China's game plan - page 4. | Bitcointalksearch.org

BrewMaster

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Quote from: thecodebear on June 30, 2021, 09:46:00 AM

Roughly 65% of bitcoin mining was done in China,

you are thinking of mining pools that have the name of a Chinese company attached like Bitmain. but pools are just pools not the actual hashrate.

Quote

It isn't China fud.
and it looks like somewhere between 80%-100% of that hashrate is now gone, thus dropping the global hashrate by about 50%-60%.

it IS China FUD when you say this.
if 80%-100% of hashrate had gone bitcoin network would have come to an almost halt with blockchain not being able to grow anymore.

and for your information hashrate when price was $30k last time was 100 exa hash and today that price is a little higher than $30k it is 90 exa hash (approximately) so that is a 10% drop not 80%-100% as you said.

thecodebear

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Quote from: brainactive on June 30, 2021, 03:42:14 AM

Quote from: Charles-Tim on June 30, 2021, 03:23:35 AM

The Bitcoin hash rate reduced almost 60%, I remember there was a time the hashrate gotten to its peak in May, 2021 to over 160E, now it is less than 64E, the hashrate was reduced by over 96E, that is over 60% reduction in hashrate. Although, all might not be linked to the Chinese fud, but the reduction happened at the time.

What are some other major reasons which may have contributed to the 60% reduction in hash rate? Besides China fud

It isn't China fud. It's literally China making bitcoin mining illegal.

Roughly 65% of bitcoin mining was done in China, and it looks like somewhere between 80%-100% of that hashrate is now gone, thus dropping the global hashrate by about 50%-60%. The Chinese are now essentially entirely out of the bitcoin mining game now. Over the coming months we'll see the hashrate rise back up as those operators either move their operations to other countries or sell their machines to people around the world and that hashrate comes back online around the world outside China. Rest of the world is continuing to increase bitcoin mining, but China just got entirely out of it.

DarkDays

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Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

I do not know what China's game plan is - none at all Huh

Because clearly having the hash rate reduced by this much and forcing the miners out of the country is not going to be a global economic advantage given the long term consequences of the government being anti-BTC.

It seems like a wrong move at the wrong time for China to make, though we're all entitled to our own opinions. It would be interesting to see how this plays out

randegibran

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This game played by China also uses very clever tricks.moreover they also ban it in their country, maybe we also don't understand the game they are playing right now. We also hope that the trick game carried out by China may not have an impact on the decline towards bitcoin, everyone will know that china has a very significant role in global trade which covers all aspects of the economy.this is a calculated step in starting a business that can make us profitable for the future

ropyu1978

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China's next game plan, it can be said that China wants to control all countries to submit to them, China will not stop making plans until what they want is achieved, BTC has been mining for more than 10 years in China, I think they have accumulated enough bitcoins, so they took steps to ban bitcoin mining in their country..

Lee_Mire

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Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

China's game plan is control. Plain and simple. They can't control Bitcoin totally so they are banning it outright. If you think there is a secret way of controlling bitcoin (through mining etc) then bitcoin has failed. China knows this and have banned it. Good riddance.

btc_angela

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Quote from: clint25n on June 30, 2021, 05:35:52 AM

with a mindset like that is only a form of lowering.the price of bitcoin in the global stock market, whatever steps are taken by china will have a major impact on the world economy.one of which is digital currency, moreover.they openly.ban bitcoin in their country which was cut off by the government although.they cannot.stop bitcoin itself.but the steps they take are steps that can be dangerous for bitcoin, we can only be wary.of the steps they take in the future, we hope the impact does not affect.the development of bitcoin

I don't think it will have a major impact on us, we can survived without China. If there will be an effect, it will just be short term. Bitcoin cannot be stop, not at this point where many countries have adopted it and many more in the coming 5-10 years.

They've just created panic in the market, but soon everything will settle down.

And I doubt that they have a game play.

clint25n

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with a mindset like that is only a form of lowering.the price of bitcoin in the global stock market, whatever steps are taken by china will have a major impact on the world economy.one of which is digital currency, moreover.they openly.ban bitcoin in their country which was cut off by the government although.they cannot.stop bitcoin itself.but the steps they take are steps that can be dangerous for bitcoin, we can only be wary.of the steps they take in the future, we hope the impact does not affect.the development of bitcoin

Crypto Fireside

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I don't think anyone here really knows to be honest.
China likes to play games, that we know.
It'll be interesting to see but my gut tells me they are preparing for some more funny buggers, who knows.

Nunoluck

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Although china is dominating bitcoin for long time but it doesn't mean that bitcoin is depend on China. Many community around the world trying to surpass china in term of domination in bitcoin investment. I am not worry about china leave bitcoin or not, it doesn't matter for me. I trust bitcoin and blockchain technology because it has a lot of advantages compared with fiat money. I believe that the world need bitcoin.

dothebeats

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It's 2021, and news re: China's stance on bitcoin is just laughable now. The market has gone largely diverse for the past few years and our dependency on China's mining farms have significantly diminished as well. Those miners displaced in China can move to other countries, though it will be expensive and will be hard for them to transition and may just choose to cease operations all in all. It may cause some blows on the overall network hashrate but bitcoin can cope, and that's a certainty, as we had observed for the past years.

