Does mining gets affected? | Bitcointalksearch.org

franky1

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Quote from: davis196 on March 23, 2022, 02:04:09 AM

When a country has power shortages and blackouts,the cryptocurrency miners are the first to put the blame on. They are just too insignificant and shutting them down won't hurt any important part of the economy.

most countries blackouts are not actually proper blackouts of a whole country or region.
nor is it that mining is causing a national 'shortage' of electric

they are actually neighbourhood blackouts/brownouts caused by people using excessive energy in neighbourhood circuits thats are not designed to supply that much power to any one building
in short those syphoning free electric from the grid do so by bypassing some of the electric circuitry.
causing neighbourhood sub-stations to circuit break

other people found guilty of illicit mining are doing it by setting up asics in their place of work or in abandoned buildings without the employers/building owners consent, and without paying for the electric used

hardly any of the cases are where some national law is just blanket banning mining
yep bitcoin mining is LEGAL..
yet if you mine by syphoning electric or trespassing or interfering with the national grid substations/circuit breakers then expect to get shut down

pooya87

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Quote from: Husires on March 23, 2022, 02:27:02 PM

After China banned mining, the effects appeared quickly, but the network quickly restored the decentralization of distribution, and the miners found other countries that were better for them in terms of mining, and they could earn a lot of money from them.

According to the data compiled by the University of Cambridge's Center for Alternative Finance from July 2021 China ban Bitcoin mining.

The problem with this type of analysis is that they ignore all the other factors that affect hashrate which were actually dominant in the China scenario.
If you look at the whole picture you can see that when China banned bitcoin mining the hashrate only dropped a little. Then the market crashed meaning the revenue of all miners all over the world decreased significantly and whenever this happens, some miners shut down their ASICs. Then hashrate dropped more.
In other words the chart you posted is showing both effects of China ban and price drop with the later being more effective than the former.

lornadane

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As we know China and Kazakhstan are two very different countries.
In China they get a large amount of electrical energy, while in Kazakhstan it is still the same as in our area, there is still a lot of need for the distribution of the electric current.
While mining definitely requires
A lot of capital is like mining in general, which they run as usual and also requires complete equipment.
So if the government has made tax regulations, of course it will be more complicated for those who do mining.

Kelvinid

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when lambo...

Quote from: romero121 on March 22, 2022, 11:06:33 PM

Kazakhstan law enforcement officers continue to crackdown all illegal mining firms operating around the country. Throughout the country more than 100 mining firms have been found and closed. Even the legally registered ones were closed. Throughout the country power blackouts and shortages were connected with the mining power consumption.

Power supply interruptions have shifted more mining firms relocate to other countries earlier before the crackdown of mining machines. Since last year Kazakhstan served as a hotspot for mining once after the legal shut of mining from China, now this has changed.

Will this make any big changes, because as of now everything is fine.

Quote

The crypto farm, located at a railway station is the latest. The farm was set up in a room on the premises of the Kundyzdy railway station.
Kazakhstan Police Shut Down Another Crypto Farm Amid Ongoing Crackdown on Mining

It absolutely affects illegal mining but this seems it gives helps those who run mining legally. What these Kazakhstan authorities did is good for everyone, might this delay the mining confirmation but in return, this even solves and stop illegal mining from there. I don't think is enough to compare to what China did which totally banned crypto mining but this, as for sure those who are legally operated will continue their operations once done the clearing illegal mining. And they don't have to worry either.

naira

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Kazakhstan and China are 2 different countries with different electricity consumption. Furthermore, regarding the level of effectiveness, Kazakhstan is more vulnerable because there are still many problems with electricity consumption because they have to share it in large quantities. While China has an abundant supply of electricity, the reasons for mine closures in the two countries are different. China with a policy that has indeed taken a lot of advantages, while the mining position in Kazakhstan does not last long and even then it is still under legal and illegal auspices. Therefore, if you finally see the impact is not visible and the market is fine, then the shutdown in Kazakhstan is no more than 10% of mining in the world, while China is +10%.

Husires

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After China banned mining, the effects appeared quickly, but the network quickly restored the decentralization of distribution, and the miners found other countries that were better for them in terms of mining, and they could earn a lot of money from them.

According to the data compiled by the University of Cambridge's Center for Alternative Finance from July 2021 China ban Bitcoin mining.

Source: https://www.blockchain.com/charts/hash-rate

In the report, only illegal miners were mentioned.
The reason was mentioned that they have energy problems and this means that mining farms that operate on clean energy are not within the forbidden framework
Some small miners will continue mining as long as it remains profitable.

stompix

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Blackjack.fun

Quote from: Despairo on March 23, 2022, 05:06:53 AM

Which mining you refer? If mining in general it only have less impact, but the retail miners on Kazakhstan do have the impact. Assuming it's happen 4 hours before, the hashrate only dropped around 20 EH/s, unlike the significant drop on April 2021 from 184 EH/s to 122 EH/s.
~

https://www.coinwarz.com/mining/bitcoin/hashrate-chart

Daily fluctuations are hardly an indicator of anything happening.
Yeah, if we look at the current block time for a 24h period, it would appear the hash rate has dropped but you need to zoom out a bit.

We have 129 blocks in the last 24 hours but this comes after 175!!! in the previous 24h interval.
You squash these two together and you get 199 in 48 hours, that's still above the previous difficulty target!

