China Wants Bitcoin Miners Out

DooKey

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China has already banned bitcoin and ICO's so now they are going for the kill shot on bitcoin miners. According to a leaked document to the internet-finance regulator, they are requiring local authorities to guide bitcoin miners to exit from the business of mining. Supposedly, this action is being taken because of the use of resources mining requires. China loses miners and other countries will be glad to take them in considering how much they spend on electricity and taxes. Check out the leaked document here.

The latest crackdown on bitcoin mining comes amid China’s efforts to better distribute electricity to places where power is undersupplied. Bitcoin miners have taken advantage of cheap power in coal-abundant areas like Xinjiang and Inner Mongolia in recent years to expand their operations.
 
All in all, it's just another brick in the wall....
 
I wonder how many tons of CO2 in the atmosphere Bitcoin mining is responsible for. Compare that to how much China as a whole is responsible for. It probably makes Bitcoin look like a non-issue.
 
Pretty sure no government wants bitcoin or miners. It serves no purpose. It does not generate income for the state, and its a drain on finite resources. Hell all the money locked up in bitcoin could be used by capitalists to fund real companies that make real products/services.

And yes i did mine 35 litecoins back in the day.
 
I wonder how many tons of CO2 in the atmosphere Bitcoin mining is responsible for. Compare that to how much China as a whole is responsible for. It probably makes Bitcoin look like a non-issue.

Blah ha ha. Bitcoin consumes more energy than some countries.

https://futurism.com/mining-bitcoin-costs-more-energy-159-countries-consume-year/

Or do you think all those mining warehouses that have two 1000W PSU's / mining rig don't consume more electricity than an average house?

Incase you haven't noticed china has an issue with smog. And the vast majority of their power comes from COAL.
 
mining is too big of a business. A lot of will just relocate to another country.
 
mining is too big of a business. A lot of will just relocate to another country.

True the question will be though are those businesses worth having? If they are comparatively using more resources and not returning employment or tax revenue (or other value type) maybe they aren't worth having?

I think the argument regarding energy/resources spent vs income generation is a great discussion topic. Wonder how it compares to other industries? How would we compare value? Gas might cost more in energy to create, but it also has massive value in being used for transportation etc. How much electricity, labor etc is needed to manage the US dollar?
 
True the question will be though are those businesses worth having? If they are comparatively using more resources and not returning employment or tax revenue (or other value type) maybe they aren't worth having?

I think the argument regarding energy/resources spent vs income generation is a great discussion topic. Wonder how it compares to other industries? How would we compare value? Gas might cost more in energy to create, but it also has massive value in being used for transportation etc. How much electricity, labor etc is needed to manage the US dollar?


As long as they tie themselves at the hip to Pr0n, they'll be safe enough (y)

The way I see it, a move like this from China means China sees crypocurrencies as a risk. That they could be a means to destabilize their economy that they can't control or defend, then they would see it as a threat and not allow it.

And if China sees them as a risk and a potential attack vector, then it's also probably because they have themselves explored the potential for taking advantages of said risk.
 
Blah ha ha. Bitcoin consumes more energy than some countries.

https://futurism.com/mining-bitcoin-costs-more-energy-159-countries-consume-year/

Or do you think all those mining warehouses that have two 1000W PSU's / mining rig don't consume more electricity than an average house?

Incase you haven't noticed china has an issue with smog. And the vast majority of their power comes from COAL.

Just looking at some actual numbers, albeit for 2016, looks like China's annual CO2 emissions were 7.5 billion tons vs Bitcoin's 19 million. That's about 1/400th the amount.
 
As long as they tie themselves at the hip to Pr0n, they'll be safe enough (y)

The way I see it, a move like this from China means China sees crypocurrencies as a risk. That they could be a means to destabilize their economy that they can't control or defend, then they would see it as a threat and not allow it.

And if China sees them as a risk and a potential attack vector, then it's also probably because they have themselves explored the potential for taking advantages of said risk.

I agree. There's multiple reasons for tight state run governments to be adverse to crypto currencies. Power is just another reason. Even 1/400th power increase is significant.
 
It probably has more to do with the anonymous nature of Bitcoin and other crypto currencies and their inability to track it in a manner they deep appropriate, China is a police state after all. And while there are a number of legitimate business uses for them there is probably the fear that China's organized crime syndicates may abuse it for any number of things.
 
good riddance. Hopefully with more and more countries getting on the ban wagon, the price will drop, gpu price will drop, and other good stuff
 
Just looking at some actual numbers, albeit for 2016, looks like China's annual CO2 emissions were 7.5 billion tons vs Bitcoin's 19 million. That's about 1/400th the amount.
Yes but it's power used that isn't in manufacturing that brings money to the country and provides jobs for a huge workforce always on the edge of rioting.

