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

serjent05

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Quote from: MIner1448 on April 03, 2023, 09:57:57 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, 12:48:10 PM

Quote from: FahriZah on March 28, 2023, 11:22:24 AM

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, 05:43:12 AM

Quote from: mv1986 on March 28, 2023, 03:53:31 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Even though this could be a bit outdated as well, I think this overview well demonstrates how shares in global mining operations shifted between countries: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, 11:22:24 AM

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

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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, 12:52:16 AM

Quote from: pgbit on March 28, 2023, 09:56:09 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, 01:12:34 AM

Quote from: worle1bm on March 28, 2023, 12:55:13 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, 08:54:43 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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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, 12:55:13 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, 09:56:09 PM

Quote from: coinremitter on March 28, 2023, 12:45:15 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, 09:56:09 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, 12:45:15 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, 06:26:44 PM

Quote from: coinremitter on March 28, 2023, 12:45:15 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, 12:45:15 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, 12:23:25 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, 12:45:15 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.

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Quote from: ringgo96 on March 28, 2023, 08:26:08 AM

China used to be known as the largest bitcoin mining country, but in the end they were strictly banned by the government and many miners at that time turned to other countries, to find safety so as not to become wasteful and violate government regulations, there are several countries that ban bitcoin mining because of the many flows they spend but all will run fast if the government can regulate bitcoin mining in their country then this will work with seriously and I believe the government can also benefit immensely.

Bitcoin mining ban in China does have a significant impact. When Bitcoin was Illegal and banned, all bitcoin miners in China began to move to several countries that still allowed bitcoin mining and still provided full regulation for bitcoin. The role of the government regarding regulation will be very important for the growth of bitcoin and some bitcoin miners. The regulations given are also balanced with sufficient electrical resources to support bitcoin mining. That is indeed one of the factors why China does not allow bitcoin miners anymore. Waste of electricity resources and the increase in temperature continues to occur.
The need to regulate Bitcoin miners is to be more planned, and the use of electric power is not too bloated. There must be alternative technologies made so that they do not have a negative impact on everything with various interests from all parties involved.

FahriZah

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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.

Kalchef

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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.

ringgo96

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China used to be known as the largest bitcoin mining country, but in the end they were strictly banned by the government and many miners at that time turned to other countries, to find safety so as not to become wasteful and violate government regulations, there are several countries that ban bitcoin mining because of the many flows they spend but all will run fast if the government can regulate bitcoin mining in their country then this will work with seriously and I believe the government can also benefit immensely.

Ndabagi01

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China did take the lead of the largest bitcoin mining in the world but there’s an abrupt decline to that some years back after there was total ban of bitcoin by the country. Satoshi Nakamoto the inventor of bitcoin has been mostly attributed to being an Asia man, more like a Japanese name, maybe that gave them the opportunity to become the largest miners in the world then.

Over the years, many countries have taken over and now lead china in the world largest bitcoin miners. The importance and use of digital currencies cannot be overemphasized anymore, all other countries have found interest in mining and are all utilizing the opportunity of owning the largest share of bitcoin in the world.

Godlovesyou

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Probably you didn't do a recent findings. China do not occupy such position even in the first place Americans does. Remember during Russian x Ukraine, China roll over some units of bitcoins to Ukraine as support which even bring them down the more. America has almost 40% of bitcoin mining.

Though China where very active in mining and they were ready go above any country since it was booming economy in the digital market.

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Quote from: coinremitter on March 28, 2023, 12:45:15 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?

Can you give those places where those mining operations are happening? It's because the news that we've probably seen a year or more ago was all about cracking down miners and everything that's related to bitcoin there.

But whether we like it or not, mining from everywhere in there won't stop even if the government steps in. Those miners will still find a way to use their miners as those investments from their equipment weren't that cheap to be stuck.

Godday

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I have also seen that China is the biggest cryptocurrency mining country in the world. Maybe we will get a lot of data out there but my friend from China once said that many Chinese people work in Bitcoin mining. This is the real thing. At that time the price of VGA increased dramatically and my friend was a trader of computer equipment and devices in China. But that was a long time ago before the Pandemic. I don't know how cryptocurrency mining is there at the moment but I think it has been on the decline as mining BTC has become harder and harder over the years.

