How Did China Dominate Bitcoin? - page 3.

CryptoBry

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Bitcoin mining uses a lot of power and the best way to locate your mining venture is to have it on China because there are areas where electricity rates are lower compared to the Asian average and its availability has never been a problem. In other countries, Bitcoin mining is not anymore feasible because of the rising cost and concerns that Bitcoin is taking away the top resource that economic activities depend on. Of course, not to mention that many Chinese have this insatiable appetite for making money and doing a good business, or just simply very entrepreneurial. We should not wonder why China is dominating so many industries today and into the future, we are in fact the China century.

Fatunad

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Quote from: Deathwing on November 02, 2019, 01:38:02 AM

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.

Yeah. Everything in china is very cheap. That's why most of the merchandise in the world are made in china but it does not mean the quality is low.
China is the center piece of the productivity of almost everything under the sun including btc,blockchain technology, and mining rigs.

Memminger

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Quote from: ChrisPop on November 02, 2019, 04:10:30 AM

We all know that the Chinese as a stereotype are more inclined to accept technological innovations. They also have cheap work hands and electricity so that's why business people started establishing huge mining farms there. China's focus on Bitcoin and cryptocurrencies could be a smart thing for the next years to come. We all know that the early bird gets the prize, so they have a head start in comparison with USA. However I think US handles the problem more professionaly, but in the old snail-pace like style so the banks won't have to dump the fiat garbage.

You need to add the fact that China has the biggest population of all. The labor force that their country have is not a joke. On top of that is their culture where their merchant line runs ancient hence they have this mindset to be open with new ideas and technologies perhaps like blockchain as you had said. Aside from cheap electricity and labor, the climate helps in building a mining farm since people would prefer colder climate which would help the mining farm cool down. USA on the other other hand is very cautious and I think it is given to them.

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

in my opinion the bitcoin was so famous but at the time the bitcoin was made and started to launch in the last 10 years so in my opinion when bitcoin become famous the china i think the chinese government become interested in bitcoin because it has a great technology and china see it as a good asset. So i think a lot of companies in china become interested in it.

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

we can say that China is one of the most sophisticated countries in the field of digital technology, their government always has the idea of designing technology to advance the country, and in China there are many investors who invest with bitcoin and large mining companies in their countries that are able to dominate computing power ( power hash) from a decent bitcoin network.

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China can always dominate everything. if we look at some of the products we use ranging from clothing, electronics and household appliances, some come from china. China can always see opportunities, they also see the great opportunities that bitcoin and cryptocurrency have. so if we look at most investors and bitcoin miners come from china. and I think China has dominated the bitcoin market. because every news about bitcoin that comes from china always impacts the price of bitcoin. like yesterday the president of china made a statement supporting this blockchain making bitcoin prices pump up.

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

They took advantage the advance technology on their country and since the cost of energy in China is not that high, they took the risk of mining. Right now, China shows another support to blockchain technology and maybe they will dominate the whole market again in the future luckily they can’t still control bitcoin.

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Quote from: joinfree on November 03, 2019, 03:53:09 PM

Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get so interested ahead of others that they dominate mining of bitcoin?

Well let's make this clear, the bitcoin blockchain network has most of its nodes situated in China but that does not guarantee that these anonymous individuals are Chinese lol. For all you know we can have quite a number of English speaking people moving to China in order to mine bitcoin because of the following:
1. Cheap resources in mining bitcoin
2. Flexible laws regarding cryptocurrencies.
3. Availability of cheap source of electricity as compared to other countries.

WE can't deny that China is now in the lead when it comes to cheap resources, especially for electronic materials and gadgets. It somehow will affect in terms of profitability and (less) expenses when we start mining. Ain't no wonder that more people coming from other countries to take this opportunity and do business with them.

Of course, why not Chinese people wouldn't take this opportunity since they already have the resources and knows that mining Bitcoin is profitable. Knowing the fact that they lift the ban for crypto, it is always their chance to fully engage in crypto as they don't have any worries of being caught by the authorities.

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get so interested ahead of others that they dominate mining of bitcoin?

Well let's make this clear, the bitcoin blockchain network has most of its nodes situated in China but that does not guarantee that these anonymous individuals are Chinese lol. For all you know we can have quite a number of English speaking people moving to China in order to mine bitcoin because of the following:
1. Cheap resources in mining bitcoin
2. Flexible laws regarding cryptocurrencies.
3. Availability of cheap source of electricity as compared to other countries.

