The prices are going to go down but it will be a temporary thing because people will move on and the mining companies that were shut down in China can relocate to other places that have a more relax regulation and no looming Damocles' sword is hanging on their head for mining bitcoin.
my idea is: low hashrate low value. Cause the btc price go up when the hashrate go up 
Topic: Mining plants in China are shutting down. How will this be reflected on Btc - page 2. (Read 551 times)
June 18, 2021, 04:19:44 PM
June 18, 2021, 05:56:00 AM
The prices are going to go down but it will be a temporary thing because people will move on and the mining companies that were shut down in China can relocate to other places that have a more relax regulation and no looming Damocles' sword is hanging on their head for mining bitcoin.
June 18, 2021, 05:54:40 AM
Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.
China banned thousand times already related to cryptocurrencies so this is not going to affect anything and I don't see there is any drop in the mining operations or need of high hast rates since the number of unconfirmed transactions are less than 5K in the recent times. 
June 17, 2021, 05:42:17 PM
I heard there was a nuclear accident at a new generation Chinese power plant. Didn't the blackout start from there?
That nuclear powerplant is in Guangdong, only there provinces matter for bitcoin mining and those are Inner Mongolia, Xinjiang and Sichuan.
Besides, there was no blackout reported and I don't even know if they've halted the reactor at all, oh, btw, the reactors are french made, China has only one home-built PWR reactor.
https://www.reuters.com/world/china/what-happened-chinas-taishan-nuclear-reactor-2021-06-15/
It could but the effect was not huge and it recovers back shortly. Why? Because we are not only relying on China, a lot of countries that have crypto mining business and they are enough to cater to the huge number of transactions without China's support.
Nothing recovered and it won't be short at all.
The difficulty a month ago was 25.05 T, then it dropped -15.97 % to 21.05 T then again - 5.30 % to 19.93 T and now we're looking at another -10% drop.
Overall a 30% drop since May and lower than in October a year ago when BTC was at 10k.
And you have the wrong idea about how the number of miners influences the number of transactions, and the fact is that they don't!
June 17, 2021, 03:22:37 PM
Bitcoin getting rid of china is something I always loved, it is something we should always cherish, it is something we should be happy about, it is china for Christ sake you can't even say "president is a bad person", you will be jailed and even worse you could be killed, just for saying that, I know I do not live in worlds greatest place but at least I can say my president is a bad person, or the party that is in charge is a horrible party, I can say that.
Now, if a nation that is ruled by dictatorship keeps the control of bitcoin market by keeping the miners at bay? That would be horrible and so far it has been sort of like that, he wasn't controlling but it was under his control which is why I think it is quite good that we do not end up more and more miners there, even USA (which has higher electricity rate) has more and more miners because you are more free there.
Now, if a nation that is ruled by dictatorship keeps the control of bitcoin market by keeping the miners at bay? That would be horrible and so far it has been sort of like that, he wasn't controlling but it was under his control which is why I think it is quite good that we do not end up more and more miners there, even USA (which has higher electricity rate) has more and more miners because you are more free there.
June 17, 2021, 01:50:50 PM
This is actually a common reason why some countries ban bitcoin activities because it really can cause some problem such electricity outage and etc. But mostly based what i saw in some news like in other country they don't ban bitcoin wherein they need authorization just to minimise the activity to avoid such problems again .. So perhaps china will do the same as they are the most popular when it comes mining, And this is just a temporary news and not up to date in personal opinion.
I think the opposite, one of the great things about mining bitcoin is that it is a portable source of consumption of energy, one of the problems with renewable sources of energy is that you need to be at a specific place to obtain that energy and many times there are not cities there so you need to transmit that energy long distances and this has a cost, mining allows you to consume that energy at a lesser cost and to develop more of this clean energy and yet people do not see this and think that bitcoin is a danger to the environment when this is clearly not the case. June 17, 2021, 10:33:10 AM
Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.
It could but the effect was not huge and it recovers back shortly. Why? Because we are not only relying on China, a lot of countries that have crypto mining business and they are enough to cater to the huge number of transactions without China's support. And to know what, we are not considering China as a part of crypto development, maybe before but not now. For how many times that they are Banning crypto, banned those mining companies, there is nothing to expect with this country.
June 17, 2021, 09:28:30 AM
China is a country that has long been home to more than half of the world's bitcoin miners, and it is estimated that almost 75% of the world's bitcoin mining takes place in China and with so many miners carrying out mining activities it certainly consumes a lot of electricity supply, because the bitcoin mining process itself requires an energy source which is intensive enough to generate new coins and record all existing digital token transactions and certainly have an impact on China's electricity needs in other areas that may require more electricity.
Now the Chinese government has expelled many miners from the country and most likely the miners will migrate to Texas (United States) because it is said that Texas has the cheapest electricity in the US and even the cheapest in the world.
Now the Chinese government has expelled many miners from the country and most likely the miners will migrate to Texas (United States) because it is said that Texas has the cheapest electricity in the US and even the cheapest in the world.
June 17, 2021, 07:36:23 AM
Absolutely no effect in my opinion.
BTC's long term health does not depend on Chinese interest or miners. This has been proven over and over again.
The same people who are concerning themselves with the current dump and attributing it to Chinese bans are the same ones who panic sold in 2017 when Chinese regulations tightened and yet BTC went up to 20k shortly after. People are really myopic and don't appreciate the true nature of decentralisation - to combat precisely these bannings.
BTC's long term health does not depend on Chinese interest or miners. This has been proven over and over again.
The same people who are concerning themselves with the current dump and attributing it to Chinese bans are the same ones who panic sold in 2017 when Chinese regulations tightened and yet BTC went up to 20k shortly after. People are really myopic and don't appreciate the true nature of decentralisation - to combat precisely these bannings.
