Topic: China Ban and the mining exodus (Read 290 times)
Great news for Kazakhstan, and any other country that profits from crypto currencies. Its Chinas own fault if they ban cryptos than now other countries are picking up the pieces. I wish we would see less Dependance on China when it comes to electronics and cryptos. China as the main manufacturer of chips is profiting from the crypto hype directly. At the moment it's impossible to build a decent computer because either all the chips and graphic cards are sold out or so expensive that it's not worth it to buy them now. As long as hardware prices are so expensive we shouldn't see an exodus of crypto miners. There is so much demand that we wil keep rising as long as crypto prices are high. Only if prices start to fall we could see a decline in crypto miners. But once new computers become affordable again the number of miners should rise again.
As far as I know in kazakhstan cryptocurrency mining has been prevalent and developed. My friend had the opportunity to visit the miner there, and as far as I can see it is very professional because it is very cold here, which can help save fuel and increase performance. Around the mines, there are guards armed with rockets and guns that look like an army 
, anyway, good for neighboring countries with China.
Wow. That is something very interesting to know. Especially the part about armed guards. Although i can accept that they'd have guns, having "rockets" or RPGs is a bit of an exaggeration. Kazakhastan is an impoverished country and Bitcoin mining gear and farms would be valuable investments that warrant protection. If possible, it'd be great to look at some of the pictures that your friend may have clocked over there. , anyway, good for neighboring countries with China.I was hoping that the China ban would result in flooding the market with cheap miners and GPUs. I don't see any of that happening or maybe I haven't looked at the right places. Anybody who knows about this, please do share if there are people trying to sell their mining gear post this so-called exodus.
Good for their neighboring countries since they're where the miners will go first but it's still a consideration about the electricity cost if they're cheaper or close to what China has. I just wish that the Chinese government won't chase those miners especially the bigger farms that have been operating in their country and then forced to rehabilitate because of the policy that they've implemented about mining which made them ban it.
The good thing about it is the other countries are open to it and they could choose which countries they wanted to migrate to and they can spread from one country to another to avoid congestions and I think Canada is offering them a secure place to build their mining facility without fearing for a possible ban again. In other countries like Iceland, although it's a country where it's nice to build a cryptocurrencies mining facility, they cannot flock to build there in one place, they've been spreading all around the globe to avoid getting banned again in one single place.
Extually we can see this positive and negatively. Yes for other small countries and neighbored can be benefited in mining where China-a large country ban crypto and mining also. They now will be advanced as there would be no dominance from big and large countries. But if China ban crypto i think it will be some problematic for this market. I mentally want to china in this market so that crypto market will be enrich.
China's decision to ban Bitcoin mining is actually a blessing to a lot of countries. Bitcoin mining is a huge industry. By releasing them all from the country, China is actually releasing investment money and giving other countries a chance to take part in it. Kazakhstan is one of those which benefited from the exodus. There are also other Bitcoin mining companies that moved to the United States. Overall, this is China's big loss. It isn't Bitcoin's. Bitcoin may lose some hashpower for a while. But it will always recover.
As far as I know in kazakhstan cryptocurrency mining has been prevalent and developed. My friend had the opportunity to visit the miner there, and as far as I can see it is very professional because it is very cold here, which can help save fuel and increase performance. Around the mines, there are guards armed with rockets and guns that look like an army , anyway, good for neighboring countries with China.
, anyway, good for neighboring countries with China.
The China crypto ban isn't that bad after all, after all, China is a power hungry country so I'm assuming that the ban really gave oit not only Kazakhstan but other countries to dominate in the mining industry, we all know how powerful China is but we have other countries to provide the mining for us, so there's really not much of a problem about the China crypto ban.
Of course this is an opportunity for countries that border China, because they can be targeted by Chinese investors who want to continue mining, and currently Kazakhstan is one of the countries that is being pumpkin by Chinese investors if this can be received well by the government then I believe Kazakhstan can get a big profit, Then this boom must be really put to good use by the Government of Kazakhstan.
I doubt that big profit from them, There Government itself is now restricting the energy consumption of miners that probably came from China. This miners is not even paying while consuming most of the country energy instead of its residence. I believe they will not allow this mining operator to operate in the long term and they might ban them too just like what China did. This country is not even showing openness for crypto before so they are not ready for this.
Chinese investors certainly want to continue their business if it can't be done in China. Of course, the closest country and has soft regulations will be a destination for Chinese investors to divert their business. In this case, Khazakhtan seems to be the country of choice for Chinese citizens, in addition to benefiting from this, I think this will also be a socialization event for Kazakh citizens to get to know crypto which is a new field of work.
