Bitcoin mining crackdown in China. Might be the reason why Jihan and BW Pool representative were absent at mining panel today. | Amazing Articles
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Bitcoin mining crackdown in China. Might be the reason why Jihan and BW Pool representative were absent at mining panel today.

Bitcoin mining crackdown in China. Might be the reason why Jihan and BW Pool representative were absent at mining panel today.

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31 Comments


  1. windsok

    November 15, 2017 at 1:22 am

    Good info from Bitcoin Core developer Johnson Lau:

    https://twitter.com/johnsonlau01/status/930411714872426496

    https://twitter.com/johnsonlau01/status/930415966630002688

    >It is always illegal for power stations selling electricity directly, bypassing the state-owned power company. I guess it means miners will pay more for power.

    >And this is a notice to hydro stations. As winter is coming, hydros stop working and miners have to move away anyway

    >The wind down of hash power, if any, will be a very slow process. The risks here are mostly monetery, not jail time. As long as the statistical expected return is positive, people will take the risks. The diff adjustment will take care of this.

    Reply

  2. alienalf

    November 15, 2017 at 1:22 am

    its fake news.. here is explanation from @cnledger:

    china electric ban news was wrong, here is explanation:

    https://twitter.com/cnLedger/status/930436656045342720

    “The head of that company has clarified that they made mistakes on the statement, as they are not a government administrative department, and have no rights to determine whether bitcoin mining is illegal”

    https://twitter.com/cnLedger/status/930436656045342720

    Reply

  3. windsok

    November 15, 2017 at 1:22 am

    Shitty auto-translation:
    > November 14, Tencent Finance “front-line” learned from the Bitcoin Miner’s Office, Sichuan Electric Power Company has issued a circular that the use of electricity to produce bitcoin is illegal operations, requiring grid-connected hydropower stations need to stop production of bitcoin, or will be Be “to be solved network punishment.”

    >”Digging” is a jargon in the bitcoin world, which specifically refers to the use of the computing power of the chip to continuously “hash collide” in the blocks generated by the bitcoin system to win the accounting right to obtain the system Bonus bitcoin. This boring and repetitive process is vividly called “mining” in the Bitcoin industry

    >In the process of “mining”, the largest expenditure is the amount of power consumed by the initial investment in mining machines and the daily operation of mining machines. In order to reduce production costs, bitcoin mines mostly “live with electricity.” Tencent “Prism” had previously reported that benefiting from the abundant electricity resources in Inner Mongolia and Sichuan, China has the world’s largest bitcoin mine and has a monopoly on the production of bitcoin. A bitcoin mine owner once told Tencent Finance, “Sichuan has the largest amount of water resources in the country. There are thousands of large and small hydropower stations with abundant power. Sometimes, because of over-supply of electricity, some of the water that should have been used to generate electricity We can only let it go, we call it ‘discarded water.’ “Bitcoin saved these” abandoned water. ” The water that would otherwise have been diverted from the hydropower station was used to generate power for bitcoin mines, huge gains were made by hydropower plants, and miners were given the coveted low-cost electricity.

    >However, with the domestic regulatory tightening of the Bitcoin Exchange and the conflict of interests between power companies and small-scale hydropower stations, the power supply urgently needed by bitcoin mines has gradually been tightened up by local electricity companies. A miners told Tencent Finance, Sichuan, on the one hand, issued a circular at the policy level, requiring no new small hydropower stations; the other hand, the power company is stepping up its acquisition of small hydropower stations to promote the latter’s power grid, bitcoin mine low-cost Electric space increasingly cramped.

    Reply

  4. windsok

    November 15, 2017 at 1:22 am

    Photos of one of the bitcoin mines in Sichuan, where this crackdown is taking place – https://qz.com/1026605/photos-chinas-bitcoin-mines-and-miners/

    Reply

  5. BlackBeltBob

    November 15, 2017 at 1:22 am

    Is china leveling the playing field? Cool. I “Dig” it.

    Reply

  6. alfonso1984

    November 15, 2017 at 1:22 am

    Bad news short term (Bitcoin could be slow until next adjustment after 2 weeks) but this could mean more decentralisation.
    Is bad for Bcash that does not have miners out of China lol and is just alive because a single miner subsidises it.

    Reply

  7. atlantic___

    November 15, 2017 at 1:22 am

    ~~Dump it~~

    Pump it

    Reply

  8. pictogasm

    November 15, 2017 at 1:22 am

    Am I the only one who has always assumed the chinese miners have been stealing electricity all along (either by bypassing the meters or by bribing the power operators).

    And with the latest effort to move hash rate away from btc, perhaps Wu is taking this opportunity to squeeze everyone “else” in china to take their hash power offline?

    Because one I thing I imagine is that large criminal/grey operators tend to isolate their operations so that farkups/take downs of the less clever don’t leak into their space.

    dumbass B shows off his mining setups to someone, who in turn leaks to reporters, who in turn report it. Dumbass B self destructs, but since wu is isolated, it just leaves his market/capacity available for wu to take over.