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Quote from: Rigon on March 28, 2023, 05:54:09 AM

Quote from: coinremitter on March 28, 2023, 12:45:15 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?

As far as I know China is very behind in bitcoin mining. China was once the leader in Bitcoin mining, but when Bitcoin was banned in China, Bitcoin mining was destroyed. Some were jailed again. As a result of the ban, many miners do not keep bitcoins in their mines, which has already led to the collapse of bitcoin mining companies. Due to the ban some miners moved to different states and started mining there. Now as far as I know there are no miners or mining companies in China.

You may be somewhat true but there are many countries in the world where it is illegal to both use and generate bitcoins, then there are many people in those countries who generate and use bitcoins. I agree with you that when crypto was banned in China it had a huge impact on cryptocurrencies not just Bitcoin. But I heard many countries use bitcoins for cryptocurrency mining and trading.

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Quote from: Rigon on March 28, 2023, 05:54:09 AM

As a result of the ban, many miners do not keep bitcoins in their mines, which has already led to the collapse of bitcoin mining companies.

BTC isn't kept or stored in "mines", BTC is stored in BTC wallets. BTC mining companies also didn't collapse, some of them just relocated out of china because of their hostility to mining, and we cannot also be sure that there aren't some mining companies still mining BTC underground in China and using VPN to hide their IP addresses.

Quote from: Rigon on March 28, 2023, 05:54:09 AM

Now as far as I know there are no miners or mining companies in China.

We cannot be 100% sure that mining hashrate in China is now at 0, surely it has gone down, but there are probably secret miners still mining BTC in China.

Rigon

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Quote from: coinremitter on March 28, 2023, 12:45:15 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?

As far as I know China is very behind in bitcoin mining. China was once the leader in Bitcoin mining, but when Bitcoin was banned in China, Bitcoin mining was destroyed. Some were jailed again. As a result of the ban, many miners do not keep bitcoins in their mines, which has already led to the collapse of bitcoin mining companies. Due to the ban some miners moved to different states and started mining there. Now as far as I know there are no miners or mining companies in China.

tranthidung

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Quote from: mv1986 on March 28, 2023, 03:53:31 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!

karmamiu

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The information was when China was at its peak and the mining costs there isn't that much. Now adding the fact that they even banned bitcoin, miners tried to move to where they can be more productive, so statistics are now equally divided amongst many big time countries in the world. Before only China could proudly show off their mining power but now? not anymore, I will no longer add more sources since there are already plenty of sources given by our fellow members, besides that's the changers over these years.

348Judah

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Quote from: coinremitter on March 28, 2023, 12:45:15 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 will say maybe this your information was an old version of the reality happening as at bow, since China has lay ban on cryptocurrency in general, everything about bitcoin there has been minimized and alot of miners have relocated from China to other part of the countries suitable for them to mine, so i wouldn't admit this for now that China is the largest country having bitcoin miners, they might have been the one in the past but not anymore.

Merit.s

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Quote from: HedgeFx on March 28, 2023, 02:51:17 AM

Mining should be encouraged by the community, because without mining the entire crypto ecosystem cannot exist. Unfortunately there are countries where mining is impossible due to too high energy costs (as in Italy). I think that if this activity becomes illegal in the main countries where mining is done today, the crypto system could suffer serious consequences.

There will always be miners as long as bitcoin exists. Miners will always move to a country that is bitcoin friendly. We saw this in China who had the highest mining farm but after the ban on bitcoin and other cryptocurrency, miners relocated to other countries that encourages mining activities like the US and Kazakhstan. Mining consumes more power and their are some countries which cheapest power supply,which will boost up mining.

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China is already completely banned Bitcoin including mining, how you can say the largest Bitcoin miners are still operated in China? if someone still dare to mine Bitcoin, it's an illegal miner and sooner or later the police will discover him.

However even Bitcoin already banned in China, it doesn't make the other countries to ban Bitcoin too, so we shouldn't need to be fear when there's a country which want to ban Bitcoin again.

mv1986

legendary

Activity: 2058

Merit: 1166

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.

