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China says it wants to eliminate Bitcoin mining

reuters.com

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Re: China says it wants to eliminate Bitcoin mining

#21

Post by latchkey »

mpoteat wrote: post #4
forkLding wrote: post #3

This will probably crush Bitmain and other Chinese bitcoin mining giants and they will probably move elsewhere, however Chinese courts have said bitcoin itself is legally allowed. Probably what is going to happen is that you can own but you can't mine or even obtain more bitcoins in China. https://www.ccn.com/chinas-merchants-are-legally-allowed-to-...

Bitmain makes huge margins on selling equipment, not mining. They make shovels in the gold rush.

They are definitely mining. Just announced they are going to be deploying another $80 million worth of equipment [0].

Best part is that they are well known to take an order and payment from a customer and then ship out machines they've been using themselves for the last few months. I've gotten machines from them that were definitely used equipment. They say that they do 'testing' with them first as an excuse.

[0] https://www.coindesk.com/bitmain-bitcoin-mining-farms-antmin...

Re: China says it wants to eliminate Bitcoin mining

#22

Post by latchkey »

In the early days of crypto, it used to be that China would ban it and the price would drop as the market would freak out. This is just another scare tactic that won't go anywhere.

China makes so much money from mining and crypto, there is no way they would get rid of it.

Re: China says it wants to eliminate Bitcoin mining

#23

Post by superkuh »

kevintb wrote: post #17

Good. There are few things more wasteful in energy and minimal in doing good for the world. Widespread bitcoin adoption would be catastrophic for the Earth and climate change efforts [1]. [1] https://www.nature.com/articles/s41558-018-0321-8

But it still doesn't waste as much energy as the standing armies fiat currencies rely on. And if your country doesn't have a large standing army then your currency is being subsidized by those you ally with who do have standing armies of significance.

And the good it brings to the world in being a non-nation state controlled currency is obvious. From enabling continuation of money transfer in failing or restrictive governments to allowing for capital exchange between individuals directly without rent seeking or censorship it provides good every day.

Re: China says it wants to eliminate Bitcoin mining

#24

Post by pavlov »

latchkey wrote: post #22

In the early days of crypto, it used to be that China would ban it and the price would drop as the market would freak out. This is just another scare tactic that won't go anywhere. China makes so much money from mining and crypto, there is no way they would get rid of it.

In the total Chinese economy it’s a blip. I don’t think the central planners at the Party care about crypto very much.

Re: China says it wants to eliminate Bitcoin mining

#27

Post by IntelMiner »

superkuh wrote: post #23
kevintb wrote: post #17

Good. There are few things more wasteful in energy and minimal in doing good for the world. Widespread bitcoin adoption would be catastrophic for the Earth and climate change efforts [1]. [1] https://www.nature.com/articles/s41558-018-0321-8

But it still doesn't waste as much energy as the standing armies fiat currencies rely on. And if your country doesn't have a large standing army then your currency is being subsidized by those you ally with who do have standing armies of significance. And the good it brings to the world in being a non-nation state controlled currency is obvious. From enabling continuation of money transfer in failing or restrictive g…

Bitcoin has proven time and time again to be a giant ponzi scheme

https://www.reddit.com/r/buttcoin contains good reading

Re: China says it wants to eliminate Bitcoin mining

#28

Post by dx034 »

superkuh wrote: post #23
kevintb wrote: post #17

Good. There are few things more wasteful in energy and minimal in doing good for the world. Widespread bitcoin adoption would be catastrophic for the Earth and climate change efforts [1]. [1] https://www.nature.com/articles/s41558-018-0321-8

But it still doesn't waste as much energy as the standing armies fiat currencies rely on. And if your country doesn't have a large standing army then your currency is being subsidized by those you ally with who do have standing armies of significance. And the good it brings to the world in being a non-nation state controlled currency is obvious. From enabling continuation of money transfer in failing or restrictive g…

Why should Fiat money use more energy than global bitcoin adaption? Bitcoin already used as much energy as medium-sized countries (I believe it was as much as Ireland last year or the year before) and nearly no one uses it for daily payments.

Compared to that, I'm not aware that the Swift Network or Visa/Mastercard would run whole power plants to support their energy needs. They just need a medium sized data center to support hundreds of millions of payments a day.

Re: China says it wants to eliminate Bitcoin mining

#30

Post by paulsutter »

kevintb wrote: post #17

Good. There are few things more wasteful in energy and minimal in doing good for the world. Widespread bitcoin adoption would be catastrophic for the Earth and climate change efforts [1]. [1] https://www.nature.com/articles/s41558-018-0321-8

Bitcoin transactions don’t use a material amount of energy: no matter how many miners the transaction capacity is fixed. Energy use just increases as miners compete for the block reward.
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