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I assume this is to do with the Chinese crackdown on Bitcoin miners? Could someone with a better knowledge of cryptocurrency than me explain what a substantial

by iamben 5y ago

I assume this is to do with the Chinese crackdown on Bitcoin miners? Could someone with a better knowledge of cryptocurrency than me explain what a substantial drop in hashrate means or could mean? Thanks!

alexgmcm 5y ago
UK just banned Binance too.
- Semaphor 5y ago
  Not Binance the exchange, but the sub-company that offers advanced financial instruments.
social_quotient 5y ago
The Chinese based miners are offline and moving to other more favorable countries. A good perspective video from CTO Larsson https://youtu.be/88V4JZr_x64 https://youtu.be/88V4JZr_x64
cloudhead 5y ago
At these levels, not much. Bitcoin’s security is still rock solid and pulling off an attack is still incredibly expensive. For those who are still mining, ie. the rest of the world, mining will be more profitable until the Chinese hashing power migrates to a different country.
- yawaworht1978 5y ago
  Yes still seems very solid. The was one guy in the early 2010 days on Bitcoin talk using 1000 instances(pc back then), or claiming to do so,and did not succeed. The difficulty is now still many millions times more than it was back then.
personlurking 5y ago
Here's a Twitter thread from a few days ago: https://twitter.com/saifedean/status/1408346196490473476 https://twitter.com/saifedean/status/1408346196490473476 And one from yesterday: https://twitter.com/SinoCrypto/status/1409227438262046723 https://twitter.com/SinoCrypto/status/1409227438262046723