Is China's mining industry completely extinct?

philipma1957

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'The right to privacy matters'

Quote from: NeuroticFish on June 30, 2021, 12:09:06 PM

Quote from: lucky9475 on June 21, 2021, 11:36:24 PM

Now China's Xinjiang, Sichuan, Yunnan and other places have completely shut down all mines. At present, the computing power of the entire network has dropped very severely. There is no place for mining in China. Is it hiding at home?
Moreover, China's four major banks have already issued announcements prohibiting all transactions with digital self-currency. Without realizing channels, does mining still have a meaning?

1. We don't know for sure if this is indeed the case, we don't know if this is temporary, we know only whatever information we are allowed to find out.
2. Mining is a business. If a business man cannot do his business in a place, he may stop or may relocate. Mining can go well without China.
3. This world is way bigger than China. If China bans mining, it hurts temporarily, but it's good for long term. If China bans the use/trade of Bitcoin, it also hurts, but there are plenty of people in this world, Bitcoin will still be increasingly used and traded. And, as history has already shown, China bans on crypto just don't stay there forever.

It is a great thing for miners located elsewhere in the world.

I earn

0.00744750
0.00015931
0.00292845

or about 0.01053 a day

soon to be over 0.0132 a day

0.0132 = say 450 usd a day vs 358.

partner and expenses not included in this

NeuroticFish

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Looking for campaign manager? Contact icopress!

Quote from: lucky9475 on June 21, 2021, 11:36:24 PM

Now China's Xinjiang, Sichuan, Yunnan and other places have completely shut down all mines. At present, the computing power of the entire network has dropped very severely. There is no place for mining in China. Is it hiding at home?
Moreover, China's four major banks have already issued announcements prohibiting all transactions with digital self-currency. Without realizing channels, does mining still have a meaning?

1. We don't know for sure if this is indeed the case, we don't know if this is temporary, we know only whatever information we are allowed to find out.
2. Mining is a business. If a business man cannot do his business in a place, he may stop or may relocate. Mining can go well without China.
3. This world is way bigger than China. If China bans mining, it hurts temporarily, but it's good for long term. If China bans the use/trade of Bitcoin, it also hurts, but there are plenty of people in this world, Bitcoin will still be increasingly used and traded. And, as history has already shown, China bans on crypto just don't stay there forever.

SophiaZ

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Founder of PESP COIN, The People's Coin

Quote from: jeyzeus on June 30, 2021, 12:34:10 AM

Quote from: SophiaZ on June 29, 2021, 10:31:40 PM

There are still a lot of miners in China, those having GPU mining rigs at small places or at home are still mining.

you are in the bitcoin mining section. you can't mine bitcoin with a GPU..what people do is they mine other coins then automatically convert them to bitcoin. it does nothing to benefit the bitcoin network itself or provides security to the network, or interacts with the network in any way other than being a wallet that collects bitcoin. none of the hashrate you look at on blockchain.com includes GPUs. whenever you hear about a hash rate drop, no one is talking about the hash rate for the "GPU" rigs...no one really pays attention to those. Not even ETH cause they are abandoning them for Proof of stake. not trying to be a dick just trying to let you in on it cause you are new.

LOL, I know you can't mine bitcoin with GPU, OP's title is "China's mining industry" that industry include Bitcoin, ETH and all other PoW cryptocurrencies, no matter we are on the bitcoin forum or no, that's why I posted my msg. Just to clarify.

joker_josue

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**In BTC since 2013**

If you talk about global mining, in its various forms, then no!

If you're talking about Bitcoin mining, it's still hard to say whether it's over or not. Let's say it's in a pause phase.
China is a very large country, with many specialized people, who will certainly find ways to get around the rules in a minimally safe way to continue mining Bitcoin.

In fact, I see this as an opportunity for more energy-efficient mining machines to emerge. The best way to hide Bitcoin mining is that energy consumption is not detected by the network. In this sense, if mining equipment is developed, with good hashing capacity but low energy consumption, it will be easier to mine without being detected.

Is this possible? I believe so, because the need forces us to develop it. It hasn't been done so far, because the biggest recipients of the equipment didn't have a big concern about energy, because the energy cost was low.
Let's see how the market will react to this change.

Until then, the smaller miners will be able to take advantage of it to obtain more profitability.

jeyzeus

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Merit: 52

Quote from: SophiaZ on June 29, 2021, 10:31:40 PM

There are still a lot of miners in China, those having GPU mining rigs at small places or at home are still mining.

you are in the bitcoin mining section. you can't mine bitcoin with a GPU..what people do is they mine other coins then automatically convert them to bitcoin. it does nothing to benefit the bitcoin network itself or provides security to the network, or interacts with the network in any way other than being a wallet that collects bitcoin. none of the hashrate you look at on blockchain.com includes GPUs. whenever you hear about a hash rate drop, no one is talking about the hash rate for the "GPU" rigs...no one really pays attention to those. Not even ETH cause they are abandoning them for Proof of stake. not trying to be a dick just trying to let you in on it cause you are new.

SophiaZ

copper member

Activity: 34

Merit: 1

Founder of PESP COIN, The People's Coin

There are still a lot of miners in China, those having GPU mining rigs at small places or at home are still mining.

kano

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Linux since 1997 RedHat 4

Quote from: lucky9475 on June 21, 2021, 11:36:24 PM

...
Without realizing channels, does mining still have a meaning?

Yet another 'bitcoin will die' post like innumerable over the last 12 years.

If the hash rate drops, the difficulty drops at the next difficulty change. So what?

P.S. btc-room101 take the altcoin post to the scamcoin section where it belongs.

btc-room101

member

Activity: 182

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Enormous country, your talking about 1% of the country; the banking is a big deal for retail, but bitcoin originated by meeting in public, so it returns

Also GPU&HDD mining are enormous now in China, ppl use laptops to do GPU(ETH), and HDD(chia) is popular, so while bitcoin has been slapped, mining is not extinct

lucky9475

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Merit: 0

Now China's Xinjiang, Sichuan, Yunnan and other places have completely shut down all mines. At present, the computing power of the entire network has dropped very severely. There is no place for mining in China. Is it hiding at home?
Moreover, China's four major banks have already issued announcements prohibiting all transactions with digital self-currency. Without realizing channels, does mining still have a meaning?

Topic: Is China's mining industry completely extinct? (Read 184 times)