Topic: China Controls Bitcoin's Future - page 3. (Read 599 times)

Bitcoin does not happen in China. Even if China orders a tenfold increase in the energy consumed by Bitcoin miners, or shuts down all Bitcoin mining activities within its jurisdiction, or confiscates and burns all Bitcoin mining facilities and equipment, it won't kill Bitcoin.

Well, China is rich enough that it can probably afford to spend billions and billions just to control more than 50% of Bitcoin's hashrate and then uses such power to attack Bitcoin's blockchain, but I doubt the country is that angry toward Bitcoin to do just that. Even supposing China is that hell bent to attack Bitcoin, it won't be sustainable either. I guess it won't even last for hours.

The way things go globally in the last couple of decades I guess it's not only Bitcoin China might majority control of in not so remote future...

They are not going to control anything, they can stop the miners and ban the mining process completely but still the transactions will be confirmed and more adoption comes we can expect more miners from different parts of the world so they keep losing their dominance according to the adoption.

We don't have to worry on the possible scenario of China controlling Bitcoin as this will never happen not unless maybe if the government of China will decide to siphon the majority of the Bitcoin supplies, but I am really doubting on that. The China government is convinced with the benefits of blockchain technology but not Bitcoin. And in case the government will be trying to sabotaged Bitcoin mining, miners can easily go where they are very much welcome and this can be the big reason why even if the government is not recognizing Bitcoin they are still allowing the mining as this can be good for their expanding economy. Right, now, there are already other countries opening their jurisdiction for crypto mining even including some states of the USA.

The fact that a significant part of bitcoins are mined in China has nothing to do with its possible centralization and control by the Chinese authorities. Miners are ordinary people and bitcoins remain with them, the Chinese government does not have the ability to manage them. In addition, the Chinese government is now taking measures to reduce the volume and capacity of miner farms due to the high consumption of electricity. Therefore, the overall percentage of bitcoin mining in China will decrease.

By looking at the decentralized system in bitcoin, I think anyone who holds the majority of bitcoins can move the movement of bitcoins easily. I think China has had an influence on the development of bitcoin but not absolutely.

If Bitcoin ever becomes centralized,due to some hardfork or something else,the Bitcoin price will hit the bottom,because most of the community will leave.There's no point for the Chinese government to intervene and ruin something like Bitcoin.
If the Chinese miners get banned,the Bitcoin miners in other countries will take a bigger share of BTC mining.Nothing else will happen.

Chine will definitely not become the authority of bitcoin, nor will it be centralized. China is just one component in bitcoin industry and maybe, with so large a population, many bitcoin holders are Chinese later. China may have its own rule for bitcoin regulation applied to Chinese, like tax on bitcoin, it will not control the whole world.  

I don't think so, they can't control the market.

Lol! No China can't control Bitcoin's future even though a major percentage of bitcoin mining is happening in this country. I really wish Chinese government bans bitcoin mining and enforces the law very strictly like the way they have done for ICOs so that the Chinese hooligans go out of this market for good! Because Chinese government is a communist government and they believe in military prowess. So it may happen in future that Chinese government forcefully takes over all bitcoin mining facility and keep on mining for their own benefit. Then it is a huge risk for the entire bitcoin market.

But if it remains as it is, I don't China as a threat at this point. I am more concerned about billions dollar of bitcoin lying in corporate coffers. They are more harmful than China.

If we look at the current trends, mining is being more decentralized as US/Canada, Russia and EU are also coming into spotlight. With tightening of transactions and operation of mining plants in China, Russian Siberia and colder parts of North America and Europe are gaining more hash rate. There's even an organization in US that focuses on decreasing the power China may hold over bitcoin. These competition would surely make bitcoin network more secure even though not as profitable for the miners.

The fact that they don't own it has actually an opposite effect. Owning bitcoin means that you have your skin in the game and you wan to protect the bitcoin price. But this isn't new, and bitcoin mining has always been more centralized then people seem to think.

Remember this? https://www.coindesk.com/ghash-io-never-launch-51-attack

But even less centralized mining doesn't mean it would be worth a while for anyone to launch 51% attack, or that it would be as catastrophic as people think. It would REALLY expensive to execute, and would last 1 double spend before attacker would get kicked out from the network.

One would think that it would make more sense to mine money with all the gear worth 51% attack rather then waste it.