June 16, 2021, 02:50:21 PM
I heard there was a nuclear accident at a new generation Chinese power plant. Didn't the blackout start from there? Then there is also to add that it should not only deal with mining rigs but also pools. Let's not forget that f2pool and poolin, just to name a few, are Chinese.
June 14, 2021, 06:24:11 PM
China has the majority of the mining firms, and the same has made Bitcoin market depend on Chinese economy. Right now things have changed, and if someone is leaving the market then the vacant space is getting filled in no time by another person. This means if a Miner/large number of miners leave the network, there are many other waiting to get in. So this won't make a big impact on Bitcoin market. Maybe there'll be short term impact.
Just right before Elon Musk announced that Tesla will be accepting Bitcoin again and this has been circulating around already. It's seems like it's not a FUD but it would dramatically affect the Bitcoin market although we haven't seen a negative effect yet, I guess this is due to Elon Musk announcement.How will the miners make a solution about this? Maybe they have to transfer to another country since their miners are banned due to the massive blackout but if they won't then there would be a slight effect on the market anytime soon.
June 14, 2021, 05:12:39 PM
China has the majority of the mining firms, and the same has made Bitcoin market depend on Chinese economy. Right now things have changed, and if someone is leaving the market then the vacant space is getting filled in no time by another person. This means if a Miner/large number of miners leave the network, there are many other waiting to get in. So this won't make a big impact on Bitcoin market. Maybe there'll be short term impact.
Majority of the mining farms were located in China but how come that means that the Bitcoin market is depending on the Chinese economy , this is not a right statement and most of these miners will be moving outside the country and we are well aware that they do not have any cryptocurrency exchanges and when they had they usually fake their numbers and tried to manipulate the market for a long time. June 14, 2021, 04:05:41 PM
mining is banned in CHINA. Each province will decide the timing to remove mining from their area. Right now they just got notice so I would assume at least 30 days
A nationwide ban on BTCitcoin mining? Would you mind providing a "reliable" source in regards to that? I've tried looking for it on google but had no luck and lately, I've been reading a lot of conflicting news coming in/out of China.- If what you've written here is indeed the case, then it could have some bad long-term effects [I'm referring to most of the ASIC manufacturers as opposed to its price].
June 14, 2021, 06:54:25 AM
China has the majority of the mining firms, and the same has made Bitcoin market depend on Chinese economy. Right now things have changed, and if someone is leaving the market then the vacant space is getting filled in no time by another person. This means if a Miner/large number of miners leave the network, there are many other waiting to get in. So this won't make a big impact on Bitcoin market. Maybe there'll be short term impact.
June 14, 2021, 06:04:34 AM
This is actually a common reason why some countries ban bitcoin activities because it really can cause some problem such electricity outage and etc. But mostly based what i saw in some news like in other country they don't ban bitcoin wherein they need authorization just to minimise the activity to avoid such problems again .. So perhaps china will do the same as they are the most popular when it comes mining, And this is just a temporary news and not up to date in personal opinion.
June 14, 2021, 12:32:03 AM
When BTC was rallying past $50K many miners were taking profits but later on they stopped selling, then when news of China cracking down came there were reports of some miners selling their coins.
In the end it doesn't really matter. The same amount of coins is released everyday whether there are more or less miners. Thats how difficulty works. Most likely these rigs will just be shipped to another country like Iran and they will be powered back up there. So the same miners will be back however they might have more expenses now since they had to relocate and might sell more BTC as a result however this should be very little.
In the end it doesn't really matter. The same amount of coins is released everyday whether there are more or less miners. Thats how difficulty works. Most likely these rigs will just be shipped to another country like Iran and they will be powered back up there. So the same miners will be back however they might have more expenses now since they had to relocate and might sell more BTC as a result however this should be very little.
June 14, 2021, 12:09:32 AM
Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.
I don't think that China will completely ban the mining operations because it has its good and bad to their own country as well, but if they decides to close then these mining farms will simply move to other countries and keep making profits.quite developed and quite reliable. Moreover if they uses renewable energy by choosing the right place probably increase the odd of getting the permit.
Also chinese miner could just move to taiwan, I heard it's permitted there, remember mining in China is different than mining in Taiwan.
June 13, 2021, 03:52:43 PM
Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.
I am looking for a decentralized system and closing down mining farms is not good at all and that does not mean one less competition to earn mining rewards, you cannot think like that because the strength of the network is determined when more people are supporting the network. That been said these shutting down will not affect the price as they will be moving to other locations and we do not have hash power issue right now as the problem is sorted when the difficulty was adjusted.
June 13, 2021, 12:14:56 PM
bitcoin is currently over sold and the trend is side way so no matter what new thing comes out whether FUD or real it won't change that because there is no way to push it any lower and the price isn't ready to go back up again and we are left with disappointing market.
i'm curious why altcoins are still dumping since they should be pumping while bit coin goes side ways.
i'm curious why altcoins are still dumping since they should be pumping while bit coin goes side ways.
June 13, 2021, 12:11:19 PM
Due to the big blackout in China, the government has decided to ban mining and I have verified that, indeed, many mining facilities are closing. I have seen that there has been a nice cut of hashpower but, I have also found that some hosting centers have closed. This could be good because fewer miners would have more income.
The situation in China has been unstable for some time for what I have read, this is something that no business will ever want so I think that what we are seeing is that those mining operations will relocate to other countries and then start mining again, even if they are not as profitable as before this is better than to have to deal with a government that does not know what to do with the miners, and while this is a problem during the short term overall this is good for the long term as China losses control over bitcoin mining. Jump to: