China has properly started closing Crypto mines now

[Zak33]

The plugs are, quite literally being pulled out by government officials - to save the world from coal powered crypto

https://www.globaltimes.cn/page/202106/1226598.shtml

https://www.france24.com/en/live-new...ining-industry



leaving these two chaps and a few others, not in the cold anymore but out in the warm sunshine

SO.... if Crypto mining ceases enormously in China, in theory the volume of its creation will slow. Maybe the price would rise?

Except its not REALLY about saving the coal and saving the CO2 emmisions - its about controlling currency and ensuring taxation and so all that crypto hit the markets and the prices have tanked

[badass]

SO.... if Crypto mining ceases enormously in China, in theory the volume of its creation will slow. Maybe the price would rise?

That's not how it works. Crypto creation is fixed for Bitcoin, Ethereum and any of the other crypto currencies I know of. The reduction in mining rate will just mean that it takes less "effort" for the remaining miners to earn. However with the recent price reductions there probably isn;t more profit for those that are left.

[AC81]

Much of the equipment is going to be sold, which means over the coming months, bit coin mining will shift from companies in China to companies outside china.
There are also a number looking to move themselves out of china. Kazakhstan seems to be gaining press at the moment.
Don't think that's going to be using solar panels.

This is a temporary blip at the moment. I see a slight slowdown but this won't be wholsale change long term on volume of crypto mining. Just mabee a whole sale change out of China.

I'm also wondering how much of this is triggered by the move of the Chinese government to launch thier own digital currancy. Trying thier best to sideline the competition.
For years they've been happy with miners as it gave them money, despite the power consumption. There's no way they've suddenly grown a conscience.

[Spreadie]

I think this is about control - China earns a lot of money from Bitcoin, but a fair chunk of what is being mined in China is going elsewhere. I read a report that a lot on independent mining operations are run illegally on subsidised power - I imagine they want that too.

They aren't likely to create a successful rival currency that they can control by stomping on the competition - it kinda defeats the point of a decentralised currency - so maybe they're taking the hit to wipe out the independents with a view to resuming mining under stricter controls and with more influence over the global market?

[Zak33]

"NYC Mayoral Front Runner Eric Adams Says City Will Become ‘Center of Bitcoins’"

and a few South American nations are still giving it the "we will host your mines, come hither"

[CAT-THE-FIFTH]

"NYC Mayoral Front Runner Eric Adams Says City Will Become ‘Center of Bitcoins’"

and a few South American nations are still giving it the "we will host your mines, come hither"

Where is the power generating capacity going to come from?? What happens when they won't have enough overhead capacity from renewables during inclement weather?? So is he going to mandate building more nuclear power stations,etc??

Edit!!

He wants to have more wind power. So how is that going to work out with the huge amount of excess power mining is going to need 24/7 and all the extra industrial capacity he wants to build new factories??

[DanceswithUnix]

He wants to have more wind power. So how is that going to work out with the huge amount of excess power mining is going to need 24/7 and all the extra industrial capacity he wants to build new factories??

Only makes sense if the power grid have the ability to kill the mining during low supply. That would then give the grid a place to dump/sell excess generation. Not sure it would work in practice of course.

[Xlucine]

Only makes sense if the power grid have the ability to kill the mining during low supply. That would then give the grid a place to dump/sell excess generation. Not sure it would work in practice of course.

It's not uncommon for big industrial users to have contracts that let the power utilities boot them off the grid (with a warning period specified in the contract), or massively hike the electric price for short periods. If you just had a variable rate electric then some control server could read the rate each time it changed and then turn on or off portions of the mining pool.

You could be really smart and do this based upon the efficiency of the hardware, so older hardware mines up to x p/kWhr, and more modern stuff only stops at y p/kWhr - or even adjust the clocks on the hardware to reduce efficiency at cheap periods

[DanceswithUnix]

It's not uncommon for big industrial users to have contracts that let the power utilities boot them off the grid

That's basically what I was referring to. However, bitcoin miners are known to steal electricity, and they may not want to have their equipment down.