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Bitcoin Mining BANNED in China!! Impact on BTC?? ๐Ÿ˜ฎ



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๐Ÿ“บ Helpful Vids ๐Ÿ“บ

China Mining Considerations ๐Ÿ‘‰
Power FUD ๐Ÿ‘‰

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– TIMESTAMPS –
0:00 Intro
2:01 Understanding the Downside
5:22 Authorities Crackdown
8:32 Miners shifting out
11:43 Constructive for Bitcoin?
13:54 Environmental Affect?
15:44 Fostering Inexperienced Revolution
18:15 Conclusion

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โ›“๏ธ ๐Ÿ”— Helpful Hyperlinks ๐Ÿ”— โ›“๏ธ

Ark & Sq. Report:
Coinmetrics Weblog Put up:
Miners Leaving:
World Power Breakdown:
Mustafa Tweet:
Chinese language Authorities Crackdown:
Chinese language Authorities Targets:

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๐Ÿ˜จ Why It is a Downside ๐Ÿ˜จ

All of it comes right down to centralisation. Chinese language mining centralisation has at all times been a thorn within the aspect of Bitcoin and has been utilized by critics for years.

Presently, over 65% of all the worldwide mining hashpower is concentrated in China. Mining focus is harmful

Furthermore, with over 51% of the hash price, miners might theoretically launch a double spend assault

Other than this, there are additionally environmental issues that come from Bitcoin mining in China. Sure, many mining farms do use hydro energy however for all the relaxation, they must depend on soiled coal fired energy stations.

๐Ÿ‡จ๐Ÿ‡ณ Authorities Crackdown ๐Ÿ‡จ๐Ÿ‡ณ

This 12 months noticed the launch of China’s CBDC which meant that the federal government wished to take yet one more transfer towards crypto. The Chinese language authorities additionally has carbon emissions objectives

On the twenty first of Might the Chinese language vice premier mentioned that the federal government would “crack down on Bitcoin mining and buying and selling conduct”

The worth of Bitcoin instantly fell by 6% as market contributors tried to course of precisely what this meant.

โฌ‡๏ธ Miner Exodus โฌ‡๏ธ

One thing else that we will take a look at is the quantity of mining tools that has hit the second hand market.

This was additional corroborated with feedback from the CEO of Canaan, a big ASIC producer listed on the Nasdaq. He mentioned that these miners have been “underselling” their tools available on the market.

Inside Kazakhstan, related tales abound. Based on the founding father of Xive, a Kazakhstan primarily based firm serving to miners, he has acquired “day by day requests” from these Chinese language miners.

Alex Brammer of Luxor Tech has been fielding frantic requests from miners who’re on the lookout for information centre colocation house all around the US.

Massive mining swimming pools and cloud mining operators have suspended their operations in China.

The exodus has begun and as these miners begin to transfer their operations abroad, we’re more likely to see a continued fall in hashpower

๐Ÿค” Good for Bitcoin? ๐Ÿค”

Though there shall be a short lived fall within the hashrate on the community, it’s going to nonetheless be the perfect factor on the planet for Bitcoin.

The community is supposed to be strong and adaptive. If there’s a fall within the hashrate the problem adjusts so as to deliver extra miners into the fold.

When the problem falls it implies that mining bitcoin turns into simpler which brings extra marginal miners again into the fold.

Nevertheless, in the long run as these chinese language miners are capable of arrange their farms abroad

And, when this hashpower comes again on-line it’s more likely to be in a rustic that’s much more steady from a political threat perspective

๐ŸŒฒ Greener Mining ๐ŸŒฒ

Power manufacturing is completely different from Power use. Bitcoin mining can use any power supply so as to mine cash. In different nations, they’re much less depending on coal which is the dirtiest power supply there’s on the planet.

When miners transfer there they are going to be utilizing these inexperienced power sources that can imply a decrease carbon footprint. There’s additionally growing proof that Bitcoin miners could make it much more economical for power producers to offer inexperienced sources.

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๐Ÿ“œ Disclaimer ๐Ÿ“œ

The data contained herein is for informational functions solely. Nothing herein shall be construed to be monetary authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who is just not a licensed monetary advisor or registered funding advisor. Buying and selling Foreign exchange, cryptocurrencies and CFDs poses appreciable threat of loss. The speaker doesn’t assure any explicit consequence.

