Topic: blockchain.info now shows CHINA mining 54% of BTC (Read 5891 times)
Antminer raised S5 price by 20% while LKetc cut price from 1.85m/Phash to 1.5m/Phash
More on:
http://8btc.com/thread-14829-1-1.html
More on:
http://8btc.com/thread-14829-1-1.html
China is economics with many possibilities which you can`t use in another countries. China has fast development, they jump into business fast and they are producing miners. It was just question of time when companies like Bitmain start to build strong pools of it`s own. It will be even more I think.
I am not surprise that China has the most mining as the price of bitcoin explosion in the end of 2013 because of Chinese people.
There are likely more people getting rich in China than in all the rest of the world combined.
Not strictly true, india has started booming recently and is well on the way to become the number 2 superpower but yes both china and india are gaining so much wealth between them they have became the new what was the American dream.
I am not surprised china has that much of the mining under control for the obvious reason a lot is made in china and i suspect that involves mining equipment to?
this is pretty alarming
not really..
after all. for atleast a year, maybe even 3+ years america was dominating the mining..
I am not surprise that China has the most mining as the price of bitcoin explosion in the end of 2013 because of Chinese people.
There are likely more people getting rich in China than in all the rest of the world combined.
I Am 100% that China Will Control Take More than 80% of BTC Mining Before 2020.
This is true but it will probably happen sooner than later, have not been around for awhile is there a ban still in china?
Yes, but I doubt mining operations will be banned though. Bitcoin is banned, not the mining operations.
Maybe that will allow them to mine bitcoins but won't allow them to dump into the exchanges. Kind of good then
How can a bank prove a transaction is bitcoin associated lol. If I sold bitcoins on Localbitcoins, for example, and someone did a cash deposit the bank cannot find out what the transaction was for? On what premise can they conclude it was related to bitcoin. Bitcoins(just like WoW gold etc) are useless to the Chinese, the USD is all they care about.
I Am 100% that China Will Control Take More than 80% of BTC Mining Before 2020.
This is true but it will probably happen sooner than later, have not been around for awhile is there a ban still in china?
Yes, but I doubt mining operations will be banned though. Bitcoin is banned, not the mining operations.
Maybe that will allow them to mine bitcoins but won't allow them to dump into the exchanges. Kind of good then
How can a bank prove a transaction is bitcoin associated lol. If I sold bitcoins on Localbitcoins, for example, and someone did a cash deposit the bank cannot find out what the transaction was for? On what premise can they conclude it was related to bitcoin. Bitcoins(just like WoW gold etc) are useless to the Chinese, the USD is all they care about.
I Am 100% that China Will Control Take More than 80% of BTC Mining Before 2020.
This is true but it will probably happen sooner than later, have not been around for awhile is there a ban still in china?
Yes, but I doubt mining operations will be banned though. Bitcoin is banned, not the mining operations.
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Possum577
China is a big place with a lot of moving parts. It is not monolithic. So, no, I am not really alarmed, the point of my OP was just to show where the mining action is now.
I was a little concerned when GHash.IO hit that 51% number a year or so ago, but you need would AT LEAST three of the four Chinese mining pools acting in concert to "51%" the BTC system, which strikes me as unlikely. One reason (and it's not worth much, granted) is that there are so many bearing producers & exporters in China that are cutting each others' throats... Same with vehicles (there are some 90 vehicle manufacturers there, many of them in Peru (over 20 that I myself have seen when there). My prediction is that blood will run among the Chinese truck makers...
Nonetheless, I would be perfectly happy to see some Westerners belly-up and start serious BTC mining. I have read about BTC mines in Sweden and (especially) Iceland that take advantage of low electricity rates and cold air for cooling. Or Alaska!
Possum577
China is a big place with a lot of moving parts. It is not monolithic. So, no, I am not really alarmed, the point of my OP was just to show where the mining action is now.
I was a little concerned when GHash.IO hit that 51% number a year or so ago, but you need would AT LEAST three of the four Chinese mining pools acting in concert to "51%" the BTC system, which strikes me as unlikely. One reason (and it's not worth much, granted) is that there are so many bearing producers & exporters in China that are cutting each others' throats... Same with vehicles (there are some 90 vehicle manufacturers there, many of them in Peru (over 20 that I myself have seen when there). My prediction is that blood will run among the Chinese truck makers...
Nonetheless, I would be perfectly happy to see some Westerners belly-up and start serious BTC mining. I have read about BTC mines in Sweden and (especially) Iceland that take advantage of low electricity rates and cold air for cooling. Or Alaska!
I Am 100% that China Will Control Take More than 80% of BTC Mining Before 2020.
This is true but it will probably happen sooner than later, have not been around for awhile is there a ban still in china?
Yes, but I doubt mining operations will be banned though. Bitcoin is banned, not the mining operations.
I Am 100% that China Will Control Take More than 80% of BTC Mining Before 2020.
This is true but it will probably happen sooner than later, have not been around for awhile is there a ban still in china?
So what ? Not like there was only 1 miner is China.
To the OP, what's your take on these stats? Is this alarming? Is it expected? Why should we care that folks in China make up 54% of BTC mining today?
Quite big, maybe some 1 person is owning all those pools and is planning a 51% percent attack. Or maybe its the government performing a 51% attack ruining bitcoin so that it doesn't compete with the scam banks. Lots of theories can attempt to explain this, but maybe they just happen to own 54% and will not do a 51% attack.
I am not surprise that China has the most mining as the price of bitcoin explosion in the end of 2013 because of Chinese people.
Actually it is quite surprising since Bitcoin in China is not really welcome by the authorities. I guess they are mining under cover of other IT projects and while doing so they managed to beat everyone.They will do what ever it takes to get any USD they can.
I am not surprise that China has the most mining as the price of bitcoin explosion in the end of 2013 because of Chinese people.
Actually it is quite surprising since Bitcoin in China is not really welcome by the authorities. I guess they are mining under cover of other IT projects and while doing so they managed to beat everyone. 
I Am 100% that China Will Control Take More than 80% of BTC Mining Before 2020.
Well... Everything will be made in China soon(Actually it is right now), so why not add bitcoins to the list?
I Am 100% that China Will Control Take More than 80% of BTC Mining Before 2020.
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