What is Bitcoin Mining? How Does it Actually Work? (2020 ...

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“Mining is highly encouraged in China now. They hope to control bitcoin by having all the miners in the country (ie, under their control).” - CZ

“Mining is highly encouraged in China now. They hope to control bitcoin by having all the miners in the country (ie, under their control).” - CZ submitted by forgot_login to CryptoCurrency [link] [comments]

New interactive mining map tool from Cambridge University showing Bitcoin's hashrate distribution by country and Chinese province.

New interactive mining map tool from Cambridge University showing Bitcoin's hashrate distribution by country and Chinese province. submitted by mrauchs to Bitcoin [link] [comments]

Government in China Quietly Orders Closing of Bitcoin Mining Operations

https://www.wsj.com/articles/china-quietly-orders-closing-of-bitcoin-mining-operations-1515594021
BEIJING—Bitcoin can’t catch a break in China.
Chinese authorities ordered the closing of operations that create a large share of the world’s supply of bitcoin, tightening a clampdown that has already shuttered exchanges for the trading of cryptocurrencies in China.
A multiagency government task force overseeing risks in Internet finance issued a notice last week ordering local authorities to “guide” the shutdown of operations that produce, or “mine,” cryptocurrencies, according to the notice and people familiar with the information.
While the notice called for an “orderly exit” without setting a deadline, far-flung areas of China where cryptocurrency mining operations have flourished are complying. A local regulatory official in the far western region Xinjiang said Wednesday that his agency received the notice and is doing “what the country wants.”
Pooling Bitcoin
China still accounts for the lion's share in global bitcoin “mining,” or production, even as authorities move to clamp down on operations.
Bitcoin mining by country of operation* Others† India 3.9% 2.0% Georgia 2.7% China 78.9% Czech Republic 12.5% *Between Dec. 23, 2017, and Jan. 10, 2018 †Include cross-border mining operators Sources: Chainalysis (mining pools); staff reports (locations) The central bank, the lead agency in the task force on Internet financial risk that issued the notice, didn’t respond to a request for comment.
Miners use powerful computer systems to solve complex math problems to generate and verify units of cryptocurrencies. The miners have thrived in sparsely populated areas of China where electricity is plentiful and inexpensive and temperatures are cooler.
Their winding down is the latest blow for bitcoin and other cryptocurrencies in what was a promising market but where the government is concerned about money laundering and risks in the financial system. China accounted for nearly 80% of computer power devoted to global bitcoin mining over the past 30 days, a rough approximation of its share of new units created in the same period, according to calculations based on data from ChainalysisInc., a New York-based research firm.
A loss of a large-scale mining operation would disrupt the creation and verification of cryptocurrency units, according to Philip Gradwell, chief economist at Chainalysis. He said it usually takes about 14 days for the bitcoin system to adjust before the rate of creating new coins stabilizes. If China were to wipe out 80% of global mining power in one go, recovery could take weeks, possibly months, he said.
Related Video
Bitcoin vs. Regulators: Who Will Win? As bitcoin has emerged from the underground world of nerds and criminals to become a mainstream investment, the risk of hacks and scandals has also blossomed. What's a government to do? The WSJ's Steven Russolillo travels the world (sort of) to see how regulators are responding to the remarkable rise of cryptocurrencies. Video: Sharon Shi and Crystal Tai “If China really does switch off all the minters suddenly, there could be a very high level of disruption,” Mr. Gradwell said. “It’s very hard to estimate back-of-the-envelope how big an impact would be.”
Such an across-the-board shutdown is unlikely, Mr. Gradwell and other analysts say, given that the Chinese government has been tightening the regulatory noose for months, prompting many operators to move their equipment elsewhere.
“I don’t think miners have been sitting on their hands,” said Arthur Hayes, who runs a peer-to-peer cryptocurrencies exchange called BitMEX. “Some people have already moved their hardware out of China.”
The founder of Chinese mining pool F2Pool, which accounts for 9% of the bitcoin mined over the past month, said his operations in Inner Mongolia and Xinjiang received “directives” from local authorities, though he declined to provide details.
Related Video
Bitcoin 101: What It Is, How to Invest The virtual currency bitcoin continues surging to new highs as a frenzy of investors get in on the action. WSJ's Paul Vigna explains what you need to know, and how to invest should you want to join the mania. Photo: Alexander Hotz/The Wall Street Journal. “We are already very small,” said the founder, who is known in the Chinese bitcoin community by the nickname “Shen Yu,” or “mythical fish.”
After the government banned offerings of new cryptocurrencies and commercial exchanges in September, official scrutiny fell on the miners.
The government notice to shut down miners began circulating on social media last week and may have added to the factors that have seen prices of bitcoin drop to $14,200 from a high in December of $19,000 per unit after soaring for much of the year. Just before China’s clampdown in September, bitcoin traded for $4,600.
A potential shutting of China’s vast bitcoin mining network could also shake up the dynamics between global mining pools, or firms that share processing power, some analysts said. In recent years, a handful of these powerful Chinese pools resisted expanding the bitcoin network to process more transactions, according to cryptocurrency entrepreneurs.
If authorities in China have cooled to cryptocurrencies, demand has remained hot elsewhere, especially in South Korea, making that country the center of attention for the industry. South Korean regulators have announced tougher measures to crack down on cryptocurrency trading, following the collapse of one Seoul-based platform that investigators are looking into for possible involvement by North Korean hackers.
Write to Chao Deng at [email protected]
submitted by zcc0nonA to btc [link] [comments]

