China says it wants to eliminate Bitcoin mining
1–10 of 325 posts
Re: China says it wants to eliminate Bitcoin mining
#2Because they finally realized everyone is using bitcoin to exfiltrate currency?
Re: China says it wants to eliminate Bitcoin mining
#3This 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-...
Re: China says it wants to eliminate Bitcoin mining
#4This 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.
Re: China says it wants to eliminate Bitcoin mining
#5“...said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment.“
It surely doesn’t help keeping the rivers clean
Re: China says it wants to eliminate Bitcoin mining
#6Because they finally realized everyone is using bitcoin to exfiltrate currency?
More like they are using cheap subsidized Chinese power prices for something that they weren’t intended for. It’s more of an environmental play (since a lot of that electricity is produced by dirty coal burning).
Re: China says it wants to eliminate Bitcoin mining
#7This 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.
Yeah but if California banned mining in the state during the gold rush, not many shovels or picks would be sold.
Re: China says it wants to eliminate Bitcoin mining
#8Saw this coming back when the Chinese government expressed an interest in Bitcoin. They'll pass a law to confiscate all Bitcoin in China.
Re: China says it wants to eliminate Bitcoin mining
#9Earlier quoted context omitted.
Bitmain makes huge margins on selling equipment, not mining. They make shovels in the gold rush.
Yeah but if California banned mining in the state during the gold rush, not many shovels or picks would be sold.
I mean, China is not the only place you can mine Bitcoin...
Re: China says it wants to eliminate Bitcoin mining
#10This 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.
From what I understand, and, correct me if I'm wrong, but Bitmain _does_ make money by mining, but they do it by using their own next-generation hardware to mine before making it available for sale, which spikes the difficulty and then they sell it off when the profitability drops.
Manufacturing mining ASICs and running your own mining operations seems like it has these big inherent conflicts of interest to me.