Flooding in China effect on bitcoin - page 2.

slaman29

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Quote from: tbct_mt2 on August 05, 2020, 06:26:48 AM

Difficulty adjustment occurs each 14 days (not exact 14 days depends on how fast or low blocks will be solved). It is more correct to say it with total blocks (2016 blocks) for each difficulty adjustment interval.

In the meantime, when delayed difficulty adjustment occurs, there are more waiting, unconfirmed transactions, newbies will be panic. It can cause FUD in the past, in 2017 or 2018 but now I think it won't.

Yeah, and these 2016 blocks also get found fast when difficulty drops (then more miners come in) and then back up slowers when it spikes (and then miners drop out).

I didn't know difficulty adjustment delays happened. Must be when difficulty started to spike a lot and miners were busy doing forks;)

fiulpro

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Quote from: Carlton Banks on August 05, 2020, 02:42:41 AM

Quote from: FightThePower on August 05, 2020, 02:25:04 AM

What are peoples thoughts on the effect of flooding in China.

that there is no flood (yet)

Quote from: FightThePower on August 05, 2020, 02:25:04 AM

The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

1. Many (if not all) miners moved from China, due to government threats to the industry
2. Three Gorges dam is the subject of stories about it being weak or failing

Please write a new thread when something actually happens, your thread is basically:

"Someone said something about something that hasn't happened, and it wouldn't matter even if it did" Roll Eyes

Yes "

At the same time Government in China did take control of a lot of Mining farms which actually made the people scared for their small businesses. The Government wanted to control the hash-rate and indirectly the Bitcoins.

Back in 2017 China had control of over 71% of the Mining pool , therefore it was already hard enough for the community to fluorish due to regulations but after the Government started seizing the mining farms many people decided to take their business else where , this way China did loose a lot of people who would have been golden to the community afterwards , since now there have been a huge surge in terms of jobs for the people who actually are very though with this sector .

Plus the flood warnings are already there therefore am sure that the people will be able to act accordingly and take care of everything on time.

In worst case scenario even if the hash rate decreases it would mean that, more smaller and bigger companies would take over and the hash rate will recover soon enough.

jademaxsuy

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Quote from: Carlton Banks on August 05, 2020, 02:42:41 AM

Quote from: FightThePower on August 05, 2020, 02:25:04 AM

What are peoples thoughts on the effect of flooding in China.

that there is no flood (yet)

Quote from: FightThePower on August 05, 2020, 02:25:04 AM

The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

1. Many (if not all) miners moved from China, due to government threats to the industry
2. Three Gorges dam is the subject of stories about it being weak or failing

Please write a new thread when something actually happens, your thread is basically:

"Someone said something about something that hasn't happened, and it wouldn't matter even if it did" Roll Eyes

I like your reply and it is direct to the point for OP to understand what should be the right way to do with rumors. We cannot expect good things with rumors unless it is happening and or with concrete events or details about the event. Speculation of discussion regarding to it will not evensolve their problem. It might be good to update us here once there are things that happen already.

But, here is my few cents. If flooding will going to happen then pretty sure it will affect bitcoin.

cryptomaniac_xxx

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Here, I find some old articles about it,

July 2018
Local Media: Floods in China Heavily Damage Major Crypto Mining Operation

Aug 2019
Major Flooding Disrupts Chinese Hydro Power, Bitcoin Mining

But so far bitcoin has survived, short term there could be some hash rate going down, but it doesn't matter sooner or later it will bounce back just like what we have seen in the past.

bitbunnny

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I don't think that will influence the Bitcoin price, not at all. It might have impact on Chinese miners and that is certainly a negative effect on.some of them but I don't think it will reflect the price, not directly or indirectly. Just don't blame the flood in China if in the upcoming period there will be some corrections in price.

Mttewndew

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All this is a speculative topic, generated by the same speculation, and has nothing to do with reality. Why waste time discussing tales and rumors, which, most likely, will not even be confirmed.

Quote from: BrewMaster on August 05, 2020, 01:10:39 PM

to be honest this seems more like another "China controls bitcoin and if you sneeze there it affects bitcoin" type of topic to me.

I agree with you. From time to time, it all comes down to one thing.

BrewMaster

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Quote from: ?? on ??

Quote from: mk4 on August 05, 2020, 02:54:02 AM

If the flooding actually ended up doing damage, halting the operations of the miners, then undoubtedly there will be a decrease in hashrate. How big/small will the decrease be? That's probably the better question. I don't think this will have any effect on the price at all. It's not like Bitcoin will be super unsecure once some of the Chinese miners turn off their machines.

I agree, the only direct effect is block time interval would be a bit slower (until difficulty readjustment).

do we actually know the location of miners (the farms they have) and the total hashrate of those that could be affected by such a flood assuming it happened?

to be honest this seems more like another "China controls bitcoin and if you sneeze there it affects bitcoin" type of topic to me.

Argoo

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It is unlikely that this flood in China can significantly affect mining or the price of bitcoin in general. All the same, one bitcoin will be mined every ten minutes in the world, even regardless of the fact that the number of miners becomes smaller.
Bitcoin's price has long ceased to respond to such natural disasters. This would have been possible a few years ago. Bitcoin holders are no longer as fearful as they used to be.

wack slacker

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I think floods don't affect bitcoin much. If we keep thinking that most bitcoins are mined in China, that's wrong. There are many other mines in other countries that continue to mine bitcoin and there are thousands of other wallets confirming transactions for bitcoin.
The flood only caused Chinese people to transfer their money to a safe place which is electronic money. I think factors like weather, floods, disease, and war will cause bitcoin to increase rapidly.