Trickle down economics don't quite hold true for Bitcoin because no one is using them, everyone is holding on and trying to ride the bubble as it gets larger, very similar to Reagan increasing interest rates in the 80s, all the rich folk said "thanks" and stored their money in long term savings.
 
It probably has more to do with the anonymous nature of Bitcoin and other crypto currencies and their inability to track it in a manner they deep appropriate, China is a police state after all. And while there are a number of legitimate business uses for them there is probably the fear that China's organized crime syndicates may abuse it for any number of things.


Not just organized crime .... money is power, you guys all recognize this. Like Sauron, China doesn't share power. If there is a way to use money to influence events inside your country that you can't trace to a source, then this represents a way for others to exert power without you knowing who pushes the buttons.
 
It's kind of ironic that a communist regime is the one taking this step, when it would be in all of our best interest to not allow wasting a huge amount of resources for nothing.
 
It probably has more to do with the anonymous nature of Bitcoin and other crypto currencies and their inability to track it in a manner they deep appropriate, China is a police state after all. And while there are a number of legitimate business uses for them there is probably the fear that China's organized crime syndicates may abuse it for any number of things.
That appears to be China's main concern. Money moving out of the country into a market they can not control. Cryptocurrency is largely unregulated.
 
It's kind of ironic that a communist regime is the one taking this step, when it would be in all of our best interest to not allow wasting a huge amount of resources for nothing.
How many resources do you think all the central governments of the world have spent on the creation, maintenance, and administration of their unique national fiat currencies? Do you think that function is resource free?
 
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good riddance. Hopefully with more and more countries getting on the ban wagon, the price will drop, gpu price will drop, and other good stuff

Latest round of price increases has nothing to do with miners it's related to a global shortage of DRAM memory. I like how everyone bitches about mining, but at the end of the day you don't seem to see the flaw in your logic of replacing one "Useless" activity with another (gaming). Fact of the matter is your gaming has no priority over mining, just like mining has no priority over gaming. We are all subject to the rules of supply and demand, and it's hilariously sad you support people being able to tell you what to do with your property.

That's a nice car you have, but because I want one even cheaper we are now going to ban you being able to go on a road trip because that's a fun useless activity consuming resources.

Bitcoin itself is like the MySpace of crypto, it was the first on the block, enjoys household name status but it's tech/speed/usefuless isn't all that great anymore relative to what's out there in the world today. It's already on the way out. It's dominance in the crypto world has fell from 90+% to a current 34.4% You want it gone? sit back and let the market do the work because it's happening right now already, bigger and better things are already on the horizon.

If you are so concerned about getting a GPU at a cheap price - sit down and put pencil to paper and figure out what sort of profit the GPU you want can generate per month. Buy it, run it, 30 days later you have a nice fat discount on whatever hardware you want, then exit the mining world. I built a 22 GPU farm here at my house over the past 6 months, guess how much the final net cost was? Zero. Due to some smart early plays into XRP and XVG, I made with my mining profits I paid off my house 15 years earlier than expected.

I have these in my main rig:


It was so profitable I bought another 1080Ti just for fun. Gaming? or knocking out nearly 2 decades of mortgage debt almost instantly? Hard choice huh? There's a lot of money to be made in this world, and the people sitting on the sidelines who don't crunch the numbers, understand economics, or see an opportunity when it's staring them in the face... it's all quite funny to me. You want to ban and control something of which you have zero understanding of.


If i had to sum up the whole situation, instead of sitting around complaining, why not do some research, do some basic math, and figure out how to get what you want in a timely and cheap manner instead of relying on other people to regulate your desires into existence.
 
Does that mean my profitability will go up? $3.50/day on my 1060 3GB gaming pc right now. Hopefully the current trend holds true for a few more months while I figure out the whole mining rig thing.
 
This is just part of the pump and dump game that is China. They've banned and unbanned BTC how many times now?

I guarantee you there are party members moving BTC around for their own gains.

Thank you, finally someone gets it. I swear these Bitcoin threads are always a lightning rod for dumb.