    And who’s to say wu didn’t engineer the enforcement activity?

    Reply

  9. BitBankRoller

    November 15, 2017 at 1:22 am

    BW VP here, not at the mining panel because didnt know about it. As far as crackdown goes, this was probably all blown out of proportion.

    Reply

  10. clinthammer316

    November 15, 2017 at 1:22 am

    Perhaps they were absent so that they could make one last attempt on dethroning BTC. Whatever the case wish they sod off a.s.a.p. because HODLers will HODL!

    Reply

  11. BitcoinReminder_com

    November 15, 2017 at 1:22 am

    Or the 300 mio usd which he and roger lost due their unsuccessfull financial attack. lol.

    Reply

  12. speackio

    November 15, 2017 at 1:22 am

    The price of electricity will not impact bitcoin. If the price becomes higher, some miners will drop out as it might not be profitable. Miners dropping out will decrease the difficulty => mining blocks becomes easier => Energy cost will go down until it matches the value of bitcoin. It’s a system that self-corrects.

    Reply

  13. Bitcoin_Bug

    November 15, 2017 at 1:22 am

    bad day for Jihad Wu 😛

    Reply

  14. Coins_For_Titties

    November 15, 2017 at 1:22 am

    *Puts helmet on*

    *Fastens seatbelt*

    *Grabs popcorn*

    Reply

  15. Mordan

    November 15, 2017 at 1:22 am

    good news!

    Reply

  16. dik2phat

    November 15, 2017 at 1:22 am

    does anyone know the stats on how much hash power china still has? I saw some video the other day that showed that Russia is building up their mining centers and it seems that other countries are getting in on the action. Everyone seems to believe the attack on the main chain is coming from the Chinese miners. I’m just trying to figure out what the outlook is like? When can we expect more decentralization? I read a while back that some Japanese company is making 7nm mining chips? sorry for all the questions, just trying to get a grip on the current situation.

    Reply

  17. hanorb

    November 15, 2017 at 1:22 am

  18. ellahammadaoui

    November 15, 2017 at 1:22 am

    Also 3h hash rate average is 6Eh on BTC and <1Eh on BCH (fork.lol)

    Reply

  19. iamgerii

    November 15, 2017 at 1:22 am

    Well what is it? Is Jihan in the pocket of the Chinese government or not? If he was affected by a crackdown then that sort of distorts the ongoing conspiracy theory about him and Bcash.

    Reply

  20. CosmicHemorroid

    November 15, 2017 at 1:22 am

    OH on Twitter:
    China: Sir, if you’re mining Bitcoin, we will increase your electric bill.
    Jihan: Uh.. it not Bitcoin, it called “BCash”

    Here’s a bonus, Jihan triggered:

    https://www.youtube.com/watch?v=3jVsdEZqdhA

    Reply

  21. Sumiz

    November 15, 2017 at 1:22 am

    Lets move to South Africa

    Reply

  22. op-return

    November 15, 2017 at 1:22 am

    Oh please. Let it be so

    Reply

  23. alvarosb

    November 15, 2017 at 1:22 am

    this is good for Bitcoin.

    Reply

  24. chek2fire

    November 15, 2017 at 1:22 am

    this will be a day of celebration to bitcoin

    Reply

  25. syn999

    November 15, 2017 at 1:22 am

    govt is no better than cartel to bitcoin, remember that

    Reply

  26. Fatdee7

    November 15, 2017 at 1:22 am

    adding to the conspiracy. Bitmain release a batch of miner few days ago. Havn’t sold out, as of yesterday you would of been unable to complete the transaction.

    As of today bitmain.com webiste is down with a 502 gateway error

    Reply

  27. TotesMessenger

    November 15, 2017 at 1:22 am

    I’m a bot, *bleep*, *bloop*. Someone has linked to this thread from another place on reddit:

    – [/r/bitcoinmining] [Crosspost: Bitcoin Mining crackdown in China](https://www.reddit.com/r/BitcoinMining/comments/7czkw4/crosspost_bitcoin_mining_crackdown_in_china/)

    &nbsp;*^(If you follow any of the above links, please respect the rules of reddit and don’t vote in the other threads.) ^([Info](/r/TotesMessenger) ^/ ^[Contact](/message/compose?to=/r/TotesMessenger))*

    Reply

  28. relgueta

    November 15, 2017 at 1:22 am

    It’s just my or this mean great troubles for bcash?, And some trouble for Bitcoin for slushpool should be buying more miners now!!

    Reply

  29. cryptohodl

    November 15, 2017 at 1:22 am

    This strongly correlates to the recent 30% drop in hashrate, right?

    Reply

  30. fronti1

    November 15, 2017 at 1:22 am

    Date 11.3.2017 .. this is 2 weeks ago. Is this common in China that such letters take that long?

    Reply

  31. neepoda

    November 15, 2017 at 1:22 am

    I really just want to know how the hell the fee for sending 5$ worth of BTC is… 10$.

    Reply

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