#Bitcoin #Mining #China #Crypto #BTC #centralisation

Source: Coin Bureau

48 Responses

  1. I got my cards and miners at IMINERS,CO and they are great group of people. Cards and miners are awesome, support is insane, shipping is fast and they provide wholesale discount. My recommendation for them.

  2. Beautifully presented. Thank you. The green energy concept is very nice however, the cost of electricity through Renewable sources has to be reasonable to attract mining or even regular consumption.

  3. Well, I for one am hoping for at least another 90 days of decline. I have just gotten into cryptocurrenncy and seeing where some of the coin I am interested in was and where it is, I'm wishing for a time machine! But, the next best thing to a time machine seems to be a major world government solving problems by creating new ones! Weeeeeeeeeeee look at that bowl swirl!!! lol

  4. It makes absolutely no sense for China to kick out miners from its territory. I do understand that the adoption of bitcoin would put a dent on a communist government power, so prohibiting exchanges and banks to trade bitcoin makes total sense. But keeping an insane amount of mining power within its border would bring not only overseas money but also lots of strategic control over BTC in case it becomes a global currency in the future once China could simply cease all this mining farms taking control over the blockchain with a 51% attack. Makes no sense to just kick out miners and let other countries to absorve this strategic control over BTC. Go figureโ€ฆ

  5. I still can't buy the green argument. I would love to see the environmental impact of fiat currency on the world. When you consider trucking cash to millions of ATM's world wide, sometimes daily, the gas, oil, trucks, manpower, uniforms, electricity use of ATM's, banks, vaults, cash printers, ink, dye's, textile/paper production for printing, printer electricity usage, wrapping, packaging, the list goes on…oh and the USD is the most laundered/counterfeit currency on the planet…

  6. All I can say is it's about time yes it will hurt my crypto right now but it opens up a good time to buy in for alot cheaper prices and I know btc will rocket ๐Ÿš€ after they are set up and running again. Yes let's get China out of this market lol

  7. 16:04 yes it's cheap and that's the reason why it's not interesting for energy providers… And that's the reason why normal people has to high pay subsidies… At least for solar and wind. That's the reason why you have to pay the highest prices for energy in the world here in Germany. Or Denmark, Belgium or California…

    If there is much wind or sunshine the energy is so cheap the provider have to pay at the energy stock market to get rid of the energy or shutdown the wind parks. And if there is nothing of both you have no income… In Germany we pay subsidies for years for windparks for a specific energy volume that it's profitable to install the wind park… It doesn't matter if there is wind or not. The supplier gets his money…

    Solar and wind are to decentralize power supply than it makes sense and is cheap but not in big scale. Than it's not cheap. Or you build a world wide power net but that will not happen.

    Hydro or thermal power supply is cheap in a big scale because it's constant. No subsidies are needed.

  8. China has just handed the USA world domination of future global finances on a plate.
    Let's see if they grab it and run or fuck about and let another country smooth in on the action.
    My guess is while the SEC are stuffing about and delaying things someone like Kazakhstan steals it away.

  9. considering mining thermal throttle, relocate to countries like Iceland, sweden or canada seems a good idea, but forget the idea of maximizing solar energy in those countries.
    they better go to Dubaรฏ, Quatar, Marocco and climate control their buildings from solar energy

  10. Incredible video. Your ability and diligence in thoroughly analysing something that stretches across the complicated economic, technical and geopolitical Venn diagram never ceases to amaze. Sick content ๐Ÿ™‚

  11. The reasoning for crypto to be a driver for green energy is flawed. Miners are not the ideal consumers, as long as there's a net profit to be had with mining, miners won't switch off their rigs, when there's more profit in not switching them off. And seeing as there's like a 10x profit versus energy costs where I live, that's not likely to change any time soon. Mining just raises the baseline energy requirements of a region, which means more energy generation is needed, green or fossil is irrelevant, the best thing for the environment is no extra energy generation at all.
    Decentralized crypto is great, but proof of work needs to change, period. I'm hoping eth2 turns out to be a success and becomes a driver for other coins to make the change, or someone finds another viable alternative(chia is stupid too)

  12. Sooo transaction fees would follow the duck curve too? Although I do see an inherent incentive for a spread of miners along time zones to match your production time to the under served transactions time.

    Hmmm… Do we have charts of transaction numbers vs GMT time?

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