people are like 2 years out of date.
"china" mining is already diversified into other countries a long time ago.
georgia, iceland, eastern europe, america, and so on.
anyone who in 2019 continues to scream "china own/control mining" are the inept squad that love to sound like the fox news crowd of racists that dont get true factual information regularly
Topic: If China Ban , Bitcoin Hashrate Will Drop ? - page 3. (Read 680 times)
If China seriously bans Bitcoin, maybe the Chinese people will seriously ban the Chinese government. Then Bitcoin will go up like crazy. Hodl is a good idea.
china is the country that has more than miners than other country in the world, so usually they playing the price in the market, if bitcoin miner banned on china, i think the price of bitcoin will drop but, with stable price, because no more people play with bitcoin price anymore
Maybe the hash rate will drop significantly but also the difficulty which will make mining more profitable and will attract more miners. Some countries where mining is cheap will pick up the slack. Do not worry.
China is just one of so many places where you can mine, it will not drop that much. The mining industry will also survive because a lot of profitable miners are still doing their job. There’s no official news or what right now so we can still hope for a more good regulations.
For how long will people still believe and fall for this speculation on the idea that China is going to ban bitcoin mining. And more over, Bitcoin mining farms are not basically companies that have their billboards around giving people directions to where their locations are. So if bitcoin mining or cryptocurrencies get ban in China, people will still be mining Bitcoin in as much that there is a ban .....
No. China banning bitcoin mining will simply mean that miners will relocate.
There may be a temporary drop, but even that is very unlikely given that the rest of the world is still constantly in an increasing hashrate. Besides, this isn't news that is terribly new at all. China has announced their intentions long ago, and they've already done similar stuff to exchanges, which means that a lot of companies have probably already responded by moving operations out. This won't affect the actaul bitcoin network in any tangible way at all.
I think that they are probably more concerned about bitcoin itself facilitating the flight of capital, since it offers a way for citizens to bypass certain forex regulations. Their reasoning is probably something along the lines of people can use local currency to purchase the hardware, and gain BTC as a reward, which they can convert freely on the open market.
There may be a temporary drop, but even that is very unlikely given that the rest of the world is still constantly in an increasing hashrate. Besides, this isn't news that is terribly new at all. China has announced their intentions long ago, and they've already done similar stuff to exchanges, which means that a lot of companies have probably already responded by moving operations out. This won't affect the actaul bitcoin network in any tangible way at all.
I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.
I think that they are probably more concerned about bitcoin itself facilitating the flight of capital, since it offers a way for citizens to bypass certain forex regulations. Their reasoning is probably something along the lines of people can use local currency to purchase the hardware, and gain BTC as a reward, which they can convert freely on the open market.
I think if mining farms were to shut down it would be a good thing for decentralisation. I would rather the hashrate be in the hands of many individuals all over the world instead of in the hands of a few mining center owners. Satoshi's concept of "one cpu one vote" has been destroyed by these mining cartels.
Maybe the hash rate will drop significantly but also the difficulty which will make mining more profitable and will attract more miners. Some countries where mining is cheap will pick up the slack. Do not worry.
I don't think that the Hashrate will drop significantly. Okay, given that China is a big country that has many miners and they decided to ban mining in the future. But, that's only on their country not yours, not mine. So, if China does that then no, it will not drop.
What? You do know that the hash power of the network isn’t locally restricted, right? It’s not like there is a hash power rate for each country.China holds 81% of the network hash power[1]. If they ban mining, expect a huge increase in the total network block speed. Fees will probably go to the hundreds while the mempool fills up with tons of unconfirmed transactions. All of that in the ENTIRE network (you included).
[1] https://www.buybitcoinworldwide.com/mining/pools/
I don't think that the Hashrate will drop significantly. Okay, given that China is a big country that has many miners and they decided to ban mining in the future. But, that's only on their country not yours, not mine. So, if China does that then no, it will not drop.
A Chinese ban on mining would cause a drop in hashrate, but the hashrate would pick up over time as other countries pick up the slack - bitcoin mining tends to be self-correcting towards equilibrium according to its incentives. On the other hand, eliminating Chinese mining could spur more decentralization of mining, thus providing more security for the network in the long run.
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%
Even if there is a blanket ban on mining from the Chinese government there is nothing much to worry as there are many mining farms around the world and even if the hash rate drops they will adjust accordingly so that there is nothing much to worry about the delay in transaction in the long run, but there might be a issue in the short term. I am not sure what the Chinese government is planning as millions are at stakes who invested in big mining farms. Bitcoin difficult so high because for china miner around 70%
It may affect the hashrate but I believe it will be for short time only because the miners will have their own strategies how to continue operating in legal way. Any bad news related to bitcoin may affect bitcoin in general, but we should not be so worry.
Truly, China has a high influence on bitcoin but as at that, it doesn't mean if bitcoin is banned there, bitcoin won't survive. Bitcoin is already revealed and other altcoin are also available. The idea will be maintained in other countries and it will continue. It may take few time to gain balance but it doesn't mean it will die. If only they work against its survival by the strength of their technological capacity.
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.
Yes. I f they ban mining companies like bitmain and the like from china can still sell the equipment.Which is better for their customers so they know their miners were not used for mining like they would have been before the ban.
What is the actual source for china doing anything, they've flip flopped many times on crypto. Their ban of facebook and google hasn't stopped the success of these companies.
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 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~
Yes. Definitely. I am not sure about the percentage, but if I am not wrong then China contribute to the lion's share of Bitcoin mining hash-power. If all that is removed, then the hash rate can drop very significantly (at least for the short-term). I read somewhere that China contributes to around 80% of the hash-power. So you can imagine what happens if this 80% is taken out.
I never thought that China would close mining, China is known as the world's largest mining and also the most popular crypto investment
I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.
It seems to me as well that the opposite is true. Any legal business draws investments into the country one way or another. China will lose a lot if the ban is really imposed. As for Bitmain, it might suffer serious losses as well, but mining will probably still continue. So the hashrate might drop, but not very significantly.I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.
I'm not sure about the "flight of capital" excuse, but China pretty much took the "hurts the environment" reasoning. Which is quite weirder in my opinion, knowing that based on a few articles China has been pretty much one of the biggest plastic dumpers(in Asia, I think). Their excuse to ban bitcoin mining is pretty much BS to me.
I can never understand why politicians claim that mining Bitcoin causes a flight of capital. I suspect the reverse is true. You might just as well say that manufacturing cars causes a flight of capital, because auto-makers have to import the steel.
I'm not sure about the "flight of capital" excuse, but China pretty much took the "hurts the environment" reasoning. Which is quite weirder in my opinion, knowing that based on a few articles China has been pretty much one of the biggest plastic dumpers(in Asia, I think). Their excuse to ban bitcoin mining is pretty much BS to me.
So i dont really care at all on what would be the steps they are planning to take.
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