would do. I find it difficult to believe it is cost-effective for residential miners, or whatever groups are doing the mining activity over there. Is there any data that shows the cost and how much bribe is required to make it possible to mine 'legally'? Wouldn't it make more sense to just go underground instead of trying to bribe people, and risk getting an extra sentence if others found it? I find that these articles are more to attract clicks than to be something real. There is still a ban in China and without a legal regulation, so all speculation is of no use. Regardless of the reason for China’s ban on mining, Bitcoin mining on farms needs legal approval because of the ease of discovering these farms, and individual mining need space and risk, especially since I believe that the laws in China are strictly implemented.
"Analysts from the research institute Stone Center on Socio-Economic Inequality found that 91% of officials convicted of corruption within 10 years after Xi Jinping took office as Chairman of the People's Republic of China (2013) were among the 1%. richest people in China. If it were not for the income received by officials in the form of bribes, only 6% of them would be among the wealthiest Chinese."https://www.mn.ru/smart/za-2-pyatiletki-v-kitae-otpravili-pod-sud-37-mln-vzyatochnikov-kak-ustroena-zverinaya-ierarhiya-korrupczionerov
https://osf.io/preprints/socarxiv/b3jze/download
Bribery in China still makes it possible to bypass all legal prohibitions on mining.
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