Topic: Which country has the highest percentage of miners? (Read 3316 times)
No surprise that the answer is China. A quick google search for 'Chinese bitcoin farms' will show you some unbelievable pics. Some of the mining farms in China are insane, they must make an incredible amount of money.
That must be china.
These mining machines are produced there and it cost for Chinese people cheap.
Even though the shipping is not much expensive it makes us who live in usa or eu make it not affordable
Another factor which affect the earning is the electricity, the best case is when it is completely free.
That must be china.
China would be effecient due to the relatively low cost of power. I bet they can get good deals on ASICs to be manufactured there too.
i never know that china has the biggest miners, so it means they have the biggest power to control bitcoin?
They are the biggest ASIC miner manufacturers so it would make sense to use them for themselves before selling them out.
i never know that china has the biggest miners, so it means they have the biggest power to control bitcoin?
I guess China is the leader when it comes to mining. Either the United states or China are the countries who have the most miners, that's for sure.
But we also need to differentiate between mining community and overall bitcoin community & user base. I think China is only strong because mining pools and huge farms, but that's it and hash power is not really valid indicator of popularity.
Quote from: VirosaGITS link=topic=1190873.msg12550102#msg12550102
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No o.O.
ALL transaction regarding the funds from the blocks after the fork will be invalidated. The destroyed fork will have all those transaction simply not exist in the final block chain.
I'm not talking about the nitpicky stuff. Or special circumstance.
You just can't have two people both get the 25BTC+TXfee per block. The end.
I don't know if i'm not explaining what i'm trying to say or something? Both fork will find the same blocks #, but there can only be one instance in the end. And whoever is in the destroyed fork will have no BTC from them after the merge. This also include the tx fee, the transaction, everything.
Sure but what i'm saying has nothing to do with coinbase per see. All transactions to and from coinbase would also get hit just like all non coinbase transaction as well. And coinbase would actually be less catastrophic internally because internal transaction doesn't go through the blockchain.
But regardless, even though it could be possible to operate, they would shut it down, since there is no way Coinbase or any proper exchange would continue to operate in those conditions.
Oh my bad, those are low level protocol stuff which are too complicated to explain imo, beyond the conceptual display that "Blocks are generated and credited from 0x address after being verified by the network".
But anyways all transactions would be invalidated, not just block generation, however so i didn't even think you could be talking about such low level details. It's just that the root of all problems does come from just that.
Quote from: VirosaGITS link=topic=1190873.msg12550102#msg12550102
[/quote
[/quote
No o.O.
ALL transaction regarding the funds from the blocks after the fork will be invalidated. The destroyed fork will have all those transaction simply not exist in the final block chain.
I'm not talking about the nitpicky stuff. Or special circumstance.
You just can't have two people both get the 25BTC+TXfee per block. The end.
I don't know if i'm not explaining what i'm trying to say or something? Both fork will find the same blocks #, but there can only be one instance in the end. And whoever is in the destroyed fork will have no BTC from them after the merge. This also include the tx fee, the transaction, everything.
Sure but what i'm saying has nothing to do with coinbase per see. All transactions to and from coinbase would also get hit just like all non coinbase transaction as well. And coinbase would actually be less catastrophic internally because internal transaction doesn't go through the blockchain.
But regardless, even though it could be possible to operate, they would shut it down, since there is no way Coinbase or any proper exchange would continue to operate in those conditions.
Quote from: VirosaGITS link=topic=1190873.msg12550102#msg12550102
[/quote
[/quote
No o.O.
ALL transaction regarding the funds from the blocks after the fork will be invalidated. The destroyed fork will have all those transaction simply not exist in the final block chain.
I'm not talking about the nitpicky stuff. Or special circumstance.
You just can't have two people both get the 25BTC+TXfee per block. The end.
I don't know if i'm not explaining what i'm trying to say or something? Both fork will find the same blocks #, but there can only be one instance in the end. And whoever is in the destroyed fork will have no BTC from them after the merge. This also include the tx fee, the transaction, everything.
Sure but what i'm saying has nothing to do with coinbase per see. All transactions to and from coinbase would also get hit just like all non coinbase transaction as well. And coinbase would actually be less catastrophic internally because internal transaction doesn't go through the blockchain.
But regardless, even though it could be possible to operate, they would shut it down, since there is no way Coinbase or any proper exchange would continue to operate in those conditions.
Quote from: VirosaGITS link=topic=1190873.msg12550102#msg12550102
[/quote
[/quote
No o.O.
ALL transaction regarding the funds from the blocks after the fork will be invalidated. The destroyed fork will have all those transaction simply not exist in the final block chain.