04-30 20:15 - 'OXBTC serves over 600,000 users worldwide and issues total 29856.95BTC. We provide safe and reliable cloud mining service for 600, 000 users in more than 50 countries. #OXBTC https://www.oxbtc.com' (self.Bitcoin) by /u/lanrecool removed from /r/Bitcoin within 0-8min

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OXBTC serves over 600,000 users worldwide and issues total 29856.95BTC. We provide safe and reliable cloud mining service for 600, 000 users in more than 50 countries. #OXBTC https://www.oxbtc.com
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Author: lanrecool
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Analyst Considers China Will Be Overtaken by Other Countries in Terms of Bitcoin Mining Hash Power

Analyst Considers China Will Be Overtaken by Other Countries in Terms of Bitcoin Mining Hash Power submitted by BaWro to CryptoCurrencies [link] [comments]

Analyst Considers China Will Be Overtaken by Other Countries in Terms of Bitcoin Mining Hash Power

Analyst Considers China Will Be Overtaken by Other Countries in Terms of Bitcoin Mining Hash Power submitted by BaWro to Crypto_Currency_News [link] [comments]

Analyst Considers China Will Be Overtaken by Other Countries in Terms of Bitcoin Mining Hash Power

Analyst Considers China Will Be Overtaken by Other Countries in Terms of Bitcoin Mining Hash Power submitted by cryptoallbot to cryptoall [link] [comments]

A 17 year old dictator is trying to create a Reddit nation and wants 2 million dollars to create an island nation by seceding from a South American nation and the nation will live off of the proceeds from mining bitcoin, legalized gambling and by making the country a bank haven. Lets see what comes

submitted by OGKebabEater to TopMindsOfReddit [link] [comments]

@cz_binance: Mining is highly encouraged in China now. They hope to control bitcoin by having all the miners in the country (is, under their control). https://t.co/Rty4NmJsph

submitted by rulesforrebels to BinanceTrading [link] [comments]

A Country Supported by Bitcoin Mining

submitted by OGKebabEater to BitcoinMining [link] [comments]

“Mining is highly encouraged in China now. They hope to control bitcoin by having all the miners in the country (ie, under their control).” - CZ

submitted by scgco to GGCrypto [link] [comments]

The colossal energy requirements of the Bitcoin network could be the achilles heel of the cryptocurrency. Global mining operations already consume more electricity than most countries, and by July 2019 the Bitcoin network will require more electricity than the entire United States currently uses.

The colossal energy requirements of the Bitcoin network could be the achilles heel of the cryptocurrency. Global mining operations already consume more electricity than most countries, and by July 2019 the Bitcoin network will require more electricity than the entire United States currently uses. submitted by Sabremesh to conspiracy [link] [comments]

TIL that Bitcoin mining currently uses more energy than 150 individual countries. At this rate, by July 2019 it will consume same electricity as the US and by February 2020, it will use as much electricity as the entire world does today, stressing power grids all over the world

TIL that Bitcoin mining currently uses more energy than 150 individual countries. At this rate, by July 2019 it will consume same electricity as the US and by February 2020, it will use as much electricity as the entire world does today, stressing power grids all over the world submitted by cj_would_lovethis to TIL_Uncensored [link] [comments]

Estimated Electricity Cost Of Mining One Bitcoin By Country [OC]

Estimated Electricity Cost Of Mining One Bitcoin By Country [OC] submitted by beavershaw to dataisbeautiful [link] [comments]

Estimated Electricity Cost Of Mining One Bitcoin By Country

Estimated Electricity Cost Of Mining One Bitcoin By Country submitted by VY99 to Bitcoin [link] [comments]

