Topic: If China Ban , Bitcoin Hashrate Will Drop ? (Read 680 times)
Hashrate will drop temporarily if everyone stops at once but other people will see the profit and hashrate will return to normal. So China or not, that doesn't change anything, much.
I would love to see hashrate drop for one. Gpu mining at home is basically dead because bitmain and the other big boy companies bullied everyone else out. Give the litle guys a chance for once.
Realistically, even if bitmain where to stop mining, Bitcoin will never be able to be mine with GPU again with the current difficulty, at least, not profitably but someone could do it as a hobby even though they would most likely lose money with electricity expenses.
What would mining company like Bitmain do with their mining devices? They cannot left it, just move to another country. The hashrate might drop in the first months but i think it will back to normal soon.
I would love to see hashrate drop for one. Gpu mining at home is basically dead because bitmain and the other big boy companies bullied everyone else out. Give the litle guys a chance for once.
Hello Everyone,
I have a quastion , if china ban miner , bitcoin hashrate will drop back to 2013?
Bitcoin difficult so high because for china miner around 70%
Thanks~
I haven't expext that this will be true because, in the first place china have the biggest contribution in mining they have the most miners like bitmain. It was not easy to shutdown and if they do it i know that there is alternative maybe it will not bitcoin as my opinion. I will going to believe once the news becomes real and not only the create a money to take down the bitcoins price. I have a quastion , if china ban miner , bitcoin hashrate will drop back to 2013?
Bitcoin difficult so high because for china miner around 70%
Thanks~
You are worrying too much buddy. If China does go through with the ban, the mining companies like Bitmain etc won't just shut shop, but would relocate to other countries where they can continue their operations smoothly in a legal manner.
Understood, but I was also wondering if mining would drop at least temporarily, assuming the current miners in China did not make plans in advance as to where they were going to relocate to, and assuming also that they are going to relocate. They won't give up a profitable operation like that easily, I don't think but it might take time to establish a mining farm in another country.Why would it go down?Yeah there are a huge percentage of bitcoin miners there in china but im pretty sure they can easily transfer their operation to another country it may drop for a while?but it will be good in just a few days
Yes, it sounds easy enough but sometimes reality doesn't match our idea of easy, does it? But whatever the outcome, I am hoping China's stupid ban doesn't affect these miners, because the network does need their hashing. 
Yes it will drop for sure.
Because of the mining and exchanges are belongs to china. Surely hashrate will fall for 100 percent.
May mining business and exchanges from the other countries will capitalize the china's place in crypto world.
Because of the mining and exchanges are belongs to china. Surely hashrate will fall for 100 percent.
May mining business and exchanges from the other countries will capitalize the china's place in crypto world.
Why would it go down?Yeah there are a huge percentage of bitcoin miners there in china but im pretty sure they can easily transfer their operation to another country it may drop for a while?but it will be good in just a few days
I do not think that the hashrate will fall very much, because already now the Chinese miners are considering options for moving their facilities to other, more loyal to the cryptocurrency and miner countries.
What told is correct when China started to ban ICO and told all exchanges to shut down till rules and regulations are not formed , from that time most of the bitcoin users and miners have started to shift their mining location to other place where they can mine legally and it is cost effective. So it can be temporary problem but it will not impact much.
I believe that China does not approve bans on Bitcoin in the future. Because many countries now start accepting and protecting Bitcoin. China is an economic powerhouse, and they will soon catch the size of society instead of ignoring it. I believe this will be an excellent opportunity for Crypto investors in this country soon after China accepts Bitcoin.
I do not think that the hashrate will fall very much, because already now the Chinese miners are considering options for moving their facilities to other, more loyal to the cryptocurrency and miner countries.
Is China planning to block bitcoin because of electricity problems? or is there another reason? isn't China pro on the blockchain but counter to crypto? if it really happens then this is like a disaster because half of the network is probably located in China
there is some assumption that it is because of the plan of china to introduce their own cryptocurrency but an article came out that the possible reason is to save an environment and seriously wasting resources.
https://www.engadget.com/2019/04/10/china-ban-bitcoin-mining-wasted-resources/
https://qz.com/1590655/chinas-proposed-ban-on-bitcoin-mining-is-about-the-environment-and-capital-flight/
Though I am more inclined to agree with this article :
https://medium.com/datadriveninvestor/why-is-china-banning-bitcoin-mining-on-may-7-81a95f6884a7
Quote
Two more reasons
Those reasons are diametrically opposite:
Considering everything Chinese Government estimates that Bitcoin is trash and they don’t want citizens to invest into something where they will sure lose their shirts.
OR
Considering everything Chinese Government estimates that Bitcoin is a clear winner of the crypto world and they don’t want citizens to invest money into something that cannot control. Control gene, remember?
