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/biz/ - Business & Finance

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4357778 No.4357778 [Reply] [Original]

GUYS THIS IS NOT A DRILL
MINING BANNED IN CHINA

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

>> No.4357788

All mining?

>> No.4357796

>>4357778
I cant read this chung chong shit

>> No.4357797

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]

>> No.4357814

>>4357796

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.

>> No.4357817

>>4357778
Fuck dude if this is legit... hahaha

>> No.4357830

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

>> No.4357839

>>4357778
finally we can move on

fucking chinks

>> No.4357845

>>4357814
China men digging bitcoin to save abandoned water. The world we live in.

>> No.4357847

>>4357778
How will this affect Binance exchange? Can the Chinese government seize Binance?

>> No.4357855

>>4357814
I'll collide ur hash big boi

>> No.4357859

>>4357847
Binance is in Hong Kong with servers in SK and Japan so I don't think so.

>> No.4357874
File: 2.29 MB, 1242x2208, 1505039772345.png [View same] [iqdb] [saucenao] [google]
4357874

here we go again

>> No.4357921

.

>> No.4357924

>>4357778
Good. Chinese mining cartels can die and we are free of their stranglehold. Plus BCH dies a horrible death too

>> No.4357925

oh shit wat

>> No.4357956

>>4357924
Why would it affect BCH over BTC?

>> No.4357971

>>4357956
only bch will survive.

>> No.4357989

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

>> No.4357991

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 ?

>> No.4357999

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

>> No.4358005

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?

>> No.4358009
File: 34 KB, 1090x584, Screenshot-2017-11-15 6338 84 BTCUSD - Bitfinex live chart - Cryptowatch.png [View same] [iqdb] [saucenao] [google]
4358009

Shit it's going down.

Could just be the market getting spooked though...

>>4357999
Majority of mining ANY crypto is in China

>> No.4358030

>>4357999
tether safest. worst case you lose 10% gains. Best case you save your portfolio.

>> No.4358035

>>4357989
big if true

>> No.4358036

How many times have they banned mining now?

>> No.4358046

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

>> No.4358052

>>4357778
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

>> No.4358057

ETH is the safest bet now...

>> No.4358060

>>4357778

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

>> No.4358062

>>4357991
That's how I read it too, with "network punishment" meaning "we'll cut your mooching ass off"

>> No.4358081

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

>> No.4358087 [DELETED] 

>>4357874
top fucking kek, they sure know how to play fearful white bois

>> No.4358099

>>4358060
Because their whole existence is based on exploiting the cheap government subsidised electricity in China.

>> No.4358100

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.

>> No.4358111
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4358111

>>4358030
>tether safest

>> No.4358118

>>4357874
top fucking kek, they sure know how to play fearful (((anglos)))

>> No.4358138

>>4358100
>Indians

Oh fuck no can you imagine a pajeet controlled bitcoin?

>> No.4358152

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

>> No.4358155

>>4358138

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.

>> No.4358156

>>4358030
>the shadiest coin is the safest

>> No.4358181

>>4358111
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.

>> No.4358235
File: 6 KB, 227x222, paj.jpg [View same] [iqdb] [saucenao] [google]
4358235

>>4358155
Fuck you street shitter.

>> No.4358254

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.

>> No.4358259

>>4358155
Fuck you Rakesh! Don't you have a 1 sat shitcoin to shill you will never make it to boss slacking off like this!

>> No.4358276

>>4358155
nice bait

>> No.4358298

>>4358254
this, it's actually pretty good, in the long term this will result in hashrate being distributed more evenly across the globe

>> No.4358326

>>4358081
>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.

>> No.4358371

>>4357778

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.

>> No.4358405

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.

>> No.4358425

>>4358099

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.

>> No.4358444

>>4358326
>Hurr the only viable coin to mine is BTC

>> No.4358448

>>4358425
Well why the fuck arnt the russians all over that already?

>> No.4358500

>>4358052
>They manipulated the markets and are now getting regulated
>getting regulated
>regulated

bitcoiners in 2017

>> No.4358520

>>4358500
>2025
>only DPOS coins
>only DEXes
>everyone accepts crypto

it will be glorious

>> No.4358524

>>4358448

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

>> No.4358527

>>4358444
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

>> No.4358621

>>4357839
I thought the chinks were already done 2 months ago. Fuck them and their slanty eyes

>> No.4358671

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

>> No.4358780
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4358780

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

>> No.4358868

already priced in

>> No.4358930

>>4357778
Crypto mining or mining shit from the ground with a shovel.

>> No.4359092

>>4358046
>we'd rather waste the energy than making spooky digital money

>> No.4359160

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

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

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

>> No.4359892

>>4357778
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?

>> No.4360174

JIHAN ON SUICIDE WATCH