GUYS THIS IS NOT A DRILL

Emberfire
Emberfire

GUYS THIS IS NOT A DRILL
MINING BANNED IN CHINA

http://finance.caijing.com.cn/20171114/4360561.shtml

All urls found in this thread:
http://finance.caijing.com.cn/20171114/4360561.shtml
https://en.wikipedia.org/wiki/Caijing
https://twitter.com/da1vinci/status/930403936766324736
https://twitter.com/i/web/status/930436656045342720
https://twitter.com/i/web/status/930436656045342720
https://twitter.com/i/web/status/930436656045342720
BlogWobbles
BlogWobbles

All mining?

TechHater
TechHater

@Emberfire
I cant read this chung chong shit

eGremlin
eGremlin

also website is pretty legit
https://en.wikipedia.org/wiki/Caijing

Caijing (财经) (meaning Finance and Economics Magazine in English) is an independent magazine based in Beijing that covers societal, political, and economic issues, with a focus on civil rights, public affairs, and business.[1]

Spazyfool
Spazyfool

@TechHater

Domestic regulatory requirements to close the bitcoin exchange, the bitcoin upstream of the industry chain - "mining", also began to be affected.

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.

Fried_Sushi
Fried_Sushi

@Emberfire
Fuck dude if this is legit... hahaha

MPmaster
MPmaster

https://twitter.com/da1vinci/status/930403936766324736

haveahappyday
haveahappyday

@Emberfire
finally we can move on

fucking chinks

askme
askme

@Spazyfool
China men digging bitcoin to save abandoned water. The world we live in.

massdebater
massdebater

@Emberfire
How will this affect Binance exchange? Can the Chinese government seize Binance?

Poker_Star
Poker_Star

@Spazyfool
I'll collide ur hash big boi

Techpill
Techpill

@massdebater
Binance is in Hong Kong with servers in SK and Japan so I don't think so.

SniperGod
SniperGod

here we go again

Boy_vs_Girl
Boy_vs_Girl

.

Spamalot
Spamalot

@Emberfire
Good. Chinese mining cartels can die and we are free of their stranglehold. Plus BCH dies a horrible death too

Soft_member
Soft_member

oh shit wat

Carnalpleasure
Carnalpleasure

@Spamalot
Why would it affect BCH over BTC?

TurtleCat
TurtleCat

@Carnalpleasure
only bch will survive.

GoogleCat
GoogleCat

So BCH was a fucking exit pump. Jihan is a government insider and knew this was coming

Fuzzy_Logic
Fuzzy_Logic

doesnt the article just say, that miners have to pay for the electricity that they use instead of taking it out of local hydropower stations ?

Supergrass
Supergrass

wait so do i escape into btc, bch, or eth?

Nude_Bikergirl
Nude_Bikergirl

This letter is from 11 days ago, OP. It has a date on the bottom. This kind of news does not go unnoticed for so long. What do you say about that?

Booteefool
Booteefool

Shit it's going down.

Could just be the market getting spooked though...

@Supergrass
Majority of mining ANY crypto is in China

Bidwell
Bidwell

@Supergrass
tether safest. worst case you lose 10% gains. Best case you save your portfolio.

likme
likme

@GoogleCat
big if true

lostmypassword
lostmypassword

How many times have they banned mining now?

TreeEater
TreeEater

i can read chinese...this article says that electricity providers in Sichuan province have been instructed not to supply electricity to bitcoin miners. this is part of a wider government crackdown on bitcoin mining as it is seen to be a wasteful use of energy

Burnblaze
Burnblaze

@Emberfire
We will probably see a dip but this news is bullish imo. Chinese mining cartels just got BTFO! They manipulated the markets and are now getting regulated

Flameblow
Flameblow

ETH is the safest bet now...

SniperWish
SniperWish

@Emberfire

Even if this is true, why wouldn't the Chinese Bitcoin miners just move their operation to Russia or even Japan?

WebTool
WebTool

@Fuzzy_Logic
That's how I read it too, with "network punishment" meaning "we'll cut your mooching ass off"

GoogleCat
GoogleCat

So finally we can buy low price GPUs for our video games?

Garbage Can Lid
Garbage Can Lid

@SniperWish
Because their whole existence is based on exploiting the cheap government subsidised electricity in China.

Crazy_Nice
Crazy_Nice

This will ultimately benefit BTC. If this happens Russians and Indians will now take on the mantle of mining BTC and since the chinks were the most heavily invested in BCH its likely it will die.