I'm not talking about the nitpicky stuff. Or special circumstance.
You just can't have two people both get the 25BTC+TXfee per block. The end.
I don't know if i'm not explaining what i'm trying to say or something? Both fork will find the same blocks #, but there can only be one instance in the end. And whoever is in the destroyed fork will have no BTC from them after the merge. This also include the tx fee, the transaction, everything.
If we talk about the hashing power, than i think that china wins by miles.
And if we talk about the no. Of people who mines bitcoins then i would say the name of usa or europe.
What i am trying to say is that china is having mining farms in bulk amd in usa and europe, people mine in their homes, this is not a fact but a speculation by me.
And if we talk about the no. Of people who mines bitcoins then i would say the name of usa or europe.
What i am trying to say is that china is having mining farms in bulk amd in usa and europe, people mine in their homes, this is not a fact but a speculation by me.
No its a extremely huge problem. People don't know *which* fork will be validated later on, the transaction from the destroyed fork will be invalidated, and will never get confirmed in the chain that survive.
What will everyone do if that happen? They will dump it down to 10 cents in one hour.
why not? as i said they are already signed and miners can just pick them up
No they can't. For example block X get mined on fork #1, it include XYZ transaction, that fund then get used later on, its on block X2.
Meanwhile the same happen on Fork #2, the same block has been found by someone else and fund are already moved are spent on fork #2 and it include different transaction. All those transaction can't be validated since the funds cannot be used twice. And destroyed transaction aren't returned to the mempool to be retried.
Instead the block chain repair itself and after the forks return to one chain, every fund that was spent on the other (destroyed) chain will be back to where it was when the fork happened.
Which means no one can put FIAT value on it since they don't know if the transaction done at the time will be validated.
that is only true if some party tries an malicous doublespent. in that case you are right.
but you should not assume that all bitcoin users are thieves. in case of a large split exchanges and other services will find ways to detect that (which probably means way longer conf-times on both chains than we are used to atm)
edit: btw this assumes that someone is able to broadcast a tx in both forks. if there is an internet connection between two forks there will be no fork at all
No... you don't understand;
Both fork will find the same blocks for a while, there's nothing to rebroadcast, you can't rebroadcast that you actually own all those BTC, because you just dont.
Only the chain that survive will decide who really own those blocks, which means from the destroyed chain, every blocks found, its fund and its and transaction included in and after those blocks will be completely invalidated and its completely impossible to rebroadcast those transactions, since the owner of those blocks will have changed;
The people people that found blocks and did transaction after the fork will see all of their actions reversed. You can't have a block reward twice, once for each fork.
Its just not.
You can have the wallet rebroadcast all the transaction and IF they had the fund before the fork, then sure they can then be accepted but that doesn't matter because at that point BTC will have crashed to nothingness because of the primary effect.
No o.O.
ALL transaction regarding the funds from the blocks after the fork will be invalidated. The destroyed fork will have all those transaction simply not exist in the final block chain.
I'm not talking about the nitpicky stuff. Or special circumstance.
You just can't have two people both get the 25BTC+TXfee per block. The end.
I don't know if i'm not explaining what i'm trying to say or something? Both fork will find the same blocks #, but there can only be one instance in the end. And whoever is in the destroyed fork will have no BTC from them after the merge. This also include the tx fee, the transaction, everything.
No its a extremely huge problem. People don't know *which* fork will be validated later on, the transaction from the destroyed fork will be invalidated, and will never get confirmed in the chain that survive.
What will everyone do if that happen? They will dump it down to 10 cents in one hour.
why not? as i said they are already signed and miners can just pick them up
No they can't. For example block X get mined on fork #1, it include XYZ transaction, that fund then get used later on, its on block X2.
Meanwhile the same happen on Fork #2, the same block has been found by someone else and fund are already moved are spent on fork #2 and it include different transaction. All those transaction can't be validated since the funds cannot be used twice. And destroyed transaction aren't returned to the mempool to be retried.
Instead the block chain repair itself and after the forks return to one chain, every fund that was spent on the other (destroyed) chain will be back to where it was when the fork happened.
Which means no one can put FIAT value on it since they don't know if the transaction done at the time will be validated.
that is only true if some party tries an malicous doublespent. in that case you are right.
but you should not assume that all bitcoin users are thieves. in case of a large split exchanges and other services will find ways to detect that (which probably means way longer conf-times on both chains than we are used to atm)
edit: btw this assumes that someone is able to broadcast a tx in both forks. if there is an internet connection between two forks there will be no fork at all
No... you don't understand;
Both fork will find the same blocks for a while, there's nothing to rebroadcast, you can't rebroadcast that you actually own all those BTC, because you just dont.