Though keep in mind that one the one hand Tokayev stated “We are ready to go further. If this financial instrument shows its further relevance and security, it will certainly receive full legal recognition”.

But on the other hand this article is just 1.5 months old, stating that energy usage for mining will be limited as they grids can't cope with the load. They also want to distribute official licenses. This once more goes into the direction of coerced control, presumably to the government's financial benefit.

NotATether

legendary

Activity: 1568

Merit: 6660

bitcoincleanup.com / bitmixlist.org

Quote from: hitsnorth on March 28, 2023, 02:30:35 AM

Lol, I never thought that Kazakhstan is mining more than Russia and Canada. The more you know.

Yeah, apparently, the majority of miners who fled China resettled in Kazakhstan and other Central Asian/ex-Soviet countries.

HedgeFx

sr. member

Activity: 1056

Merit: 405

Mining should be encouraged by the community, because without mining the entire crypto ecosystem cannot exist. Unfortunately there are countries where mining is impossible due to too high energy costs (as in Italy). I think that if this activity becomes illegal in the main countries where mining is done today, the crypto system could suffer serious consequences.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: coinremitter on March 28, 2023, 12:45:15 AM

What is your point of you on this?

That I'm paying 1 BTC for your time machine.

Quote from: worle1bm on March 28, 2023, 12:55:13 AM

You can check this article for more details : https://worldpopulationreview.com/country-rankings/bitcoin-mining-by-country

Don't use that source, they are simply stealing obsolete data from
https://ccaf.io/cbeci/mining_map
without quoting the source and of course the methodology:
https://ccaf.io/cbeci/mining_map/methodology

which clearly states:

Quote

This behavior is best illustrated by the persistently high reported shares of countries like Germany and Ireland where, as far as we can tell, no meaningful mining activities exist.

Second, and more importantly, the whole thing that should be an explanation was written by either a malfunctioning bot or a 7 year old:

Quote

It is also home to a desert where 50,000 computers are established in Ekibastuz so that the miners can get it down.
Here, bitcoin miners work 12-hour shifts for two weeks straight until the bitcoin is mined.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

What is YOUR point on this? hehe China has always had the largest miner concentrations, whether it was legal or not or even if legality is the issue!! But you must have missed the last few years of news that miners moved out. Those that remain are under the radar.

That is just called economics. You go where the cost is the cheapest. And regulations can be expensive to avoid.

hitsnorth

jr. member

Activity: 145

Merit: 1

Quote from: worle1bm on March 28, 2023, 12:55:13 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.

Lol, I never thought that Kazakhstan is mining more than Russia and Canada. The more you know.

Outhue

sr. member

Activity: 686

Merit: 403

Yes china is not the largest bitcoin miners anymore, their government put a heavy ban on crypto mining and many asic miners were destroyed, that's after putting up a warning message that all miners should stop mining with immediate effect and some went underground, they are later apprehended, some went to prison because they failed to follow the instruction. I have two families in China and they always give me updates on what is happening in China pertaining the mining issue, many Chinese people start selling off their graphic cards and Asic miners, that was how I helped someone to get some graphic cards for cheap price before Ethereum dumped proof of work.

MusaMohamed

sr. member

Activity: 966

Merit: 306

Quote from: coinremitter on March 28, 2023, 12:45:15 AM

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!

After China cracked down Bitcoin mining in , total country shares of China dropped a lot.

In Jan 2022, Mainland China contributes 21.1%, USA (37.8%), Kazakhstan (13.2%) and I am sure that from 2022 to 2023, mining activities increase in the USA. and other nations more than in China.

Mining map (CBECI). Don't know why they don't keep it updated.

Bitcoin mining by country 2023

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%

Data can be not very correct with disappearance of mining pools from China but I am sure 60% is not correct.

worle1bm

full member

Activity: 1834

Merit: 166

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.

coinremitter

jr. member

Activity: 217

Merit: 1

At a time china is the largest cryptocurrency miner. what you think of china and its mining process let's discuss!

Topic: what you think about china in terms of cryptocurrency and mining process (Read 451 times)