If this is true that is.

Evil_kitten
Evil_kitten

@Bidwell
tether safest

cum2soon
cum2soon

@SniperGod
top fucking kek, they sure know how to play fearful (((anglos)))

TreeEater
TreeEater

@Crazy_Nice
Indians

Oh fuck no can you imagine a pajeet controlled bitcoin?

SniperWish
SniperWish

if this is true, only bch's difficulty algo can adapt with hashrate fluctuations well.

TurtleCat
TurtleCat

@TreeEater

Fuck off and fuck you. It is finally time for us pajeets to shine. My name is Rakesh and I am ready to become your boss. Indians are the master race of this world, fat white boi.

BlogWobbles
BlogWobbles

@Bidwell
the shadiest coin is the safest

Illusionz
Illusionz

@Evil_kitten
as in buy back into bitcoin after a dip.

basically... if FUD is real, drop could be big. If FUD is nonsense, rise probably not a huge deal.

at least thats how I generally play this shit.

Skullbone
Skullbone

@TurtleCat
Fuck you street shitter.

DeathDog
DeathDog

Looks like the Chinese "mining ban" is really about power plants directly selling electricity to miners. It's illegal to bypass the state-owned power company that acts as a middle-man. If anything this should level the playing field a bit.

AwesomeTucker
AwesomeTucker

@TurtleCat
Fuck you Rakesh! Don't you have a 1 sat shitcoin to shill you will never make it to boss slacking off like this!

Dreamworx
Dreamworx

@TurtleCat
nice bait

happy_sad
happy_sad

@DeathDog
this, it's actually pretty good, in the long term this will result in hashrate being distributed more evenly across the globe

Snarelure
Snarelure

@GoogleCat
thinking people still use GPUs to mine BTC

Hi, welcome to crypto... please sit over there and remain silent. You have not earned the right to speak yet.

Need_TLC
Need_TLC

@Emberfire

This is not what is said, the article is talking about a circular that prohibit the building of new hydropower stations for mining use, or something equivalent to that; NOT the ban of mining. Thanks for the link anyway I guess.

kizzmybutt
kizzmybutt

I espouse libertarian values, but I would be a fool to not want communist China to co-opt my freedom coins in return for a bit of short term gain.

Flameblow
Flameblow

@Garbage Can Lid

If the Chinese miners move to Russia they can probably get very cheap electricity. Cost of operations will also likely be cheaper due to the ruble exchange rate.

FastChef
FastChef

@Snarelure
Hurr the only viable coin to mine is BTC

BunnyJinx
BunnyJinx

@Flameblow
Well why the fuck arnt the russians all over that already?

Playboyize
Playboyize

@Burnblaze
They manipulated the markets and are now getting regulated
getting regulated
regulated

bitcoiners in 2017

SniperWish
SniperWish

@Playboyize
2025
only DPOS coins
only DEXes
everyone accepts crypto

it will be glorious

BlogWobbles
BlogWobbles

@BunnyJinx

40 Companies From China and EU Have Applied to Mine Bitcoin in Russia
news.bitcoin.com/companies-china-eu-mine-bitcoin-russia/

StonedTime
StonedTime

@FastChef
This thread is specifically about Chinese miners mining BTC fuck face. I've been GPU mining since before you could spell crypto... I'll fight you faggot

VisualMaster
VisualMaster

@haveahappyday
I thought the chinks were already done 2 months ago. Fuck them and their slanty eyes

takes2long
takes2long

God fucking damn slant eyed chinks can trump just nuke them all already

Methshot
Methshot

so have the chinks ruined crypto?
fucking government ruining everything again

Playboyize
Playboyize

already priced in

Harmless_Venom
Harmless_Venom

@Emberfire
Crypto mining or mining shit from the ground with a shovel.

BunnyJinx
BunnyJinx

@TreeEater
we'd rather waste the energy than making spooky digital money

Firespawn
Firespawn

FALSE ALARM
https://twitter.com/i/web/status/930436656045342720

https://twitter.com/i/web/status/930436656045342720

https://twitter.com/i/web/status/930436656045342720

Burnblaze
Burnblaze

@Emberfire
i am a no coin, what should i do? i figure i should buy some when it will get low for a giggle. i never really believed in bitcoins desu even if i was thinking about this in the early 00's no joke .
is there a place to make a transaction without installing some software , what is the preferred place?

SniperGod
SniperGod

JIHAN ON SUICIDE WATCH

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