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Hashing power moving out of China is good for Bitcoin. There's also conflicting reports about the mining bans. The consensus seems to be that China wants to ban
by Geee 5y ago
Hashing power moving out of China is good for Bitcoin. There's also conflicting reports about the mining bans. The consensus seems to be that China wants to ban mining with fossil fuels, which is also good news.
- Lapsa 5y agoThis is good for Bitcoin.
- ulzeraj 5y agoUnironically. - Reduces the alleged hold on China's bitcoin dominance to either attack the network or weaponize it. - Reduces the network reliance on china subsided coal power. The network will still function after the Chinese miner turn off their machines. Although its going to be a bit slower until next difficulty adjustment.
- StavrosK 5y agoSo, conversely, if a company were to deploy massive BTC mining rigs in China, it would be bad for BTC?
- ulzeraj 5y agoFrom a PR standpoint, yes. Public opinion will deteriorate. Bitcoin is being criticized for using China's energy grid which heavily relies on coal. People should look into the root of the problem instead and I do hope this change suggests that China might be looking into better energy production methods.
- xiphias2 5y agoStill, why ban mining Bitcoin instead of just mining with non-renewables? China is the biggest manufacturer of solar panels and batteries, and stoppingBitcoin/Ethereum mining is giving up control over those currencies.
- Nursie 5y ago> why ban mining Bitcoin instead of just mining with non-renewables? Because those non-renewables are needed elsewhere?
- xiphias2 5y agoActually it's not how manufacturing works according to Wright's law: the more panels that are manufactured, the more prices of the panels per panel are going down. Of course there are temporary supply/demand issues, but they correct themselves after a few years.
- Nursie 5y ago> Of course there are temporary supply/demand issues, but they correct themselves after a few years. That's the point. Right there. There is not a surplus of clean energy, in fact there's still a mass reliance on coal power. If it's going to take a few years to 'correct' the market here, then that's not good enough.
- thebean11 5y agoPower is really difficult to store. There is not a constant surplus of clean energy but there are definitely bursts of surplus where energy is wasted (both renewable and non-renewable).