Those reasons are diametrically opposite:
Considering everything Chinese Government estimates that Bitcoin is trash and they don’t want citizens to invest into something where they will sure lose their shirts.
OR
Considering everything Chinese Government estimates that Bitcoin is a clear winner of the crypto world and they don’t want citizens to invest money into something that cannot control. Control gene, remember?
For a short time the hashrate will surely drop but i am sure mining companies have a safety plan in case this happens because we are talking about millions of dollars here. They will probably look for another country similar to China and move their equipment there, even if thats going to cost them a lot of money i think thats the only solution they have if they still want to continue their businesses.
It seems what you like to say is this. What will happen it China bans bitcoin mining? That should be the proper question and topic.
Anyway, the leading mining company that has a huge mining data center and is the number one producer of bitcoin mining hardware across the globe is bitmain. They are selling antminer and the recent miner they are selling is the T9. But lets go back to the topic. If China will ban bitcoin mining it does not mean that Chinese bitcoin miner especially bitmain will stop mining. They will just relocate their company along with their hardware to other parts of the world. Bitmain have already earned hundreds of millions from this trade they will not stop even in the face of bitcoin mining ban.
Anyway, the leading mining company that has a huge mining data center and is the number one producer of bitcoin mining hardware across the globe is bitmain. They are selling antminer and the recent miner they are selling is the T9. But lets go back to the topic. If China will ban bitcoin mining it does not mean that Chinese bitcoin miner especially bitmain will stop mining. They will just relocate their company along with their hardware to other parts of the world. Bitmain have already earned hundreds of millions from this trade they will not stop even in the face of bitcoin mining ban.
China is one of the countries that mines bitcoin seriously, they almost have the best rigs in the world if china ban bitcoin for sure there will be a good effect to those miners who are left but always remember there are still other countries that can take those rigs meaning the difficulty will just decrease in a short period of time.
Hello Everyone,
I have a quastion , if china ban miner , bitcoin hashrate will drop back to 2013?
Bitcoin difficult so high because for china miner around 70%
Thanks~
Is China planning to block bitcoin because of electricity problems? or is there another reason? isn't China pro on the blockchain but counter to crypto? if it really happens then this is like a disaster because half of the network is probably located in China I have a quastion , if china ban miner , bitcoin hashrate will drop back to 2013?
Bitcoin difficult so high because for china miner around 70%
Thanks~
This is just a game for some miners, if the China bans the bitcoin and other crypto mining then the companies who are behind those huge mining industry will transfer their rigs to the other country, remember there were lots of countries that mining is not illegal.
First, China very extraordinary, China was able to defeat the United States from the economy sector. including in the world of Bitcoin and Crypto.
second, the climate of bitcoin users in China is actually quite dynamic and conducive.
third, China has a major contribution to Bitcoin mining. when BTC reaches 20K, BTC mining in China is considered a factor affecting the bullish market.
fourth, 80% of BTC mining is influenced by the state of China. what if the percentage is lost or decrease? of course, will affect the hash rate of BTC.
second, the climate of bitcoin users in China is actually quite dynamic and conducive.
third, China has a major contribution to Bitcoin mining. when BTC reaches 20K, BTC mining in China is considered a factor affecting the bullish market.
fourth, 80% of BTC mining is influenced by the state of China. what if the percentage is lost or decrease? of course, will affect the hash rate of BTC.
You are worrying too much buddy. If China does go through with the ban, the mining companies like Bitmain etc won't just shut shop, but would relocate to other countries where they can continue their operations smoothly in a legal manner.
Relocation takes time unless it was done years prior to that announcement. During those time, when China (assuming) ban's mining, the hashrate will heavily goes down making the next mining for block difficult, if a block is yet to be mined, transaction will not be confirmed so this means there will be tons of unconfirmed transaction piling up the blockchain. This will greatly affect the Bitcoin industry. This happen before and we see users competing for the transaction fee making the price of tx fee bloated to the point that it is more expensive than local remittance fee.
No any country is allowed to banned miner in any country you can mine easily and you can withdraw it from an other location
Is there a law that support this claim?
You are worrying too much buddy. If China does go through with the ban, the mining companies like Bitmain etc won't just shut shop, but would relocate to other countries where they can continue their operations smoothly in a legal manner.
I don't know where they will think to relocate too, they have pretty cheap electricity prices..
Reference:
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first of all that picture is from 2011 (8 years ago!) and it is not reliable. secondly it is reporting the "average" electricity cost not the exact one. in many countries there is a wide range of electricity cost, in some places it is very cheap while in other places inside the same country it can be extremely higher. so you can't really decide based on that!
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