Topic: Why China shut down mining farm? Carbon Emission. (Read 475 times)

I don't know if my thoughts are just off but who else thinks that the Bitcoin mining crack down in China is a good thing for Bitcoin in the long run?

With miners pulling out of China and looking for other favorable places to set up their mining farms, I think we shall see a much well balance distribution of miners across the globe contrary to the situation where over 50% the hashrate was from china so that in future, so anything happen to China, the effect on the Bitcoin network will be minimal.

apparently volcanoes does not care about "human's carbon emission" cacophony LOL

want some volcano fart???

And?
Yeah, the evil coal mining in China is done for. Hail to the good coal and gas mining in the US!

https://www.wsj.com/articles/bitcoin-miners-are-giving-new-life-to-old-fossil-fuel-power-plants-11621594803

Nobody will pay 8-10 cents a kWh for clean green energy when you have a  deal like this one:


Whoever thought that by closing a mining farm that used electricity from coal-burning miners will suddenly find enlightenment and switch to hydro is living in a fairy dream. If coal plants in the US would be able to provide cheaper energy than others they will be the ones powering the gear, not solar panels and windmills.

Didn't Elon recently say that he he will accept BTC for Tesla cars again because did the math wrong and Bitcoin is not as harmful as he thought it was?

I mean even the smartest man alive is allowed to make mistakes sometimes. I guess we can forgive him for that. The question is... why don't the Chinese believe Elon?

You can't be serious suggesting that the Chinese (yes, and that includes not just the government but average Joe as well) does anything for a greater good. It has been demonstrated on many occasions that the average Chinese doesn't give a fuck about anything that does not immediately concern himself. Not a child getting kidnapped in plain daylight, a woman getting assaulted by a raper or their neighbors in need and certainly not the environment.

Yes and it should really drop the full fifty percent not the 40 something percent which will be true on this thurs or fri.

My gut says next jump it drops 2-3% which gets us close to a 45% drop.

Owners of small hydroelectric power plants up to 50 MW in China have started selling equipment due to the restrictive measures of the authorities against bitcoin miners, there is an increase in the number of ads for the sale of mini-hydroelectric power plants on the Xianyu platform. https://www.scmp.com/tech/policy/article/3138130/bitcoin-crackdown-sends-graphics-cards-prices-plummeting-china-after

No it didn't drop more than 50%.

One more month passed, the hashrate  dropped more than 50% .
are you happy, miner?

Poorly written my bad.

Power is not to be donated it is to be sold at break even.

Concept is  you created say 1 megawatt of clean power burn 90% of it to mine and run your business.

And sell 10% excess at cost to local customers.

New Jersey has this.  So you build a big field and have excess power you "donate" the excess to the grid at cost "4 cents"

that is clean power for someone local to you.

The term used is donate in real world you are selling at cost.

Sorry about that.

Why they would donate 10% of their power 

Well forcing the big farms out is interesting development.


This drop of 10% means the price of mining btc is better.

This force out could be short term and along with chip shortage miners may have 1 year of okay difficulty.
It may favor miners in a niche of 100kwatts to 500kwatts of power. 
They could find ways to stay afloat. While huge farms will be crushed out or have to build a solar array and donate 10% of the power.

BTW BTC could easily create millions of kwatts of solar power for mining with the profits it makes. Donate 10% of the power  to the people and it becomes a win win for everyone but the coal companies.

our diff was at a peak of 26T is now 19.9 t and will soon be 18.3T?

so 18.3/26.0 x 64000 = 45,000   and coins are 37,500 not 45,000 so we are off peak profits a bit but still bigly profits are here.


a s17 set to 55th and 2.0kwatts at 10 cent power

55 x .2466 = $13.56 earned
50 x .1000 =.   5.00 burned

profit is         $8.56 daily

Please note I rounded  kwatts to 50 a day  which is 2.083 kwatts an hour

The authorities of the Chinese province of Sichuan demanded to stop the activities of key miners and banned local energy companies from supplying them with electricity.  Earlier, the media reported that the authorities of Sichuan will allow local miners to finalize until the end of September.


According to journalist Colin Wu, there are many small hydroelectric power plants in Sichuan and Yunnan provinces that can continue to cooperate with miners. However, large enterprises will switch off in the near future.

build up power plant needs much time and investment. it's not useful. just for PR.
the attached pic is very limited watt: around 3-5MW.

El Salvador plans to attract miners using geothermal energy El Salvador's president Nayib Bukele has instructed the state-owned geothermal energy company LaGeo to draw up a plan offering bitcoin mining facilities with very cheap, 100% clean, zero-emission renewable energy from our volcanoes. https://twitter.com/nayibbukele/status/1402680890057166858

Today，Xinjiang shut down mining farm.
https://twitter.com/realSatoshi_II/status/1402586570931146756?s=20

Wow!! That 8-point policy basically bans anybody from power plants, data centers, internet cafes and even individuals from mining.

They are quoting not just usage as the reason but also money-laundering and raising money (ICOs). So, effectively they are banning any sort of mining within that Inner Mongolia region. If the other provinces in China follow, this will surely result in an exodus of miner and hopefully, cheap mining gear on sale for the rest of the world.

So an industry that has shifted to this province and deployed equipment and personnel over all these years is being booted out. It is hard to fathom the reason behind this as is the case with most Chinese activities. This much is clear from this draft that they are pretty serious about kicking them out.

Most developing countries still use coal. India for example has some of the highest reserves of coal but of lower quality. So, although the govt comes up with huge targets of moving towards renewables, they are not practical as renewables are not developed enough to cater to the requirements.
This is why we are trying to develop stuff like Coal gasification, Methanol from Coal and increasing efficiency of thermal plants. Coal will continue to be the main source of power for these populous countries for a long time.

The biggest electricity supplier in australia is owned by a hong kong company, paid no tax at all for many years by writing of costs in the hong kong company, pays very little tax now, and basically couldn't give a crap about how it produces that energy, for the obvious reason.

i.e. if you want changes in the power sources, chase after the companies that use coal.
Telling people to use less energy isn't gonna work since there's plenty of large companies that use plenty more power than bitcoin mining.

I believe that you need to strive for maximum efficiency for companies that generate electricity.
If we build plants for the production of green electricity and reduce the efficiency of combined heat and power plants, then we harm the environment, because the amount of emissions is not greatly reduced. Green energy is good, but you don't need to extract it where there is a surplus of generated electricity

So what? Do you have a better solution for producing energy?
Every single thing people and animals do has environmental repercussions so your point is what?... Sterilize the planet to 'save it' from Life?