Kakmakr

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The hash rate drop is just temporary, because the miners are in the process to shutdown and to relocate to other countries. It takes time to setup a new mining farm, so that hashing power will soon be back again...once these new mining farms are operational. Wink

The Chinese government could care less about losing a few Trillion Dollars, if it meant that they could have control again over all aspects of their citizens and Bitcoin was a threat to that for them. They also are in the process to replace Bitcoin, with a government controlled Digital currency... so they just eliminated Bitcoin as the competition. Roll Eyes

mindrust

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Quote from: Ararbermas on June 30, 2021, 05:02:18 AM

Quote from: mindrust on June 30, 2021, 04:29:25 AM

Bitcoin don't need countries.

Countries do need bitcoin.

this is the truth.. Bitcoin don't need countries but cuntries need bitcoin.. Because you know how the hell bitcoin survive without them? In fact it's been how many years CHINA and other countries made an issue with bitcoin but it always survived afterwards. . Lol it's funny to think that most of the holder following what's the news and don't think how bitcoin very optimistic despite of some negative news.

I liked the way you spelled "countries" as "cuntries" since most of them are indeed cunts.

Bitcoin can survive with a network of laptops. How are they going to know if you are mining on your personal computer?

They can't.

Bitcoin is inevitable.

Ararbermas

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Quote from: mindrust on June 30, 2021, 04:29:25 AM

Bitcoin don't need countries.

Countries do need bitcoin.

this is the truth.. Bitcoin don't need countries but cuntries need bitcoin.. Because you know how the hell bitcoin survive without them? In fact it's been how many years CHINA and other countries made an issue with bitcoin but it always survived afterwards. . Lol it's funny to think that most of the holder following what's the news and don't think how bitcoin very optimistic despite of some negative news.

Lucius

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What a crazy obsession with China we have here on the forum, and what nonsense I read especially in my local media that this is the end for Bitcoin - as if China is the only country in the world where Bitcoin can be mined. What the Chinese are doing is one of the best things that has happened to Bitcoin in the long run, better than anything that psychopath EM has ever done or will do.

The biggest problem for Bitcoin is not China, Musk or Trump - these are people who can't understand even the simplest math problem and invest in Bitcoin just to profit and all they care about is the price.

mindrust

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WHO CARES?

Bitcoin is bigger than China or any country for that matter. Some country decides to ban bitcoin? Fine. We can move on without them. Nobody cares. China, USA, Germany, Nigeria, India... it doesn't matter. Bitcoin is bigger than all of them.

Bitcoin don't need countries.

Countries do need bitcoin.

brainactive

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I've been hearing the "Bitcoin will be more decentralized" argument a lot lately. Will it though? If miners exit China and they all move to the US for example, wouldn't that increase concentrate? Instead of china having 60% of the hash rate, the US will have 70%. Unless we're all hoping the Chinese miners will disperse evenly across the globe? Seems like wishful thinking, no?

Iranus

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In fact, the liquidity of Bitcoin was having a huge impact on the Chinese banking system. Moreover, it is not safe for miners to be in the same place, if they are scattered in different parts of the world, this dominance of mining will be reduced and it is safe for both the parties. Personally, I think such a decision by the Chinese government is good for the future of Bitcoin. Many people have questioned the dominance of the Chinese in mining sector.

Kittygalore

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Quote from: swiftbits on June 30, 2021, 02:55:24 AM

China is one of the leading in developing its own digital money, not sure if it has something to do with why they regulate crypto ever since
Illicit activities are still detrimental; I think they want to have control in every situation.

It definitely has something to do with it, remember that they don't like competition so look at what they did, they ban bitcoin and other cryptocurrencies so they can make way for their digital currency that is the antithesis of everything a cryptocurrency is.

Jating

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Quote from: brainactive on June 30, 2021, 01:12:06 AM

Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.

Good for us, just a minor set back for bitcoin investors, but in the long term it will be good as the monopoly is broken already. Chinese miners could shift to other countries specially those big boys in the game. And then we have some country or huge companies that can take over specially in Europe.

Quote from: brainactive on June 30, 2021, 01:12:06 AM

How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?

Doesn't matter what their game plan is, as long as bitcoin will survived without them then nothing will change.

Quote from: brainactive on June 30, 2021, 01:12:06 AM

A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.

Not sure if they still have some aces in their sleeves. But for now, we can't do anything about it. But the affected one are obviously those Chinese crypto enthusiast who have been in this game for so long. They can't do anything about it though, because of the total control of the Chinese government on their people.

Topic: China's game plan - page 4. (Read 677 times)