On reflection...assuming the electric companies in China ...are not too greedy and just want some of the action in elec fees from the minnig boom
this could be good for mining overseas from China and thus any price of electric that is more in China will (in my current view) raise the price of BTC
and/or other pow scrypt or x11 crypto mines or sha-256 in China
whatever, my mood/view can change at any time...all above my head.
Topic: China to slap down on cheap hydro electric for Miners? Significantly Up Elec? (Read 311 times)
November 14, 2017, 11:48:24 PM
November 14, 2017, 09:43:02 AM
lots of mining company is making own electicity by solar power ı dont think ıts gonna make big news
November 14, 2017, 09:39:40 AM
I'm really not sure if this will happen or not. However, the Chinese are having a hell of a time cracking down on money fleeing their country. Bitcoin is high on their radars for sure.
But with mining money is coming in. They have bills to pay for electricity and hardware that have to settled in CNY.
I've no idea where they're selling their coins but I don't know if P2P markets would be big or stable enough to meet that demand. If I was a Chinese miner I'd be selling OTC to some foreigner.
Bitmain did announce a while back they were gonna invest in data halls in the USA. Unclear if it was only the Artificial Intelligence (A.I.) stuff and/or crypto mining farms also. $50 million dollars thou...
https://www.coindesk.com/mining-giant-bitmain-reportedly-raising-50-million-in-new-funding-round/
perhaps, Jihan Wu of Bitmain...is hedging his bets?
I seem to remeber reading a report that a lot of Chinese mining was using stolen electricity, but I don't know how old that report is, and I can't find the reference. However, it has been commented on this forum that many Chinese miners are now mining outside China. It would also appear that mining is on the increase in Venezuela as people there try to earn some extra income.
That is common knowledge...it may not be COMPLETELY illegal the electric companies (especially hyrdro) were getting SOMETHING (in hydro's case anyway) for excess electric...off the books
perhaps, they want a bigger cut and have it out in the open now..due to the China Government crackdown on cryptocurrency...maybe mining is next in the utils veiws..and makes them nervous
the utils can look like they are pro-active on this, get more $$$ for electric and keep the China Government off their back if they do go after crypto miners next...
the utils seem to hold all the cards, seems like a safe bet to make the miners pay fair market value and get it on the books ...soonish
November 14, 2017, 09:38:12 AM
I seem to remeber reading a report that a lot of Chinese mining was using stolen electricity, but I don't know how old that report is, and I can't find the reference. However, it has been commented on this forum that many Chinese miners are now mining outside China. It would also appear that mining is on the increase in Venezuela as people there try to earn some extra income.
November 14, 2017, 09:32:56 AM
I'm really not sure if this will happen or not. However, the Chinese are having a hell of a time cracking down on money fleeing their country. Bitcoin is high on their radars for sure.
But with mining money is coming in. They have bills to pay for electricity and hardware that have to settled in CNY.
I've no idea where they're selling their coins but I don't know if P2P markets would be big or stable enough to meet that demand. If I was a Chinese miner I'd be selling OTC to some foreigner.
what would be the effect on BTC and/or other crypto mined by big miners in China on price/adoption/etc
(got imaginary butter for my imaginary popcorn..that is much better now)
(got imaginary butter for my imaginary popcorn..that is much better now)
Hmm. Dunno. But there are plenty of operations nowhere near China like Bitfury and no doubt many other places are being explored. If Chinese miners really do migrate in the winters away from hydro plants then they'll migrate to Russia given the chance.
November 14, 2017, 09:32:22 AM
I can see why China would stop trading. I don't see why they'd stop mining. They're getting foreign currency pouring in and there's a load of power generation going spare anyway.
I really wish it would happen but it won't. Even then the Chinese miners would identify the next cheapest country and ship all their gear there or sell out to people in that country.
Centralised mining is here to stay no matter what unless something fundamental is changed in the protocol.
I really wish it would happen but it won't. Even then the Chinese miners would identify the next cheapest country and ship all their gear there or sell out to people in that country.
Centralised mining is here to stay no matter what unless something fundamental is changed in the protocol.
Assuming you are correct......the question is NOT if the mining will go away, but what happens if the price of electric doubles because the electric companies (with gov't blessing)
decide to go after the crypto miners for more of a CUT? (think elec=mafia..they don't want to likely kill the goose..just roast it a little)
Hell, I wonder what would happen if, instead of 2c kwh they had to pay equivalent of 6c or like me 12c kwh
what would be the effect on BTC and/or other crypto mined by big miners in China on price/adoption/etc
(got imaginary butter for my imaginary popcorn..that is much better now)
November 14, 2017, 09:30:19 AM
I'm really not sure if this will happen or not. However, the Chinese are having a hell of a time cracking down on money fleeing their country. Bitcoin is high on their radars for sure.
November 14, 2017, 09:29:13 AM
source below is from monsanto on bitciontalk speculation thread
seems they may have backed off the 'illegal' part....I still think they are gonna hit them up with higher prices...
https://twitter.com/cnLedger/status/930436656045342720
(damn, imaginary popcorn needs more 'butter')
November 14, 2017, 09:26:57 AM
I can see why China would stop trading. I don't see why they'd stop mining. They're getting foreign currency pouring in and there's a load of power generation going spare anyway.
I really wish it would happen but it won't. Even then the Chinese miners would identify the next cheapest country and ship all their gear there or sell out to people in that country.
Centralised mining is here to stay no matter what unless something fundamental is changed in the protocol.
I really wish it would happen but it won't. Even then the Chinese miners would identify the next cheapest country and ship all their gear there or sell out to people in that country.
Centralised mining is here to stay no matter what unless something fundamental is changed in the protocol.
November 14, 2017, 09:13:27 AM
Supposedly, the rumor is
China Hydroelectric plants are going to slap down cheap electric and/or over flow wasted hydro electric for big mining farms
here is the link
https://www.reddit.com/r/vertcoin/comments/7cvc4l/bad_news_for_asic_miners_in_china_government/#bottom-comments
seems possible.....just posting what I've seen so far for your consideration
take the poll
I've no idea of such a thing would help BTC price or help ALT prices or whatever...comments?
China Hydroelectric plants are going to slap down cheap electric and/or over flow wasted hydro electric for big mining farms
here is the link
https://www.reddit.com/r/vertcoin/comments/7cvc4l/bad_news_for_asic_miners_in_china_government/#bottom-comments
seems possible.....just posting what I've seen so far for your consideration
take the poll
I've no idea of such a thing would help BTC price or help ALT prices or whatever...comments?
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