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Topic: But if China gov say mining is illegal, we are fucked. Haipo Yang‏ ViaBTC CEO - page 3. (Read 4145 times)

vit05

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Quote

https://www.eobot.com/china
As you may have heard in the news over the last few weeks, China has implemented bans on ICOs (initial coin offerings) and now Bitcoin and other cryptocurrency trading. It is unclear if they are going to ban Bitcoin mining.

Eobot currently runs the majority of our Bitcoin mining in China. Depending on if, and how, they ban Bitcoin Mining (for example, they may let us ship the hardware out of the country to continue mining), Eobot may be forced to terminate Cloud Mining/GHS contracts early.

We hope this doesn't happen, but we are announcing this to our users to be fully transparent and allow the option to trade and sell their GHS early and before a China ban becomes a reality.

CoinsCoinsEverywhere

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Does anyone have any idea where a lot of the big Chinese miners are located? Is it possible that they could move their mining operations elsewhere if China actually bans mining? I'm guessing that they're not very mobile, so it may not be worth trying to move. But that may be more appealing than trying to liquidate all of their equipment.

aardvark15

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Quote from: vit05 on September 17, 2017, 08:16:43 PM

https://twitter.com/yhaiyang

It's possible that if all mining in China stopped, it could temporarily disrupt Bitcoin transactions. There apparently are a lot of miners in China so other miners need to pick up the slack if that happens. It's also possible that the Chinese government wants to do all of the mining themselves. They may be trying to hoard as many Bitcoins as possible by mining rather than letting the citizens mine. Nothing would surprise me at this point with China.

pinky

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Quote from: CoinsCoinsEverywhere on September 26, 2017, 03:59:26 PM

Quote from: farhaan on September 26, 2017, 11:57:43 AM

The term "We" indicates here only the chinese miners who all would really be fucked up if china declares bitcoin mining as illegal.Its not an issue for us,bitcoin holders since bitcoins would be mined continuously in other parts of world.There might be a slight delay in transactions since most of the mining farms are in china.But japan's internt giant has announced that very soon,it would create its own ASIC miners.So,the problem of transactions getting confirmed would get solved step by step.

Agreed--the Chinese miners would be the ones who are screwed. If the link someone posted near the beginning is correct, then China is responsible for about 80% of the network hash rate. If all of that disappeared overnight, the network would slow down by a factor of about 5, but once the difficulty retargets, things will be fine again. The only danger there would be if other miners gave up on mining because of the increased block time, but it would be in all the miners' best interests to continue mining so their bitcoin is still worth something.

"Using home computers for mining" days are gone now professional mining requires more stuff and knowledge.That's why some governments invite group of miners with making good promises.Also massive mining farm offers attract others to this countries.

CoinsCoinsEverywhere

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Quote from: farhaan on September 26, 2017, 11:57:43 AM

The term "We" indicates here only the chinese miners who all would really be fucked up if china declares bitcoin mining as illegal.Its not an issue for us,bitcoin holders since bitcoins would be mined continuously in other parts of world.There might be a slight delay in transactions since most of the mining farms are in china.But japan's internt giant has announced that very soon,it would create its own ASIC miners.So,the problem of transactions getting confirmed would get solved step by step.

Agreed--the Chinese miners would be the ones who are screwed. If the link someone posted near the beginning is correct, then China is responsible for about 80% of the network hash rate. If all of that disappeared overnight, the network would slow down by a factor of about 5, but once the difficulty retargets, things will be fine again. The only danger there would be if other miners gave up on mining because of the increased block time, but it would be in all the miners' best interests to continue mining so their bitcoin is still worth something.

farhaan

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The term "We" indicates here only the chinese miners who all would really be fucked up if china declares bitcoin mining as illegal.Its not an issue for us,bitcoin holders since bitcoins would be mined continuously in other parts of world.There might be a slight delay in transactions since most of the mining farms are in china.But japan's internt giant has announced that very soon,it would create its own ASIC miners.So,the problem of transactions getting confirmed would get solved step by step.

fabiorem

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Activity: 1400

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It will do wonders if at least 25% of mining power in China go to Russia and Japan.

