what you think about china in terms of cryptocurrency and mining process

serjent05

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Quote from: MIner1448 on April 03, 2023, 10:57:57 AM

China is one of the largest cryptocurrency miners in the world and its share in the mining of bitcoin and other cryptocurrencies has been huge. However, the recent actions of the Chinese government have shown that they do not approve of the cryptocurrency mining process, especially in light of climate change. The Chinese government is forcing cryptocurrency miners in the country to shut down their operations, resulting in a significant reduction in China's bitcoin mining capacity.

China used to be one of the largest cryptocurrency mining places but due to its recent regulation banning miners in their jurisdiction. China is now not ranked among the largerst mining operation but instead USA replaces it. China is hostile to cryptocurrency since they have its own CBDC implementation. I think China will stay hostile and will push their CBDC to its citizen and will have the same stance against the crypto mining industry.

Quote from: Dunamisx on April 01, 2023, 01:48:10 PM

Quote from: FahriZah on March 28, 2023, 12:22:24 PM

In The Crypto Currency World's If Anyone Thinking Crypto Not Possible To Without China Because China Have So Many Popular Mining Platform And World's Biggest Mining Country Also China So Country China Is World’s Largest Bitcoin Mining Country.

China cannot be a considerable alternative when it comes to bitcoin mining and that's if the miners also exist as before in China, provided that the country is well known for it technological development in an advanced economy doesn't mean that it's the best when it comes to bitcoin mining, especially after the whole ban was made in China, though some people may still be doing that using a renewable energy source but you cannot compare the percentage in terms of computing hash rate to that of a mining rig in an open environment where bitcoin mining is permitted.

Indeed, a country that forbids crypto mining activities will never be an alternative due to its regulations.

mv1986

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Quote from: tranthidung on March 28, 2023, 06:43:12 AM

Quote from: mv1986 on March 28, 2023, 04:53:31 AM

Even though this could be a bit outdated as well, I think this overview well demonstrates how shares in global mining operations shifted between countries:

The article on Cointelegraph also says that it was Kazakhstan to welcome Chinese miners after the government started cracking down on them.

They used data from CBECI with last data point is in January 2022.

I have my topic about it but with different visualization up to August 2021. I perhaps will update it today or tomorrow with data up to January 2022.

However if you read my topic and follow discussions there, you will see their methodology for data collection have some assumptions and potential weakness.

Only the Assumption 1 is enough to tell us about lack of data accuracy

Quote

Assumption 1: IP addresses of mining facility operators are an accurate indicator of hashrate location.

After a few months of China crackdown on mining. Check it out!

I think when it comes to topics like these there will never be perfect data available. Is it theoretically possible to technically gather 100% in perfect data points to geolocate hash rate? As you said assumption is already a weakness, but is there even a way that could guarantee close to 100% or even the full 100% accuracy?

It would at least be good to know if the data is approximately correct or whether it could also be totally off. Now some of the numbers make perfect sense as they are in line with most of the reports you can find on the Internet and the crash in Chinese hash rate also makes sense. I wonder why for July and August 2021 the data points are missing. What would be the reason for that?

MIner1448

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China is one of the largest cryptocurrency miners in the world and its share in the mining of bitcoin and other cryptocurrencies has been huge. However, the recent actions of the Chinese government have shown that they do not approve of the cryptocurrency mining process, especially in light of climate change. The Chinese government is forcing cryptocurrency miners in the country to shut down their operations, resulting in a significant reduction in China's bitcoin mining capacity.

Dunamisx

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Quote from: FahriZah on March 28, 2023, 12:22:24 PM

In The Crypto Currency World's If Anyone Thinking Crypto Not Possible To Without China Because China Have So Many Popular Mining Platform And World's Biggest Mining Country Also China So Country China Is World’s Largest Bitcoin Mining Country.

China cannot be a considerable alternative when it comes to bitcoin mining and that's if the miners also exist as before in China, provided that the country is well known for it technological development in an advanced economy doesn't mean that it's the best when it comes to bitcoin mining, especially after the whole ban was made in China, though some people may still be doing that using a renewable energy source but you cannot compare the percentage in terms of computing hash rate to that of a mining rig in an open environment where bitcoin mining is permitted.

