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?

I think this is a new deception. The production of green energy equipment requires electricity. Disposing of this equipment is also harmful to the environment.
If green energy 10 years ago was not needed 99% of the time, now we will have other problems.
Then you need to give up cars with a gasoline engine.

Canaan Creative has spoken out against the indiscriminate prosecution of mining in China, according to Reuters. The company said that this business helps to use electricity more efficiently and contributes to employment and regional economies.
During a conference call dedicated to financial indicators, Canaan CEO Nangeng Zhang noted that the mining of cryptocurrencies using fossil fuels hinders the efforts of the authorities in the field of ecology, but those who use clean energy should not be subjected to repression. https://www.reuters.com/business/finance/mining-rig-maker-canaan-argues-against-wholesale-crackdown-bitcoin-mining-china-2021-06-02/?rpc=401&

all these chart has no sense.
the fact is bitcoin mining used a lot energy. and in winter, use a lot coal-burn energy.

got the point.

try to build up local mining farm, most miner will be moved out of china.
let's help to decentralize the hashrate.

A couple good links regarding power usage:
Mining power usage
Power usage comparisons
On that comparisons page they looks at the power used in the US alone to power always-on but idle devices: result is that power used for idle devices would power the entire BTC network for 1.9 years.

Regarding China also taking several large aluminum refining plants offline, that is a double 'win' if their goal is to reduce carbon emissions. The reason is because not only does it require vast amounts of energy but also because the process of reducing Al2O3 into Al combines the liberated O2 with carbon from the electrodes used and that produces CO2. How much? 11.5 tons of CO2 per ton of Aluminum. That number is including the CO2 from using coal to produce power. When Hydro is used that same article states that emission drops to two to four tons of CO2 per-ton of Aluminum.

All these carbon emissions in relation to bitcoin mining have nothing to do with reality and can only be applied to countries where there is a shortage of electricity, otherwise just speculation, because according to research, the annual electricity costs of bitcoin miners are 113.89 TWh, while in the production of gold, the figure reaches 240.61 TWh, and in the banking sector-about 263.72 TWh https://www.scribd.com/document/508170253/Galaxy-Digital-Mining-On-Bitcoin-Energy-Consumption#from_embed

more detailed policy coming. here is Inner Mongolia banning mining policy:

https://mp.weixin.qq.com/s/rI-Uiu1BKWEAGLJJ0x4cPg

Yeah we got the sweetheart five year deal it ends in 2023.

our main warehouse guy had a contract for power he prepaid for five years.

he lost his main customer an icecream company and had prepaid power.

we came along and have been there since december 2018.

lots of niche guys like us with 200kwatt here 100 kwatt there.

we have access to 500 kwatts. dont have the gear ⚙️.

so will expand slowly. hope china really does kick out miners it will be good for me.

btw eth hash grows like mad as it simply pays more $$$ per watt of power.

The data center we use forces you to have 2 KVA per rack. I can have 1 RPi in the rack and it still comes with and we pay for 2KVA.
What is nice is that it is in aggregate so 4 racks 8KVa but I can have 2 with 3 and 2 with 1 and it's all good.

So, when we needed more space but not more power we got an extra 4KVa that I have been using to run some old servers for legitimate work.
BUT, it's just to make my life easier. When BTC was at $60k I was thinking of shutting them down and bringing in some S9s

With the above being said, I think it's important to note that there is probably a lot of small miners around that are in the same boat. They have power that they are "forced" to pay for so they mine with it.
Seriously, if we could have had those racks for less money but only 1 KVA you bet we would have taken it.

I have a client who has office space that has fixed electric costs based on space. He runs some GPU rigs since no matter how much he argued with the management company of the building, the power cost would not budge....so now instead of using 30% to 40% of the power they bill him for he is using 85% to 90% If he could figure how to be at 99% without the risk of going over and getting an extra bill you bet your ass he would be there adding GPUs.

-Dave

You have cheap enough electricity where you live?  I thought your state (which I won't disclose) had pretty high utility rates.  Do you still mine bitcoin now and then?

take a look the reply of next post.

so, go to google the policy of Mr. Xi announcement on May 1st. here is link: https://www.bloomberg.com/news/articles/2021-05-01/xi-vows-focus-on-emission-cuts-end-energy-inefficient-projects.

 and china Copper smelting companies reduce imports of copper concentrate ， in order to reduce power consumption .https://www.zaobao.com.sg/realtime/china/story20210509-1145472

This probably belongs more in mining speculation but we saw a 20%+ difficulty jump on the 13th, but that came after the 12% drop on the 1st, now if everything stays stable we are looking at about an 8% drop in a couple of days.
That looks more to me like the difficulty is moving with the price (with the 2 week delay of difficulty adjustment)

AT $60k+ BTC I was thinking about putting some S9 units back online.
At $40K- BTC I am thinking about pulling the S19 offline and selling it here.

How many other people wind up in the same loop?

Saying China is shutting down farms for carbon emissions is FUD at best.

-Dave

Sorry, since they still support anti-consensus things, I don't trust them for being fair also in their news. Do you have other source for this "information"?
I mean that 50% drop sounds catastrophic, but on the other hand the number seems to be plainly out of the belly. So without better proof, it can go straight into the FUD bin.

Why China shut down mining farm? Carbon Emission.
here is one great article, Predicted this shutting down action.

Bitcoin Segwit2M （B2X)-Green and Scaled bitcoin.
https://bitcoinnewyork.medium.com/bitcoin-segwit2m-b2x-green-and-scaled-bitcoin-3f0b0b32ac64

China are shutting down all high energy consumption, high pollution factory, because of Carbo emission. this is global govs unified action.
we will see the hashrate drop 30-50% at the end of this year. because in winter, all Chinese farm are shut down : no enough hydro , and gov control the carbon emission, shut down the coal-burn electricity supply.

good timing for over sea miners join mining. if you have cheap than 4 usd cent electricity, and enough capacity.