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Despite the Ban, China Is Still the Second Largest Bitcoin Miner

Despite the Ban, China Is Still the Second Largest Bitcoin Miner



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7 Comments

  1. tldr; The annual Bitcoin Electricity Consumption Index (CBECI) has shown that China still holds its position among the biggest miners and ended up only second to the US. The data shows that while the country’s share was reduced to 0% in July and August, following the ban, it was back to 22% in September, and is averaging around 21%.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. Well, yeah. I imagine the ban was just a way to make sure xi & friends get their cut or take total control of operations.

    Y the fuq would they stop something that makes money

  3. That is the principle reason bitcoin uses electricity in its PoW algo as it is available all over the world in many different forms and cannot be stopped easily with any regulation. Regulations like we saw in china only strengthened the bitcoin network as it shutdown some larger ASIC farms and spread those ASICs all over china and elsewhere in a much more distributed matter . A typical ASIC will use ~3-4k watts which is well within the variance of normal household usage so as long as a home is using 3 or less ASICs they won’t be easily found by regulators looking at the power grid.

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