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China had a much higher percentage when they banned mining, and things turned out okay for Bitcoin..

deleted 5y ago
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martin_a 5y ago
Doesn't really make it any better in the end. More and more states will probably ban mining, so power will be more and more concentrated and you'll have to hope that some dictator/president is not going to pull the big internet plug.
- thebean11 5y ago
  Maybe, China bans a lot of things. I don't really consider that evidence (in either direction) that it will be banned elsewhere.
meowfly 5y ago
Having lived in China, there is very weak enforcement of a lot of laws (it varies from province to province). I'm skeptical that the crypto ban has actually stopped most mining.
- cableshaft 5y ago
  It didn't stop those miners, it just forced them to move out of China (mostly to the US). And it clearly did temporarily stop it as that was happening, as a look at any bitcoin hashrate graph[1] will show, because it halved shortly after the ban was announced. And according to the University of Cambridge, that has a bitcoin electricity consumption index tracker, they have a visualization of the countries contributing the most to the hashrate, and you can see China go down to basically zero in July 2021 and stay that way (see the 'Evolution of network hashrate' chart[2]). [1] https://bitcoinmagazine.com/markets/bitcoin-hash-rate-full-recovery-china-ban-close-to-new-all-time-high https://bitcoinmagazine.com/markets/bitcoin-hash-rate-full-r... [2] https://ccaf.io/cbeci/mining_map https://ccaf.io/cbeci/mining_map
  - meowfly 5y ago
    Interesting. This doesn't make sense to me though because I thought part of the reason so much mining was happening in China is miners were taking advantage of electricity subsidies. Edit: This suggests that they are likely using VPNs and mining pools to do it. https://www.cnbc.com/2021/12/18/chinas-underground-bitcoin-miners-.html https://www.cnbc.com/2021/12/18/chinas-underground-bitcoin-m... > Although Beijing exiled its crypto miners in May and then doubled down on its mining ban in September and again in November, multiple sources tell CNBC that as much as 20% of all the world’s bitcoin miners remain in China. Still, "most mining", has definitely been stopped.
    - cableshaft 5y ago
      I was also very surprised to see it drop to 0% in that chart too, especially considering I saw an article a few days ago that China vowed to hunt down and stop all bitcoin miners in their country within a year, but I didn't see any other data to suggest otherwise. So yeah, I believe that article that there could still be 20% of mining hiding somewhere within China and using VPNs. But it definitely resulted in a big shift away from China, regardless.

deleted 5y ago

[deleted]

Doesn't really make it any better in the end. More and more states will probably ban mining, so power will be more and more concentrated and you'll have to hope that some dictator/president is not going to pull the big internet plug.

thebean11 5y ago
Maybe, China bans a lot of things. I don't really consider that evidence (in either direction) that it will be banned elsewhere.

meowfly 5y ago

Having lived in China, there is very weak enforcement of a lot of laws (it varies from province to province). I'm skeptical that the crypto ban has actually stopped most mining.

cableshaft 5y ago
It didn't stop those miners, it just forced them to move out of China (mostly to the US). And it clearly did temporarily stop it as that was happening, as a look at any bitcoin hashrate graph[1] will show, because it halved shortly after the ban was announced. And according to the University of Cambridge, that has a bitcoin electricity consumption index tracker, they have a visualization of the countries contributing the most to the hashrate, and you can see China go down to basically zero in July 2021 and stay that way (see the 'Evolution of network hashrate' chart[2]). [1] https://bitcoinmagazine.com/markets/bitcoin-hash-rate-full-recovery-china-ban-close-to-new-all-time-high https://bitcoinmagazine.com/markets/bitcoin-hash-rate-full-r... [2] https://ccaf.io/cbeci/mining_map https://ccaf.io/cbeci/mining_map
- meowfly 5y ago
  Interesting. This doesn't make sense to me though because I thought part of the reason so much mining was happening in China is miners were taking advantage of electricity subsidies. Edit: This suggests that they are likely using VPNs and mining pools to do it. https://www.cnbc.com/2021/12/18/chinas-underground-bitcoin-miners-.html https://www.cnbc.com/2021/12/18/chinas-underground-bitcoin-m... > Although Beijing exiled its crypto miners in May and then doubled down on its mining ban in September and again in November, multiple sources tell CNBC that as much as 20% of all the world’s bitcoin miners remain in China. Still, "most mining", has definitely been stopped.
  - cableshaft 5y ago
    I was also very surprised to see it drop to 0% in that chart too, especially considering I saw an article a few days ago that China vowed to hunt down and stop all bitcoin miners in their country within a year, but I didn't see any other data to suggest otherwise. So yeah, I believe that article that there could still be 20% of mining hiding somewhere within China and using VPNs. But it definitely resulted in a big shift away from China, regardless.