Eugenar

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Quote from: ?? on ??

Recently, many situations have affected Bitcoin.

Not really the situation itself but the economic impact. There were many linkages created by people upon the rise of the pandemic and the sudden crash in the market price of cryptos. But the pandemic itself is not the one which triggered the 'dump', and more likely it was because many people sold their holdings in order to cope up with their daily needs given that companies were forced to not operate, so they needed money to finance themselves.

Quote from: ?? on ??

This depends on what percentage of all mining occurs there. If this percentage is small, then we have nothing to worry about.

For sure there will be actions concerning this problem since there is a threat and something is being anticipated. They won't sit there doing nothing which will damage their economy in general.

Darker45

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First and foremost, the Three Gorges Dam is not meant to hold back the monsoon season. The monsoon season comes whether we like it or not, whether they are prepared or not, and whether the dam will withstand it or not.

The hydro season does not come as a surprise. It comes annually and so I think the miners within that region must have already foreseen some possibilities and made the necessary preparations. As a matter of fact, F2pool has reported that Bitcoin miners have already completed what they call as the Great Migration at least a week ago in preparation for the hydro season.^[1]

[1] https://news.bitcoin.com/flooding-threatens-chinas-bitcoin-miners-chinese-billionaire-says-three-gorges-dam-collapse-imminent/

Debonaire217

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There might be effect on the hashrate but I'm not certain if it will be big or not, perhaps, affected areas will not be so big so we need not to worry that much about it even though there are tons of bitcoin mining facilities in China.

With regards to the price of bitcoin, it will still depend on the market demands, we should not think that these miners will need to recover so they will sell at higher price just like what I said, it will not affect the entirety of the mining facilities all over the world.

tbct_mt2

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Quote from: ?? on ??

I agree, the only direct effect is block time interval would be a bit slower (until difficulty readjustment).

Difficulty adjustment occurs each 14 days (not exact 14 days depends on how fast or low blocks will be solved). It is more correct to say it with total blocks (2016 blocks) for each difficulty adjustment interval.

In the meantime, when delayed difficulty adjustment occurs, there are more waiting, unconfirmed transactions, newbies will be panic. It can cause FUD in the past, in 2017 or 2018 but now I think it won't.

kryptqnick

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Quote from: FightThePower on August 05, 2020, 02:25:04 AM

What are peoples thoughts on the effect of flooding in China. The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

What are peoples thoughts on the effect on the price should there be major distribution to the miners?

I couldn't find conclusive evidence on the matter of miners still being in China or not, but at least Coindesk seems to believe that China still dominates when it comes to mining. I hope the rains help miners because the profitability rates have been very low since halving. As for the flood threatening to break equipment, it currently seems to be a billionaire's speculation, and let's hope it stays this way.

Quote from: Carlton Banks on August 05, 2020, 03:15:03 AM

I have a suspicion that many new (and possibly old) users would not pass the Turing test, including this latest prodigious new user "OrganixProtocol"

I am not sure this would help. OrganixProtocol might just have poor knowledge of English. Moreover, there's this story of the Eugene Goostman bot that passed the Turing Test precisely because it was making mistakes, so the judges assumed that it was a teenager human being that doesn't speak English well.

buwaytress

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Like Carlton said. For an annual event that China has spent centuries dealing with, and that miners have already faced on at least 3 previous occasions (if one assumes that media coverage is what qualifies this), I'd be really surprised if there were anyone caught unprepared this time around.

The only thing we know for sure that's monsoon's had an impact on is abundance of cheap electricity, which some believe have actually boosted mining activity this summer.

Carlton Banks

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Quote from: ?? on ??

I think the upcoming flood will be under control, so there will not have a big impact on the prices.

@theymos

Please consider implementing 1 (or both) of the following:

1. Extensive real-time Turing tests for newbies
2. Bitcoin Fidelity bonds for all users (forfeited upon consistent breaking of forum rules or failing the Turing test)

I have a suspicion that many new (and possibly old) users would not pass the Turing test, including this latest prodigious new user "OrganixProtocol"

mk4

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If the flooding actually ended up doing damage, halting the operations of the miners, then undoubtedly there will be a decrease in hashrate. How big/small will the decrease be? That's probably the better question. I don't think this will have any effect on the price at all. It's not like Bitcoin will be super unsecure once some of the Chinese miners turn off their machines.

Carlton Banks

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Quote from: FightThePower on August 05, 2020, 02:25:04 AM

What are peoples thoughts on the effect of flooding in China.

that there is no flood (yet)

Quote from: FightThePower on August 05, 2020, 02:25:04 AM

The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

1. Many (if not all) miners moved from China, due to government threats to the industry
2. Three Gorges dam is the subject of stories about it being weak or failing

Please write a new thread when something actually happens, your thread is basically:

"Someone said something about something that hasn't happened, and it wouldn't matter even if it did" Roll Eyes

FightThePower

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What are peoples thoughts on the effect of flooding in China. The three Gorges dam has been failing to hold back the monsoon season and threatening to flood major Chinese mining operations.

What are peoples thoughts on the effect on the price should there be major distribution to the miners?

Topic: Flooding in China effect on bitcoin - page 2. (Read 466 times)