7788bitcoin

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

What does that even mean, you think that people from China does not understand English to come to a conclusion like this Roll Eyes

, a few who got interested had money to invest in mining and they started mining bitcoin and the weather and electricity was cheap and if you remember Bitmain is a Chinese company and no competitor was able to create efficient machines than them and hence they control the majority of the market share and all these cumulative things made China the mining hub.

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

China is a very big country that keeps up with the times!If tomorrow there will be something more interesting than bitcoin, they will forget it the next day.Do not forget that the other day the President of this country spoke positively about blockchain technology.From here you can draw conclusions and the answer to the question ,,why,,!!!!

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The labor cost is very cheap in China. There are also many minerals that are important ingredients to technology materials like computers and other tech hardware. This allowed the Chinese to monopolized the supply of mining materials. And because of these advantages they can easily set up also their mining farms. At present, mining bitcoin is illegal in China but because they still have the accessibility then it will be futile to completely eliminate.

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Quote from: vintages on November 03, 2019, 12:59:33 PM

Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

They practically didn't but instead, people hype made them seems as if they are ahead of everyone. Majority of people felt that China has more larger population so whatever they engage in usually do be become successful. So whatever threat they make in pulling out of Bitcoin or banning it, many becomes anxious.

Yes it's the hypes and the way the posts goes viral does have a short term affect in the market and practically whatever China does has no term affects over the bitcoin price, after some time people will get used to these news and it will not become viral. Population does plays a major role here, but we cannot trust the motive behind Chinese government's stance on crypto due to it's dynamic policies.

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We know how business-oriented the Chinese are, and when it comes to capitalizing on things they knew they have a huge advantage at, they do it extremely well and improve whatever it is that needs improving. They might not be the masters of being original nor craftsmanship and whatnot, but they know so well how to make things profitable for them, and that's why they rushed into the creation of their own miners and established huge farms that will outgrow and outnumber those of the West. They aren't the ones who made mining this big, but they competed against the likes of Avalon and other names on the West until they took over the whole mining scene with a blast.

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

They practically didn't but instead, people hype made them seems as if they are ahead of everyone. Majority of people felt that China has more larger population so whatever they engage in usually do be become successful. So whatever threat they make in pulling out of Bitcoin or banning it, many becomes anxious.

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Quote from: Deathwing on November 02, 2019, 01:38:02 AM

Miners. Electricity and maintaining factories are relatively cheap in China. Including labour. They were able to build ASIC miners so early on that they (overall Chinese population) hold a substantial amount of Bitcoin.

Yeah, I guess this is the main reason. Plus the population, which was already mentioned. And addressing the op's question, while China is a popular country that comes to mind when people talk about cryptocurrencies, it's actually debatable whether China is a dominant country when it comes to Bitcoin. Nowadays, at least, after the harsh policies introduced by the authorities. Unfortunately, it's hard to make sure the data is accurate, but from what's available it seems that China is not so dominant anymore. For one, it's only #5 among the countries running Bitcoin nodes. Moreover, it's #4 by the number of Bitcoin hodlers . While these positions are not bad, considering that China is #1 by population, these are not outstanding numbers.

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Simply because the cheap electricity in China has been a HUGE advantage. The cost of electricity is capped and in some places it’s almost free. Also most ASIC manufacturing comes from China, and they release their tech for public sale after an initial use period. The rest of the world has trouble catching up because the Chinese have very good tech and can build mining farms quicker and cheaper with lower unkeep costs. for other reason we could mention to the Chinese Government that it's not the most open minded when it comes to freedom. Thus, the “use case” for Bitcoin is more valuable in an Oppressive regime, and attract people to it.

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

I get the impression that you mean Chinese doesn't learn how to read english Cheesy

China had been manufacturing graphic cards since companies who does product graphic cards invest in China laborers. The Chinese took advantage of the products and mine BTC when Graphic cards can still mine BTC. They were also producing Asic devices as well after it. They dominate it all because its just how things work now.

ChrisPop

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We all know that the Chinese as a stereotype are more inclined to accept technological innovations. They also have cheap work hands and electricity so that's why business people started establishing huge mining farms there. China's focus on Bitcoin and cryptocurrencies could be a smart thing for the next years to come. We all know that the early bird gets the prize, so they have a head start in comparison with USA. However I think US handles the problem more professionaly, but in the old snail-pace like style so the banks won't have to dump the fiat garbage.

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Quote from: Newchanka on November 02, 2019, 01:36:09 AM

The Bitcoin whitepaper was released in English, how did the Chinese get sointerested ahead of others that they dominate mining of bitcoin?

Language is not a major problem factor and English is an international language and many countries master it, China is a country famous for industrial and technological development, so nothing is impossible for the country of China.

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