Depending on what time you set as the start of the day, GMT, PST, you can end up with completely different hashrate estimates.

If you look from the start of the epoch, there is no drop either, the current pace is above the normal place and most likely will negate the previous two drops in the last two periods, reaching again an ATH.

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Latest Block:   728628 (12 minutes ago)
Current Pace:   104.5420% (853 / 815.94 expected, 37.06 ahead)
Previous Difficulty:   27550332084343.84
Current Difficulty:   27452707696466.39
Next Difficulty:   between 28287258781482 and 28722784850768

Despairo

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Which mining you refer? If mining in general it only have less impact, but the retail miners on Kazakhstan do have the impact. Assuming it's happen 4 hours before, the hashrate only dropped around 20 EH/s, unlike the significant drop on April 2021 from 184 EH/s to 122 EH/s.

However they're crackdown the illegal mining on their countries, it's their right and correct movements. Most of mining are in legal countries so we don't need to be worried to much.

https://www.coinwarz.com/mining/bitcoin/hashrate-chart

davis196

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When a country has power shortages and blackouts,the cryptocurrency miners are the first to put the blame on.They are just too insignificant and shutting them down won't hurt any important part of the economy.
The mining difficulty will get adjusted,so I don't expect any interruptions within the BTC blockchain.
Probably some traders started panic selling their BTC,because of the hashrate drop(or because of the news coming from Kazakhstan),but this is a wrong move,since the Bitcoin price will always recover from such temporary shocks.The right move is such situation is to HODL.

pooya87

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This is yet another country that is trying to blame their energy crisis on bitcoin whereas in all cases bitcoin mining either has no effects on it or the effects are so small that it could be considered negligible. It is evident from the fact that none of these countries could solve their energy crisis after shutting down miners. China did it and they still face the same crisis and funny enough their total electricity consumption has kept on growing even right after shutting down miners!

So far Kazakhstan seems to only be shutting down illegal mining operations which makes sense and it happens in any other country too if you run a large business that is supposed to have a license without a license.

Does mining gets affected?
Not at all because they aren't shutting down "everything" and also hashrate is spread around the workd, Kazakhstan doesn't have major stake in it to be a concern.

stompix

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Blackjack.fun

Kazakhstan is not China, it didn't have that much excess cheap power as the China of 2019, it doesn't have overall that much electricity generation and most importantly it lacks the advantage of having the manufacturer in the same country speaking the same language and not requiring all the papers for imports and setting up a business.

If Kazakhstan has 10% of the hashrate and everything will be shut down at the same time it will currently mean little there are bigger problems.
We have still empty blocks getting mined, we've only had one period longer than 24 hours where a 1sat/b tx wouldn't get included over the last month so it will not affect the fees that much, over a longer period just a few of the companies operating in the US have more or at least 50Exa of mining gear on order till Q2 not including XP shipments, so that's double the hashrate of Kazakhstan.
The only serious impact it will have is that it will clearly make the US the next China, you can expect them to reach even 75% if this shit goes on.
Higher electricity prices all over the world will put more pressure on all miners than some government going after small miners.

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According to the country’s Transport Police Department, which carried out the search, the officers found 130 crypto mining units as well as hard drives and spare parts.

Also, nobody is saying all of these are Bitcoin mining Asics, it can be anything, even Chia! Grin

HODLN

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Maybe I downplayed too much previously as there would most likely be some effect, but I find it highly unlikely that this specifically (Kazakhstan ban) would cause any practical disruptions but rather just more bumps on the road.

Poker Player

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Quote from: HODLN on March 22, 2022, 11:33:56 PM

I think its unlikely to make a noticeable change if 1) you aren't looking too close and 2) you aren't running a serious mining firm in Kazakhstan.

Since the largescale interruption of the Chinese markets hasn't made *that* much difference, I find it hard to believe this will have much effect on btc at large.

I'm not so sure about that, Kazakhstan had 8% of the world's mining last January. If that 8% goes to almost 0, something should be noticed. I don't know why you say that China was not so noticeable. The drop in hashrate was noticed and quite a lot, and it was also noticed in the price as FUD occurred and at least some miners sold Bitcoins that would normally have been HODL in order to finance the move.

HODLN

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I think its unlikely to make a noticeable change if 1) you aren't looking too close and 2) you aren't running a serious mining firm in Kazakhstan.

Since the largescale interruption of the Chinese markets hasn't made *that* much difference, I find it hard to believe this will have much effect on btc at large.

Quote from: romero121 on March 22, 2022, 11:06:33 PM

Even the legally registered ones were closed.

That's the easiest target Wink

romero121

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Kazakhstan law enforcement officers continue to crackdown all illegal mining firms operating around the country. Throughout the country more than 100 mining firms have been found and closed. Even the legally registered ones were closed. Throughout the country power blackouts and shortages were connected with the mining power consumption.

Power supply interruptions have shifted more mining firms relocate to other countries earlier before the crackdown of mining machines. Since last year Kazakhstan served as a hotspot for mining once after the legal shut of mining from China, now this has changed.

Will this make any big changes, because as of now everything is fine.

Quote

The crypto farm, located at a railway station is the latest. The farm was set up in a room on the premises of the Kundyzdy railway station.
Kazakhstan Police Shut Down Another Crypto Farm Amid Ongoing Crackdown on Mining

Topic: Does mining gets affected? (Read 198 times)