This is exactly what's going on. And China has never actually banned BTC. They've head-faked with announcements 7 times, and all 7 times no enforcement followed. Price drops, insiders and whales get sale pricing and buy more for cheap to increase their stack. Rinse-repeat. China has like 50-60% of the marketshare on BTC holdings, and they want more. The idea that the government would "want miners out" or BTC exchanges shut down would be like chasing fish back out of the net after they've worked very hard to get them in there - they're not that stupid.

As a general rule, and unless you follow crypto news very closely to be able to read between the lines, assume that any clickbait headline with the word Bitcoin that the opposite is true. There's always a story behind the story.
 
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It probably has more to do with the anonymous nature of Bitcoin and other crypto currencies and their inability to track it in a manner they deep appropriate, China is a police state after all. And while there are a number of legitimate business uses for them there is probably the fear that China's organized crime syndicates may abuse it for any number of things.

Except Bitcoin isn't anonymous, and it's actually more trackable than fiat. Thus its of little interest to "crime syndicates".
 
Except Bitcoin isn't anonymous, and it's actually more trackable than fiat. Thus its of little interest to "crime syndicates".

It's true BTC is traceable, but it's also more mobile. Criminals can use it's mobility to move it to a different country and then obfuscate/launder it into a dozen different currencies, and eventually back into BTC to bring it back into the original country squeaky clean.
 
Pretty sure no government wants bitcoin or miners. It serves no purpose. It does not generate income for the state, and its a drain on finite resources. Hell all the money locked up in bitcoin could be used by capitalists to fund real companies that make real products/services.

And yes i did mine 35 litecoins back in the day.
So does digging for gold
 
Thank you, finally someone gets it. I swear these Bitcoin threads are always a lightning rod for dumb.

This is exactly what's going on. And China has never actually banned BTC. They've head-faked with announcements 7 times, and all 7 times no enforcement followed. Price drops, insiders and whales get sale pricing and buy more for cheap to increase their stack. Rinse-repeat. China has like 50-60% of the marketshare on BTC holdings, and they want more. The idea that the government would "want miners out" or BTC exchanges shut down would be like chasing fish back out of the net after they've worked very hard to get them in there - they're not that stupid.

As a general rule, and unless you follow crypto news very closely to be able to read between the lines, assume that any clickbait headline with the word Bitcoin that the opposite is true. There's always a story behind the story.
China isn't monolithic. BTC is very much a challenge to the technocrats' ability to regulate cash flow in and out of the country and by this point they must realize that whoever created this "currency" intended it for that purpose. Like you said, they're not stupid, at least not all of them, so at some point those who aren't will want to lance the boil on their own terms. For all the complaining that people do about Western fiat, at least it is backed by an intellectual and military base that is nontransferable. That can't be said for any power China holds over that domain, which makes crypto a systemic threat for their nation instead of speculative fodder. The people in power who aren't complete kleptomaniacs will have realized by now that it is a Trojan horse. If it doesn't collapse their economy at least the crackdowns it will engender will once more diminish the country. I guess for your typical guy who wants to make some spending money the only consideration is whether the price itself goes up or down, but there are other factors.
 
What are they gonna do, go through all those random abandoned or low-profile factories hunting for BTC Miners? Give me a break, banning BTC is logistically infeasible in China, and a big waste of state resources, if they were to actually mean it.

Thank you, finally someone gets it. I swear these Bitcoin threads are always a lightning rod for dumb.

This is exactly what's going on. And China has never actually banned BTC. They've head-faked with announcements 7 times, and all 7 times no enforcement followed. Price drops, insiders and whales get sale pricing and buy more for cheap to increase their stack. Rinse-repeat. China has like 50-60% of the marketshare on BTC holdings, and they want more. The idea that the government would "want miners out" or BTC exchanges shut down would be like chasing fish back out of the net after they've worked very hard to get them in there - they're not that stupid.

As a general rule, and unless you follow crypto news very closely to be able to read between the lines, assume that any clickbait headline with the word Bitcoin that the opposite is true. There's always a story behind the story.
 
What are they gonna do, go through all those random abandoned or low-profile factories hunting for BTC Miners? Give me a break, banning BTC is logistically infeasible in China, and a big waste of state resources, if they were to actually mean it.
Power consumption and heat output is a major giveaway. It's not infeasible given the resources of totalitarian government.
 
Because governments don't like anything they can't control.

/thread

What gives you the thought that governments can't control cryptocurrency mining and trade?

You must not live in a shithole country where they can do such a thing, on a whim if they wish.

The luxury of living in a free country can breed all kinds of illusions?
 
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