Topic: Bitcoin mining’s comeback in China - page 2. (Read 460 times)

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.

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.

How can a company/business/social project do that if the ban is still effective? Is he saying that people are doing it illegally, or does the law never affect them, to begin with? I do know that underground mining is still going strong over there, based on some news that I read. I'm not sure what residential and office projects mean here, but it is hard to imagine that the government does not even bother to check their daily activities at all. It sounds cool if they found a way to mask the mining process with something else though.

Lol

Btw, it would be interesting to see how the total networkhashrate would react to the return of China in force: I imagine that the difficulty would be astronomical, and thus many would have to relocate (again)... I guess China won't be bringing low hashrate if it gets back into the mining game

It was interesting to see the latest difficulty adjustment lead to a decrease in difficulty.

Following many adjustments that lead a meteoric rise even while prices weren't close to record hghs it was weird to see that. Perhaps there's a tippping point somewhere around here, so if BTC prices also stagnate who knows.

I think if anyone is actually making a comeback though it's probably American miners. See foundry being the largest pool,.and many more are seeking to enter the mining biz. Bankrupt Celsius seeks to list a newco for mining for instance.

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.