BTCBroker2016

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Kind of dangerous, considering political condition everything might be shut down in seconds

CarnagexD

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I think China made a huge decision in crashing down cryptocurrency mining because of energy consumption and financial risks that they saw and it a kind of decision that most countries cannot afford because of its people. They did it at the earliest possible time to ban mining before cryptocurrencies go wide but I'm seeing that there is still a chance to get back to mining. If I were a citizen or a resident of China, I won't be able to optimize the benefits that cryptocurrency has to offer.

Tho the government of China is just doing it's job by implementing what they think is good for their people which is reducing carbon emissions and transitioning to a more sustainable economy, someday they would have to accept the consequences of those.

Quote from: Helena Yu on March 29, 2023, 01:52:16 AM

Quote from: pgbit on March 28, 2023, 10:56:09 PM

I think it is great that China is the world’s largest producer of Bitcoin mining. This shows how powerful and influential China is in the cryptocurrency industry. With the amount of Bitcoin produced in China, it is clear that the country is a major player in the cryptocurrency market and is likely to remain so in the future.

Before creating a post, make sure you're already read the other replies too, have made few research and not only agree with any words written by @OP. As you can see the quoted part below, China already ban Bitcoin mining since 2021, there's no more mining activity you can find in China because it's illegal.

Bitmain headquarter company was in China, but it seems they're already move to United States because they're failed to launch IPO in China.

Quote from: https://worldcoin.org/articles/china-crypto-ban

China sent shockwaves through the blockchain sector in 2021, when it announced extreme restrictions on Bitcoin (BTC) mining and crypto trading. It imposed the ban in phases, and by late-September 2021, the government put a stop to all crypto transactions. Within months, Bitcoin's hash rate plummeted, and Chinese crypto exchanges left the country, leaving many BTC supporters unsure of how the industry would recover after Beijing's ruling.

I had to verify which is which in these replies because I haven't heard any news that China is back on its feet again in mining. Tho there are some miners that started mining again after moving overseas or using remote tools while being inside the country, mining remains uncertain in China.

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Quote from: Reatim on March 29, 2023, 02:12:34 AM

Quote from: worle1bm on March 28, 2023, 01:55:13 AM

China was main mining center in the past but it has put a complete ban on bitcoin mining which has lead to hashrate distribution across the globe and now China is no longer biggest player.You can check this article for more details : https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

Quote

United States: 35.4%
Kazakhstan: 18.1%
Russia: 11.23%
Canada: 9.55%
Ireland: 4.68%
Malaysia: 4.58%
Germany: 4.48%
Iran: 3.1

Moreover Mining is a process through which new coins come into circulation not confirming the transactions and whenever a block is found the transactions are added in that block in blockchain of which the transaction fees goes to miner along with the block rewards.

Yeah I don't know where did OP get this standard as China already Banned Bitcoin and yes Miners are already Fled the country and divert/migrate to other countries.

But really? Kazakhstan is the second largest mining country in the world now(second to USA? even Bigger than Russia?

thanks for this share mate , I never learn this till now.

Some news said the report stats is innacurate but there are many Chinese people who are still mining even though mining crypto is banned in China. However the operation is hidden most of them hiding their miner through a proxy and the source of their power come from solars to hide their power consumption and presence from the public.

karmamiu

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Quote from: Kalchef on March 28, 2023, 09:54:43 AM

I get all my graphic cards from china because it's the closest foreign country to mine, and my suppliers have told me what was going on with crypto miners in China, it was like a war on drug, the government hate the sight of Asic miners and only those selling to other foreign countries are left to do their businesses, you can't be in china and be mining Bitcoin.

That sounds bad for those who are miners, and that also means they have to evacuate or migrate to another country if they want to continue mining. In terms of technology, it is arguable that China is one of the leading suppliers of some technological parts like what you've said graphic cards. Years ago, I have also ordered from them a raspberry pi to help my former classmate about his robotics competition. For us living in Asia, China has become a primary source of those techs and aside from we didn't have to spend so much for shipping fees, they also offer good quality products depending on which supplier you chose. At that time also they are the ones who heavily supported crypto and mining industry, it's just funny how the tables turn and now they are against the very idea they supported.