Of course this is an opportunity for countries that border China, because they can be targeted by Chinese investors who want to continue mining, and currently Kazakhstan is one of the countries that is being pumpkin by Chinese investors if this can be received well by the government then I believe Kazakhstan can get a big profit, Then this boom must be really put to good use by the Government of Kazakhstan.
A lot of countries have been benefitting from China ban on cryptos. Due to the ban, countries that made borders with China saw their crypto mining industry boom. Kazakhstan is one of the most recent countries where the crypto mining interest is surging as "at least $1.5B in economic activity from crypto mining within 5 years" is expected to hit the country. The investment that crypto will bring to the country will be a boost for Kazakhstan's development.
Well, I guess it’s not really bad that China has decided to step out, since that has brewed the opportunity for other countries to step up in their cryptocurrency mining game. You really never know what you can do until you’re pushed to the wall: at the first time when China’s government were threatening to ban cryptocurrency in their country, a lot of people were afraid that it was going to affect the cryptocurrency community and the market, because China as of then holds the largest mining share in cryptocurrency, especially Bitcoin.So, a lot of people felt that they were everything and that if they should leave that it was going to affect the market seriously, but now, so far since they have gone, we haven’t seen any changes at all. The market has continued to flourish.
A lot of countries have been benefitting from China ban on cryptos. Due to the ban, countries that made borders with China saw their crypto mining industry boom. Kazakhstan is one of the most recent countries where the crypto mining interest is surging as "at least $1.5B in economic activity from crypto mining within 5 years" is expected to hit the country. The investment that crypto will bring to the country will be a boost for Kazakhstan's development.
Well, I guess it’s not really bad that China has decided to step out, since that has brewed the opportunity for other countries to step up in their cryptocurrency mining game. You really never know what you can do until you’re pushed to the wall: at the first time when China’s government were threatening to ban cryptocurrency in their country, a lot of people were afraid that it was going to affect the cryptocurrency community and the market, because China as of then holds the largest mining share in cryptocurrency, especially Bitcoin.So, a lot of people felt that they were everything and that if they should leave that it was going to affect the market seriously, but now, so far since they have gone, we haven’t seen any changes at all. The market has continued to flourish.
Permanent Bans of Bitcoin PoW mining in Kazakhstan , not far away.
China Smarten up, and so will Kazakhstan ,about the dangers of PoW to the people and energy grid,
although odds are Texas holds out until their power grid is destroyed and throws Texas back to the stone age for years.
Watch Texas growing power nightmare here : http://www.ercot.com/
Odds are less than 2 years until a Texas Power Grid collapse during a winter storm, thanks to the increased energy drain by PoW bitcoin miners.
China Smarten up, and so will Kazakhstan ,about the dangers of PoW to the people and energy grid,
although odds are Texas holds out until their power grid is destroyed and throws Texas back to the stone age for years.
Watch Texas growing power nightmare here : http://www.ercot.com/
Odds are less than 2 years until a Texas Power Grid collapse during a winter storm, thanks to the increased energy drain by PoW bitcoin miners.
If you're going to make such a criticism, you'd better post a link that works, that's accessible to everyone:
You can't access a public .com domain from an IP address registered in Spain.
Sounds like you need a VPN and quit blaming your lack of ability on others.
China's ban on the use of cryptocurrencies and the bitcoin mining ban is no longer in effect at this time, other countries have started accepting bitcoins. so from these factors it has only become dust among investors. bitcoin is currently holding between $60k - $62k, so that doesn't mean bitcoin can no longer break through the new ATH, this is just a minor correction to increase the influence on other coins.
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It can't be true because the country is among the top countries with coal reserves.
All of sudden the news comes after they were heavily doing BTC mining. Is the big man up above pulling all the strings on the poor countries?
Good argument but that doesn't mean they have to tap those reserves to provide more electricity. They could probably consume more from what they produced yearly to accommodate BTC mining but that would also decrease what they could add to their reserves.It can't be true because the country is among the top countries with coal reserves.
All of sudden the news comes after they were heavily doing BTC mining. Is the big man up above pulling all the strings on the poor countries?
I have the feeling that in the next few more years, only the governments are the ones mining Bitcoin and the people are just going to be the holders and making transactions.
