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[AudraMiller]

Whilst there are many of us that are blaming the crash in the cryptocurrency market on Elon Musk and the tweets that he has made, there has also been concerns that have been raised about the impact that China has on the market and how their ban is contributing to bitcoin prices. Based on the research articles that i have seen, China accounts for over 75% of the bitcoin hash power that is available globally, and therefore their ban is severely hindering the bitcoin market as well. What are your thoughts on this?

 

[Niftyicon]

It is indeed a cause for concern that China with all its success where bitcoin is concerned could be so adamant about its bans where bitcoin and Cryptos are concerned. The effect would be felt even more by the time all is put into action.

 

[Brain]

Your assertion might just be right because if those contributing immensely to a thing despite to pull out there will be a crash so I think this is what is happening here

 

[silentwatch]

That migh be cause some impact to the market. As we can see, now bit coin price is still in bear and no positive signal to reverse. China regulation migh impact this.. Just wait and see..

 

[LutherKing]

Yes this actually shows that what is the future of btc to be likely its all in the control of powerful economies , no real thing of decentralized money actually to be honest

 

[CryptoStar19]

Whilst there are many of us that are blaming the crash in the cryptocurrency market on Elon Musk and the tweets that he has made, there has also been concerns that have been raised about the impact that China has on the market and how their ban is contributing to bitcoin prices. Based on the research articles that i have seen, China accounts for over 75% of the bitcoin hash power that is available globally, and therefore their ban is severely hindering the bitcoin market as well. What are your thoughts on this?

That figure was closer to %65 if I am not mistaken, but yes highly concentrated in China and this has been considered a risk for bitcoin for a long time now. The mining ban in China will distribute this concentration of hashrate out of China and in the long run will be good for bitcoin.

 

[AudraMiller]

That figure was closer to %65 if I am not mistaken, but yes highly concentrated in China and this has been considered a risk for bitcoin for a long time now. The mining ban in China will distribute this concentration of hashrate out of China and in the long run will be good for bitcoin.

I agree with you and i had not thought about it from this perspective before. This will allow for various other countries to become major mining hubs for Bitcoin and will spread bitcoin use throughout the world as well.

 

[GoldenLady]

Whilst there are many of us that are blaming the crash in the cryptocurrency market on Elon Musk and the tweets that he has made, there has also been concerns that have been raised about the impact that China has on the market and how their ban is contributing to bitcoin prices. Based on the research articles that i have seen, China accounts for over 75% of the bitcoin hash power that is available globally, and therefore their ban is severely hindering the bitcoin market as well. What are your thoughts on this?

It may seem so, but Satoshi seems to have accounted for that earlier. Whenever the mining rate drops, the mining process is made easier for the remaining miners, and vice versa. Currently, miners have an easier time mining as compared to before.

 

[AudraMiller]

It may seem so, but Satoshi seems to have accounted for that earlier. Whenever the mining rate drops, the mining process is made easier for the remaining miners, and vice versa. Currently, miners have an easier time mining as compared to before.

This is true and the reduced mining difficulties has caused a major increase in the profits that are being experienced by some of the mining rigs globally focused on bitcoin.

 

[CryptoStar19]

This is true and the reduced mining difficulties has caused a major increase in the profits that are being experienced by some of the mining rigs globally focused on bitcoin.

Yes. Since the drop in the hash rate was forced (and not organic) this effect is temporary. We can already see the hash-rate on it's way to returning to previous levels before China's crackdown.

 

[AudraMiller]

Yes. Since the drop in the hash rate was forced (and not organic) this effect is temporary. We can already see the hash-rate on it's way to returning to previous levels before China's crackdown.

This is likely brought on by the fact that many of the mining rigs are already being relocated to other countries and starting to be in operation once again.

 

[CryptoStar19]

This is likely brought on by the fact that many of the mining rigs are already being relocated to other countries and starting to be in operation once again.

That's right... and also the downward difficulty adjustment has provided incentive for other miners to increase their output ... and made some older mining machines profitable again.

 

[AudraMiller]

That's right... and also the downward difficulty adjustment has provided incentive for other miners to increase their output ... and made some older mining machines profitable again.

This is true. Personally i think that it would be more beneficial to mine dogecoin as the price of the coin is quite high and the mining difficulty does not change due to there being an absence of a halving event for these coins.

 

[CryptoStar19]

This is true. Personally i think that it would be more beneficial to mine dogecoin as the price of the coin is quite high and the mining difficulty does not change due to there being an absence of a halving event for these coins.

Definitely bitcoin would be pretty much on the bottom of the list for individuals in terms of coins that might be worth mining personally. At this point in the game you have to be a large company with massive hardware (that often can only be so old) to really be profitable mining bitcoin.