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if you look at your acics machine, bang, made in china.

Flexystar

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Ok so OP is old or they do not have updated news (which is really old) that bitcoin mining was banned completely long ago. It’s sad that many of the users do not have updated knowledge base. If China was still contributing to the bitcoin mining at the highest rate then they would have also added more power to it and more higher version would have been in the market to mine it. That’s why it’s sad that china backed out really soon from it. I don’t know just now I read the news that out of rivalry China is now accepting crypto deposits so that more businesses can jump in. I believe in no time we will hear that China has started the mining process again.

Reatim

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Quote from: worle1bm on March 28, 2023, 01:55:13 AM

China was main mining center in the past but it has put a complete ban on bitcoin mining which has lead to hashrate distribution across the globe and now China is no longer biggest player.You can check this article for more details : https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

Quote

United States: 35.4%
Kazakhstan: 18.1%
Russia: 11.23%
Canada: 9.55%
Ireland: 4.68%
Malaysia: 4.58%
Germany: 4.48%
Iran: 3.1

Moreover Mining is a process through which new coins come into circulation not confirming the transactions and whenever a block is found the transactions are added in that block in blockchain of which the transaction fees goes to miner along with the block rewards.

Yeah I don't know where did OP get this standard as China already Banned Bitcoin and yes Miners are already Fled the country and divert/migrate to other countries.

But really? Kazakhstan is the second largest mining country in the world now(second to USA? even Bigger than Russia?

thanks for this share mate , I never learn this till now.

Venik

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Quote from: pgbit on March 28, 2023, 10:56:09 PM

Quote from: coinremitter on March 28, 2023, 01:45:15 AM

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

I think it is great that China is the world’s largest producer of Bitcoin mining. This shows how powerful and influential China is in the cryptocurrency industry. With the amount of Bitcoin produced in China, it is clear that the country is a major player in the cryptocurrency market and is likely to remain so in the future.

But this data is outdated, China is not the top miner currently. Check it from here: https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

United States: 35.4%
Kazakhstan: 18.1%
Russia: 11.23%
Canada: 9.55%
Ireland: 4.68%
Malaysia: 4.58%
Germany: 4.48%
Iran: 3.1

Helena Yu

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Quote from: pgbit on March 28, 2023, 10:56:09 PM

I think it is great that China is the world’s largest producer of Bitcoin mining. This shows how powerful and influential China is in the cryptocurrency industry. With the amount of Bitcoin produced in China, it is clear that the country is a major player in the cryptocurrency market and is likely to remain so in the future.

Before creating a post, make sure you're already read the other replies too, have made few research and not only agree with any words written by @OP. As you can see the quoted part below, China already ban Bitcoin mining since 2021, there's no more mining activity you can find in China because it's illegal.

Bitmain headquarter company was in China, but it seems they're already move to United States because they're failed to launch IPO in China.

Quote from: https://worldcoin.org/articles/china-crypto-ban

China sent shockwaves through the blockchain sector in 2021, when it announced extreme restrictions on Bitcoin (BTC) mining and crypto trading. It imposed the ban in phases, and by late-September 2021, the government put a stop to all crypto transactions. Within months, Bitcoin's hash rate plummeted, and Chinese crypto exchanges left the country, leaving many BTC supporters unsure of how the industry would recover after Beijing's ruling.

pgbit

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Quote from: coinremitter on March 28, 2023, 01:45:15 AM

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

I think it is great that China is the world’s largest producer of Bitcoin mining. This shows how powerful and influential China is in the cryptocurrency industry. With the amount of Bitcoin produced in China, it is clear that the country is a major player in the cryptocurrency market and is likely to remain so in the future.

samcrypto

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Quote from: Scripture on March 28, 2023, 07:26:44 PM

Quote from: coinremitter on March 28, 2023, 01:45:15 AM

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

Maybe that list is not updated anymore since many mining companies in China already get out of that country and looked for alternative place to mine this is due to the pressure of the government and the unstable stand of China with regards to the legality of Bitcoin. We are close to mine every single Bitcoin, and the next halving will surely affect miners, let’s just hope that its value will rise as well and make mining worth it.