04-22 12:03 - 'Man accused of stealing bitcoin mining equipment flees country on Icelandic PM's plane' (moneycontrol.com) by /u/seorony removed from /r/Bitcoin within 1500-1510min

Man accused of stealing bitcoin mining equipment flees country on Icelandic PM's plane
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Estimated Electricity Cost Of Mining One Bitcoin By Country

Estimated Electricity Cost Of Mining One Bitcoin By Country submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

04-22 16:33 - 'Bitcoin Mining Consumes More Electricity Than 20+ European Countries' (infotechnosol.com) by /u/basitm removed from /r/Bitcoin within 43-53min

Bitcoin Mining Consumes More Electricity Than 20+ European Countries
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Author: basitm
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Does anyone have quick access to current mining hashrate percentage stats by country/location? Thank you. /r/Bitcoin

Does anyone have quick access to current mining hashrate percentage stats by country/location? Thank you. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

01-19 19:53 - 'Free coins as a signup bonus for the most legit way of cloud mining. Only a few countries are eligible including USA, Canada, Australia, UK. E-email verification required.' (livecryptocurrencyprices.com) by /u/BeLimitless88 removed from /r/Bitcoin within 1-11min

Free coins as a signup bonus for the most legit way of cloud mining. Only a few countries are eligible including USA, Canada, Australia, UK. E-email verification required.
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Author: BeLimitless88
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Bitcoin mentioned around Reddit: The colossal energy requirements of the Bitcoin network could be the achilles heel of the cryptocurrency. Global mining operations already consume more electricity than most countries, and by July 201 /r/conspiracy

Bitcoin mentioned around Reddit: The colossal energy requirements of the Bitcoin network could be the achilles heel of the cryptocurrency. Global mining operations already consume more electricity than most countries, and by July 201 /conspiracy submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Breaking: China helps Core by stepping on miners?! State Grid Corporation that has issued the decree, in a move which calls into question the countrys ability to sustain bitcoin mining operations. /r/btc

Breaking: China helps Core by stepping on miners?! State Grid Corporation that has issued the decree, in a move which calls into question the countrys ability to sustain bitcoin mining operations. /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

A new free bitcoin miner Work in all country Hot ... Countries Looking to Accept Bitcoin Millionaires vs. Bitcoin Supply!!  2000 -2019 Bitcoin Mining Can Land You In Jail In This Country  CNBC Cost to mine 1 Bitcoin in every country

Accurate Bitcoin mining calculator trusted by millions of cryptocurrency miners since May 2013 - developed by an OG Bitcoin miner looking to maximize on mining profits and calculate ROI for new ASIC miners. Updated in 2020, the newest version of the Bitcoin mining calculator makes it simple and easy to quickly calculate mining profitability for your Bitcoin mining hardware. The estimated cost of mining one bitcoin in Georgia is $3,316. This is the second lowest cost of mining on our list of best countries for bitcoin mining. The Eastern European country is served by low electricity costs, which is evidenced by the massive mining farm owned by BitFury within the country’s borders. What is Bitcoin Mining Summary. Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain.Mining is done by running extremely powerful computers called ASICs that race against other miners in an attempt to guess a specific number.. The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted ... In fact, regarding mining, the country is experiencing something of an exodus at the moment, with a reported 20% of Chinese-based mining businesses shipping out to other countries. Again, there are several reasons for this. Firstly, China began clamping down on cryptocurrencies a few years ago, and their progressively hard-line approach has seen some countries deciding to move to more crypto ... The map above shows a very rough estimate of the current electricity costs of mining one Bitcoin by country around the world.. Based on our research, Kuwait is the cheapest country in the world to mine Bitcoins while the Solomon Islands would be the most expensive. Overall, Bitcoin’s total electricity consumption is huge. In November last year we reported that Bitcoin Mining Now Consuming ...

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A new free bitcoin miner Work in all country Hot ...

Bitcoin mining 'is using so much energy that it is causing electricity blackouts' amid fears it will consume more power than the world by 2020.The virtual mining of Bitcoins is using up so much ... Visualize the total amount of millionaires in USD for each country from 2000 to 2019 versus the Bitcoin circulating supply. In the year 2000 there was approximately 13.9 million millionaires. We looked at the cost to mine one bitcoin in 115 different countries based on average electricity rates according to government data, utility company data, and/or world reports from IEA, EIA ... Mining Market visuals for Bitcoin and other top proof of work coins. Experience data as it changes through time and helps bring transparency and understandin... Here is the list of #Countriesthatarelookingtoacceptbitcoin. Although it has not been accepted by all countries, a majority of countries have fully or partia...

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