Russia have gas, they can use it for providing cheap electricity.

What use do we have when most users are outside of China, but most miners are still inside it? It's a risk for our bitcoin economy.

exstasie

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Quote from: JanpriX on September 25, 2017, 06:03:59 PM

In case that they indeed ban it, many countries will take that opportunity and get that market (mining) for their own benefit. Candidates for that would be Russia, USA and Korea. Heck, Japan might even consider of building a mining farm in their land if China do it.

Yeah, there was even a governor in Russia that invited miners to his region following the Chinese ban rumors. See here: https://cointelegraph.com/news/bitcoin-mining-farms-invited-to-russian-leningrad-region

And we already know that Japanese conglomerates are jumping head-first into the mining industry, with GMO and DMM making major investments within the year.

I think it's still a bit too early to expect state-backed mining enterprises. If any country is likely to be the first to nationalize mining operations, it would probably be China.

JanpriX

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Buy The F*cking Dip

It seems that Chinese government really do like to ban things from their country. Well, they just wanted to show that they absolute and that they can do whatever they want. I don't think they will ban the act of mining BTC in their country because they will lose the only strong connection that they have in it when they do that. But who knows, they might do it. Roll Eyes

Roll Eyes

In case that they indeed ban it, many countries will take that opportunity and get that market (mining) for their own benefit. Candidates for that would be Russia, USA and Korea. Heck, Japan might even consider of building a mining farm in their land if China do it.

vit05

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China has just banned whats app
https://www.nytimes.com/2017/09/25/business/china-whatsapp-blocked.html?mcubz=3

People talking about liberty and business... They do not care about that.

BitHodler

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Quote from: mozillaspez on September 25, 2017, 01:58:45 AM

Really i don't know what they want they are keep jealousy from bitcoin because bitcoin is going upward and china is keep on fire so i would prefer that they should stay away from bitcoin because they are nothing to do with bitcoin.

If China wanted to prohibit all types of Bitcoin usage, they would have done it already, and this is something that people don't seem to understand ~ China is just buying time to allow themselves to properly regulate this industry.

I wish it was that simple where China would ban everything and they no longer participate in this industry, because if that was the case, we would likely see this market increase almost continuously.

Seriously, if we look back, all the dump fests after MtGox were all China related. It is no coincidence that at the time the price has gone up significantly, China pops up taking the price down again ~ it's almost a common occurrence.

BartS

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Quote from: fabiorem on September 17, 2017, 08:33:10 PM

Quote from: gog1 on September 17, 2017, 08:20:22 PM

It would be extremely dumb for them to do it. consider they are creating tremendous value out of both the mining and the sales / development of mining equipment.

You probably don't know how communism (aka statism) works.

They do such things for displays of power. They rule through terror.

This, communism does not care about such silly things as creating value and free enterprise, they care about power and about showing their citizens they have power over them, to be honest I think miners need to begin to move their operations overseas before the Chinese government does this, it is obvious this is going to cut down their profits margin since electricity in China is very cheap, but it is better to get slightly less profits than to be shut down completely.

mozillaspez

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Quote from: Basmic on September 23, 2017, 12:10:13 PM

I don't care about China's problems. Even if this is not the rumors of bitcoin will quickly restore power. If China will cease to dominate among miners and traders, the bitcoin community will only benefit from this. I believe in bitcoin and I am sure that the Chinese government does not do nothing. They're definitely up to something and it will increase the price of bitcoin.

Really i don't know what they want they are keep jealousy from bitcoin because bitcoin is going upward and china is keep on fire so i would prefer that they should stay away from bitcoin because they are nothing to do with bitcoin.