As Chinese government ban those mining and even cryptocurrency before so China is not a place for mining anymore. Their problem is legality and of course the cost of mining. This can still be profitable as we rely on those miners, and without mining we might experience shortage already. Other countries already adopt crypto and even accept mining as legal. In a few years more, mining will be more important.

Scripture

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Quote from: coinremitter on March 28, 2023, 01:45:15 AM

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

Maybe that list is not updated anymore since many mining companies in China already get out of that country and looked for alternative place to mine this is due to the pressure of the government and the unstable stand of China with regards to the legality of Bitcoin. We are close to mine every single Bitcoin, and the next halving will surely affect miners, let’s just hope that its value will rise as well and make mining worth it.

panganib999

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You're a little late to the news, AFAIK as early as 2020 they started to ban the operations of cryptocurrencies on their territories, including mining. For a second you had me thinking they reverted their decision sometime in the past lmao.

In any case, the ban was both a good thing and a bad thing for crypto. For instance, it lost one of its biggest contributors, which meant less people mining on the coins and with lower demands, the crypto industry experienced the effects firsthand for a bit, till it bounced back without anyone every knowing why. On the other hand, the loss of China as the biggest contributor distributed the opportunity to the rest of the countries who actively partake in mining. As it stands today, US is winning if I'm not mistaken.

borovichok

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Quote from: |MINER| on March 28, 2023, 01:23:25 PM

China not is it will be the China was the largest producer of bitcoin mining before the banning or crack downing the mining sector. China considers Bitcoin and its mining a threat to their economy and banned both Bitcoin mining and trading in May 2021, before that China was the largest country in the Bitcoin mining sector with not only just 60% it's up to 65% on some websites I saw up . But in the current context that is no longer the case. If they restart it, it will not only benefit them but also the entire global Bitcoin community.

Banning of Bitcoin mining really affected the entire operation of the project. It's the major reason behind the sudden dump of Bitcoin in the market which have stayed for a lengthy period of time. Owning 60% of the mining sector was a hugh one for China and balance stability was triggered in the space. China is a developed country, they're responsible for the high rate of mining of bitcoin. Bitcoin mining sector was labeled weak during 2021 section, but I believe the mining sector would bounced back stronger if there's lift of Bitcoin ban.

|MINER|

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Quote from: coinremitter on March 28, 2023, 01:45:15 AM

Mining is an extremely productive part of the business. Mining of cryptocurrency is the process of confirming transactions before they are placed on blockchain. China is the world’s largest producer of bitcoin mining. There are 6 major mining farms in china presently that produce 60 % of bitcoin supply all around the world!

What is your point of you on this?

China not is it will be the China was the largest producer of bitcoin mining before the banning or crack downing the mining sector. China considers Bitcoin and its mining a threat to their economy and banned both Bitcoin mining and trading in May 2021, before that China was the largest country in the Bitcoin mining sector with not only just 60% it's up to 65% on some websites I saw up . But in the current context that is no longer the case. If they restart it, it will not only benefit them but also the entire global Bitcoin community.

Asuspawer09

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There is already numerous news that bitcoin mining in China is starting to decline its reputation as a major player when it comes to bitcoin mining. China is a major player in bitcoin mining for many years and probably mines the highest percentage compared to a lot of countries. One of the factors I believed is that they could easily buy much cheaper hardware in China plus they have much cheaper electricity compared to other countries like japan, the UK, Italy, etc.

I mean China has a lot of restrictions on cryptocurrency, especially on bitcoin and we have since in the past years that China tried to ban it, they actually banned it but a lot of people could easily bypass it and you can't really control cryptocurrency, and its internet. But that was probably big news for miners since they can't operate anymore. But when bitcoin mining difficulty continues to increase it is going to affect a lot of mining and could easily affect the market price and bitcoin circulation. I don't know if its a good or bad thing.

Topic: what you think about china in terms of cryptocurrency and mining process (Read 440 times)