Only the chain that survive will decide who really own those blocks, which means from the destroyed chain, every blocks found, its fund and its and transaction included in and after those blocks will be completely invalidated and its completely impossible to rebroadcast those transactions, since the owner of those blocks will have changed;
The people people that found blocks and did transaction after the fork will see all of their actions reversed. You can't have a block reward twice, once for each fork.
Its just not.
You can have the wallet rebroadcast all the transaction and IF they had the fund before the fork, then sure they can then be accepted but that doesn't matter because at that point BTC will have crashed to nothingness because of the primary effect.
No its a extremely huge problem. People don't know *which* fork will be validated later on, the transaction from the destroyed fork will be invalidated, and will never get confirmed in the chain that survive.
What will everyone do if that happen? They will dump it down to 10 cents in one hour.
why not? as i said they are already signed and miners can just pick them up
No they can't. For example block X get mined on fork #1, it include XYZ transaction, that fund then get used later on, its on block X2.
Meanwhile the same happen on Fork #2, the same block has been found by someone else and fund are already moved are spent on fork #2 and it include different transaction. All those transaction can't be validated since the funds cannot be used twice. And destroyed transaction aren't returned to the mempool to be retried.
Instead the block chain repair itself and after the forks return to one chain, every fund that was spent on the other (destroyed) chain will be back to where it was when the fork happened.
Which means no one can put FIAT value on it since they don't know if the transaction done at the time will be validated.
that is only true if some party tries an malicous doublespent. in that case you are right.
but you should not assume that all bitcoin users are thieves. in case of a large split exchanges and other services will find ways to detect that (which probably means way longer conf-times on both chains than we are used to atm)
edit: btw this assumes that someone is able to broadcast a tx in both forks. if there is an internet connection between two forks there will be no fork at all
No... you don't understand;
Both fork will find the same blocks for a while, there's nothing to rebroadcast, you can't rebroadcast that you actually own all those BTC, because you just dont.
Only the chain that survive will decide who really own those blocks, which means from the destroyed chain, every blocks found, its fund and its and transaction included in and after those blocks will be completely invalidated and its completely impossible to rebroadcast those transactions, since the owner of those blocks will have changed;
The people people that found blocks and did transaction after the fork will see all of their actions reversed. You can't have a block reward twice, once for each fork.
Its just not.
You can have the wallet rebroadcast all the transaction and IF they had the fund before the fork, then sure they can then be accepted but that doesn't matter because at that point BTC will have crashed to nothingness because of the primary effect.
I guess China is the leader when it comes to mining. Either the United states or China are the countries who have the most miners, that's for sure.
any countries in asia should have alot of the mining power.
well you can't tell because everyone is giving a good competition to everyone else when it comes to bitcoin mining. but I will surely pick a name and that would be Japan.
ok, then why do you think that nobody will do anything? do you really think that is an likely outcome of a fork?
Well last time a fork happened, there were no major code changes addressing it.And the likelihood of such a scenario happening is next to nothing. And with it being such that there are two groups of isolated nodes for long enough that tens of blocks are found the odds are practically nothing.
EDIT: sorry btw. i originally answered VirosaGITS who said that bitcoin will be doomed(tm) in case of such a fork and was arguing about that.
Well that was based on my original statement that such a fork would be disastrous, which I still stand by. Such a fork, if it were to somehow be tens of blocks, would be a massive pain to resolve and probably cause a dramatic loss of confidence in Bitcoin. But the odds of having two completely isolated groups of nodes is practically nothing so this isn't really a concern.AFAIK the last big fork was that berkeleydb bug. and as far a i can remember transactions has been rebroadcasted by a core member.
one service has lost much coins; but i have not seen a big loss of confidence.
(it has been a while. dont remember names, sorry)
ok, then why do you think that nobody will do anything? do you really think that is an likely outcome of a fork?
Well last time a fork happened, there were no major code changes addressing it.And the likelihood of such a scenario happening is next to nothing. And with it being such that there are two groups of isolated nodes for long enough that tens of blocks are found the odds are practically nothing.
EDIT: sorry btw. i originally answered VirosaGITS who said that bitcoin will be doomed(tm) in case of such a fork and was arguing about that.
Well that was based on my original statement that such a fork would be disastrous, which I still stand by. Such a fork, if it were to somehow be tens of blocks, would be a massive pain to resolve and probably cause a dramatic loss of confidence in Bitcoin. But the odds of having two completely isolated groups of nodes is practically nothing so this isn't really a concern. Jump to: