GUYS THIS IS NOT A DRILL
MINING BANNED IN CHINA
GUYS THIS IS NOT A DRILL
GUYS THIS IS NOT A DRILL
I cant read this chung chong shit
also website is pretty legit
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.
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.
Fuck dude if this is legit... hahaha
finally we can move on
China men digging bitcoin to save abandoned water. The world we live in.
How will this affect Binance exchange? Can the Chinese government seize Binance?
I'll collide ur hash big boi
Binance is in Hong Kong with servers in SK and Japan so I don't think so.
here we go again
Good. Chinese mining cartels can die and we are free of their stranglehold. Plus BCH dies a horrible death too
oh shit wat
Why would it affect BCH over BTC?
only bch will survive.
So BCH was a fucking exit pump. Jihan is a government insider and knew this was coming
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 ?
wait so do i escape into btc, bch, or eth?
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?
Shit it's going down.
Could just be the market getting spooked though...
Majority of mining ANY crypto is in China
tether safest. worst case you lose 10% gains. Best case you save your portfolio.
big if true
How many times have they banned mining now?
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
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
ETH is the safest bet now...
Even if this is true, why wouldn't the Chinese Bitcoin miners just move their operation to Russia or even Japan?
That's how I read it too, with "network punishment" meaning "we'll cut your mooching ass off"
So finally we can buy low price GPUs for our video games?
Because their whole existence is based on exploiting the cheap government subsidised electricity in China.
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.
top fucking kek, they sure know how to play fearful (((anglos)))
Oh fuck no can you imagine a pajeet controlled bitcoin?
if this is true, only bch's difficulty algo can adapt with hashrate fluctuations well.
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.
the shadiest coin is the safest
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.
Fuck you street shitter.
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.
Fuck you Rakesh! Don't you have a 1 sat shitcoin to shill you will never make it to boss slacking off like this!
this, it's actually pretty good, in the long term this will result in hashrate being distributed more evenly across the globe
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.
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.
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.
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.
Hurr the only viable coin to mine is BTC
Well why the fuck arnt the russians all over that already?
They manipulated the markets and are now getting regulated
bitcoiners in 2017
only DPOS coins
everyone accepts crypto
it will be glorious
40 Companies From China and EU Have Applied to Mine Bitcoin in Russia
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
I thought the chinks were already done 2 months ago. Fuck them and their slanty eyes
God fucking damn slant eyed chinks can trump just nuke them all already
so have the chinks ruined crypto?
fucking government ruining everything again
already priced in
Crypto mining or mining shit from the ground with a shovel.
we'd rather waste the energy than making spooky digital money
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?
JIHAN ON SUICIDE WATCH