It's quite ironic that they will mine something they do not want to be spent by the people. They will have to pass law recognizing BTC as a legal tender before they start taking over mining.Wasn't there a mining council already which if the government took over this economy, they can ban anyone who can try setting up farms.
Obviously, China is the first to have banned BTC and crypto transactions but when the US will also ban everything all because of the power shortages, it's a superficial reason but this is when the government could step in. Remember that SEC will do everything to get things done. Even when institutions are doing ETF already SEC is just not bending all these, they are up to something.
Why all of a sudden they are trying to have these green energy regulations, do you think other countries will follow this mandatory? Every country is trying to get ahead of everyone else. No one is going stop coal or fossil fuels. IF the US wants to stop, they should set an example so why is their carbon emission still that high?
Banning all miners and taking over may or may not happen. What I'm saying is that before they start making such move, they should lay out the laws which officially recognizes BTC as a legal form of payment. It's contradictory if the Government spend a lot from the national treasury to maintain these mining farms but the product (BTC) is banned by Banks and other financial institutions.
This isn't unusual at all, China prolly thought their ban would affect Bitcoin for so long, but we already knew the effects of that ban would only last for the short period before other countries start to capitalize and use it for their own advantage just like Kazakhstan is currently doing, with miners finding it comfortable to continue their operation there. I actually don't think there is any sort of regulation or ban by any government that can bring/keep Bitcoin down for too long, if one country thinks Bitcoin mining is harmful and doesn't want it, then another will accept it, it is what it is, business will definitely continue.
China possibly made a big mistake because they could've just regulated mining, imposed taxes and things to bring mining out of shadows, and many businesses would have probably stayed under new conditions instead of relocating because relocation is hard and also requires resources. Of course, some countries like the US and Kazakhstan benefited from the ban, and it might be that China now realized that they lost their grip on a big innovative industry to their rivals, so perhaps the asking of public opinion about the mining ban is genuine after all.
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It can't be true because the country is among the top countries with coal reserves.
All of sudden the news comes after they were heavily doing BTC mining. Is the big man up above pulling all the strings on the poor countries?
Good argument but that doesn't mean they have to tap those reserves to provide more electricity. They could probably consume more from what they produced yearly to accommodate BTC mining but that would also decrease what they could add to their reserves.It can't be true because the country is among the top countries with coal reserves.
All of sudden the news comes after they were heavily doing BTC mining. Is the big man up above pulling all the strings on the poor countries?
I have the feeling that in the next few more years, only the governments are the ones mining Bitcoin and the people are just going to be the holders and making transactions.
It's quite ironic that they will mine something they do not want to be spent by the people. They will have to pass law recognizing BTC as a legal tender before they start taking over mining.Wasn't there a mining council already which if the government took over this economy, they can ban anyone who can try setting up farms.
Obviously, China is the first to have banned BTC and crypto transactions but when the US will also ban everything all because of the power shortages, it's a superficial reason but this is when the government could step in. Remember that SEC will do everything to get things done. Even when institutions are doing ETF already SEC is just not bending all these, they are up to something.
Why all of a sudden they are trying to have these green energy regulations, do you think other countries will follow this mandatory? Every country is trying to get ahead of everyone else. No one is going stop coal or fossil fuels. IF the US wants to stop, they should set an example so why is their carbon emission still that high?
Good for their neighboring countries since they're where the miners will go first but it's still a consideration about the electricity cost if they're cheaper or close to what China has. I just wish that the Chinese government won't chase those miners especially the bigger farms that have been operating in their country and then forced to rehabilitate because of the policy that they've implemented about mining which made them ban it.
They may look for alternative energy sources like tapping renewable energy. So if they are planning to stay long in the area, maybe investing in renewable energy may be a good option for them. We have no idea what Chinese government will have a take on mining facilities because as they totally ban the usage of crypto and so are miners. Now, some may be are just hoping that their government will change their stance on this matter, but when?
The change of their ruling, they're doing that every year and we don't know what's next with their announcement of the ban. They said the same thing years ago and won't probably be stopping there.
This is what I was talking about, miners migrating to jurisdictions that are close by such as Kazakhstan that is a neighbor (the both countries share a border) instead of migrating to the other side of the world into an unknown territory with weird rules about bitcoin and high costs.
Yes, and besides that, in Kazakhstan, the price of electricity remains one of the lowest in the world. And because there are no strict restrictions on mining, Kazakhstan is becoming a profitable place for miners. But to get the right to mine, you need to be a registered organization that has the right to place mining rigs, which means that there are still restrictions for illegal miners.
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