If this is true then that means that what China is mining right now is just the scraps that aren't going to affect the bitcoin economy that much. I do think that if China does have an ulterior motive for mining bitcoin, no matter how much they deny it, they definitely have because if they weren't really have any motives then they should have not banned bitcoin for public use.

Nope. No one will gonna control bitcoin. Even if China has most of the bitcoin miners, there are still miners in different countries. It can not be regulated as it was created as decentralized although they may implement some regulations but they can not go beyond that like controling bitcoin's future.
 
 Anyway, are you referring from this?
 
 
 Bitcoin's market will gonna be affected for sure but that doesn't mean they have the power to control bitcoin because they tend to shut down btc miners.

China do mined most of the Bitcoin BUT that doesn't mean they own all those Bitcoin now. It got distributed already from all over the world and China's supremacy over mining is decreasing over time. It's only a matter of time before China become one of those countries competing for a piece of pie instead of hoarding the pie. Also, with China's regulation getting tighter, it's not going to help them with Bitcoin.

There's no way China can control Bitcoin.

Distribution of Bitcoin mining hashrate as of April 2020, by country

Do you know the increase of bitcoin mining activities in Kazhakstan? The Mining City is based in Kazhakstan and more new mining pools will appear and contribute aggregated hashrates to reduce the dominance of Chinese based mining pools.

Mining City is at the 24th rank with 0.13% of total hashrate. I don't shill that pool and I only mention about it because the chart from Statistica.com shows 6.17% of total hashrate is from that nation.
https://btc.com/stats/pool?pool_mode=year

I don't think that's ever going to happen. How does China become a bitcoin authority? whereas bitcoin itself already has the pure nature of decentralization. And I think it's China who wants to master bitcoin but it will never be. Bitcoin is not only about money, it's about the system.

The total hashrates from Chinese based mining farms will decrease more when more global miners join. The mining farm distributions will be more decentralized globally. It does not a matter of solely from cheap energy in China. When people have interest in mining, they will set up their ASICs and build up their mining farms everywhere. In each nation, there are cheapest energy sources and miners will find it for their farms.

Mining bitcoin is profitable if miners hold their mined bitcoin and go through dumps.

China controls everything that happens in China (and USA - Biden fake regime is owned by the CCP). You think they play by Western rules (which by the way are also becoming communist)?

https://finance.yahoo.com/news/bitcoin-rises-china-region-declares-095643753.html

China’s Inner Mongolia has banned cryptocurrency mining and declared it will shut all such projects by April, spurring fears the world’s No. 2 economy will take more steps to eradicate the power-hungry practice.

The autonomous region, a favorite among the industry because of its cheap power, also banned new digital coin projects, according to a draft plan posted on the Inner Mongolia Development and Reform Commission’s website Feb. 25. The aim is to constrain growth in energy consumption to about 1.9% in 2021.

Bitcoin extended gains on Monday amid reports of the move, increasing as much as 6% in the session to $47,970.

The announcement unnerved an industry that’s already been through a years-long Chinese campaign to clamp down amid concerns over speculative bubbles, fraud and energy waste. The draft policy was released weeks after China’s top economic planner blasted Inner Mongolia for being the only province to fail to control energy consumption in 2019.

The region now aims to cut emissions per unit of gross domestic product by 3% this year and limit incremental growth of energy consumption to about 5 million tons of standard coal, according to the draft plan.

Chinese officials first outlined proposals in 2018 to discourage crypto-mining -- the computing process that makes transactions with virtual currencies possible but consumes vast amounts of power.

Inner Mongolia, which is clustered with large coal mines, is famous for inexpensive energy and has attracted investment from a plethora of power-intensive sectors such as aluminum and ferro-alloy smelting over past decades. The region accounted for 8% of global Bitcoin mining computing power, according to the Bitcoin Electricity Consumption Index compiled by Cambridge University. China overall had over 65% of the network’s total, with its appealing combination of inexpensive electricity, local chipmaking factories and cheap labor.

Well it is clearly mentioned above the first post that the mining percentage of Bitcoin from China is getting lower and lower each year since 2019 .

So better that in 2025 the decrease will come to at least down to 30% , and also Bitcoin Mining is getting smaller and smaller as days passed by.

So i think the miners power will be limiting in the next years .