Weawant

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Leading Crypto Sports Betting & Casino Platform

Quote from: shield132 on September 24, 2017, 01:37:45 PM

Very bad for china if their goverment say mining is illegal, they wil be only loosers because it means saying goodbye forever to bitcoin and crypro. For me this means saying no to future development in one of the main part of virtual world.
I think they won't ban mining, theyvjust want to stop using of bitcoin in their country to avoid many illegal activities. (no pay = no job).
Think twice before you start business in china if you have such goverment.

I don't know on what is the real story behind government for possible looking at that bitcoin mining is illegal doing, but maybe those mining rig operators hiding there hardwares to avoid to pay there taxes for operating that but if this one would really be happen then a huge part of bitcoin economy will fell down. And its so unlucky for chinese crypto stakes since they will be taken out an ability to earn with crypto's.

vit05

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Activity: 672

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Quote from: shield132 on September 24, 2017, 01:37:45 PM

Very bad for china if their goverment say mining is illegal, they wil be only loosers because it means saying goodbye forever to bitcoin and crypro. For me this means saying no to future development in one of the main part of virtual world.
I think they won't ban mining, theyvjust want to stop using of bitcoin in their country to avoid many illegal activities. (no pay = no job).
Think twice before you start business in china if you have such goverment.

If they make Bitcoin illegal, how they will allow miners? Or how miners will get the money to sustain their business?

shield132

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Metawin.com - Truly the best casino ever

Very bad for china if their goverment say mining is illegal, they wil be only loosers because it means saying goodbye forever to bitcoin and crypro. For me this means saying no to future development in one of the main part of virtual world.
I think they won't ban mining, theyvjust want to stop using of bitcoin in their country to avoid many illegal activities. (no pay = no job).
Think twice before you start business in china if you have such goverment.

edmond_dantes

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mining banning would be bad really really bad

This is why centralized mining is terrible for any coin

hatshepsut93

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So far the possible ban of mining was just a baseless rumors and quite possibly fake, but we can theorize about what effect it would have on Bitcoin's network. By Bitcoins design hashpower goes hand in hand with Bitcoin's value, and although usually it's the value that influences the hashrate, the opposite link is also possible. If hashpower would radically drop due to Chinese mines closing down, Bitcoin's network would become less secure after difficulty adjustment, so technically someone malicious would be able to launch double spending attacks easier (even though we might actually never see them on practice even in this scenario). But as Bitcoin markets are very speculative, traders will view this as a very negative news and would try to profit from it by shorting Bitcoin, thus causing the crash similar to what we've seen recently. But in the long run it would be a great test for Bitcoin, and if it will pass it, it will continue growing, as people will see how resilient Bitcoin is.

magneto

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They may be fucked but frankly it wouldn't impact bitcoin much.

All there will be is an adjustment period where the blocks are very slow, just like when bitcoin cash first split from bitcoin. After that bitcoin will run as usual.

Actually if China banned all mining then it's actually better for decentralization of bitcoin, and that's the main reason why i think price of bitcoin won't actually be affected much. If it happened now i doubt btc will even drop to under $3k. Plus, this is all rumor and nothing to back it up tangibly. Take it with a grain of salt.

CyberKuro

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Quote from: leopard2 on September 23, 2017, 06:07:28 PM

if 50% of mining power goes offline, we are not fucked, just Chinese miners are. It will just mean a bit of delays finding blocks until difficulty adjusts.

China top criminals might try to seize the mining equipment for a 50% attack, of course.

Sheeple ignored centralization in China, now the day of reckoning might be close. But no worries, a hardfork to another algo will fix that LOL honey badger doesn't give a shit Grin

Grin

Cool

temporarily ETH or DSH or other non-ASIC coins could moon, while BTC price would drop like a rock....

Totally agree.
Actually we are not fucked even though China ban bitcoin or mining activity, yes, the market will react and the price will drop, but it just temporarily and then bitcoin will rise again. We just left China market, and soon Japan or Russia will take over the biggest mining pools.
Consider one thing that will be profitable, if China ban mining, miners have no choice but to stop their mining activities and cut loss by selling their hardware cheaper, so others could buy it and continue to mining bitcoin.

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