Topic: Why is moving mining out of China a bad thing? - page 2. (Read 236 times)
It does increase the scarcity but it doesn't have that much impact. Also moving their mining out of the country is going to be an expensive thing to do because some of them will probably bring their equipments overseas. Plus the reason for the negative sentiment is to sow panic among the market to manipulate the prices.
The negative sentiment is created more by the FUD that came out of the news rather than the news itself. I do think the exodus of mining farms out of China is generally good than bad. The hashrate drop is but temporary so there's nothing to worry. It will certainly recover once these mining farms have already found a place somewhere to set up their gears and start running once again. I hope this will stop all kinds of baseless FUD made in China once and for all.
As @ranochigo just mentioned, the problem is the fact that governments are starting to take anti-Bitcoin stance. This is a genuine risk, not FUD and it shouldn't be dismissed. 
The negative sentiment is created more by the FUD that came out of the news rather than the news itself. I do think the exodus of mining farms out of China is generally good than bad. The hashrate drop is but temporary so there's nothing to worry. It will certainly recover once these mining farms have already found a place somewhere to set up their gears and start running once again. I hope this will stop all kinds of baseless FUD made in China once and for all.
Yeah, at least there is no single country that has the total monopoly of bitcoin mining. If I'm not mistaken, China or at least the Chinese miners control 60%-70% of it.
If we assume that 20% of miners are not willing to relocate and call it quits (sell all their btc mined) and the remaining 80% relocate (and sell a portion to fund relocation costs), seems like this would cause a lot of selling pressure. Thoughts on this? 
Sorry for the noob question but if the mining goes on outside of China, isn't that a good thing? At the very least, there is the semblance of law and business rights.
Yeah, at least there is no single country that has the total monopoly of bitcoin mining. If I'm not mistaken, China or at least the Chinese miners control 60%-70% of it.
Also, if China bans mining, wouldn't that increase the scarcity?
Again, not a veteran. Just wondering why the negative sentiment?
Again, not a veteran. Just wondering why the negative sentiment?
Not really increase the scarcity, the hash rate might fall, but when some entities pick up mining outside of China then we can go back to the normal rate.
It's more of a positive since the fud of BTC is centralized due to that hash from China so this fud will be over as well as the fossil fuel issue. It's good for China since they are trying to isolate themselves after all they want control with CBDC. China fud is over and it might shift somewhere in central and southern America which is also positive because of the mass adoption coming.
Mining will always be centralized, even if China bans it. There is no telling of the kinds of regulations that the relocated miners will be subjected to. If anything, China banning it just shows that they never had any intention of weaponizing the miners that they have so it really wasn't of any concern in the first place.
The actual problem is the fact that governments are starting to take anti-Bitcoin stance. That is not good, no matter which government is implementing it. The negative sentiment is mostly focused on the drop in the value of Bitcoin. Demographics of the investors makes it such that they are particularly susceptible to FUD.
The actual problem is the fact that governments are starting to take anti-Bitcoin stance. That is not good, no matter which government is implementing it. The negative sentiment is mostly focused on the drop in the value of Bitcoin. Demographics of the investors makes it such that they are particularly susceptible to FUD.
It's sort of both a positive and a negative. Positive in a way that hashrate will be more spread out to other places and that we won't get to see the "BiTcOiN iS ConTroLLeD bY ChiNa" FUD again. Negative in a way that while Bitcoin can't technically get banned, people get reminded that Bitcoin can be outlawed by the government.
As for the negative sentiment, while I think that having the negativity is expected, it sure is totally overblown. A combination of the word "ban" and news sites spamming the masses with such articles simply does negatively affect how the uneducated masses look at Bitcoin.
As for the negative sentiment, while I think that having the negativity is expected, it sure is totally overblown. A combination of the word "ban" and news sites spamming the masses with such articles simply does negatively affect how the uneducated masses look at Bitcoin.
Also, if China bans mining, wouldn't that increase the scarcity?
Not really. Hashrate's going to drop in the short term, but the number of bitcoin mined per block stays the same.
Sorry for the noob question but if the mining goes on outside of China, isn't that a good thing? At the very least, there is the semblance of law and business rights. Also, if China bans mining, wouldn't that increase the scarcity?
Again, not a veteran. Just wondering why the negative sentiment?
Again, not a veteran. Just wondering why the negative sentiment?
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