Bitcoin mining hash rate drops as blackouts instituted in China(nasdaq.com)
nasdaq.com
Bitcoin mining hash rate drops as blackouts instituted in China
https://www.nasdaq.com/articles/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china-2021-04-16
407 comments
> the National Mine Safety Supervision Bureau has reported three recent coal mine accidents, including an April 10 “water penetration accident” in Xinjiang that caused 21 people to be trapped.
> Significantly, the Xinjiang and Sichuan regions of China combined account for more than 50 percent of the overall Bitcoin mining hash rate
This is horrific on so many levels, I’m not even sure where to begin. My heart goes out for those poor miners slaving away for... what?
> Significantly, the Xinjiang and Sichuan regions of China combined account for more than 50 percent of the overall Bitcoin mining hash rate
This is horrific on so many levels, I’m not even sure where to begin. My heart goes out for those poor miners slaving away for... what?
This is actually good for bitcoin
The Center of Decentralization sneezes and all of Bitcoin catches a cold
The article ends weirdly abruptly:
> It should also be noted that a mining difficult adjustment <EOF>
... what?
> It should also be noted that a mining difficult adjustment <EOF>
... what?
> Significantly, the Xinjiang and Sichuan regions of China combined account for more than 50 percent of the overall Bitcoin mining hash rate
I don't get it, doesn't this effectively mean China can force a 51% attack by just strongarming the pools that operate there?
I don't get it, doesn't this effectively mean China can force a 51% attack by just strongarming the pools that operate there?
Power outages could be qctuqlly used as a tool to localize miners.
Is bitcoin really decentralized if mining and nodes are centralized?
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One of the reasons I'm bearish on Bitcoin in the long term is there are systemic risks like this around miners.
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Bitcoin's hash rate has always been volatile, and it doesn't cause problems. Look at the raw values at <https://www.blockchain.com/charts/hash-rate>.
Use proof of stake coins like Cardano and Polkadot
They use 10000 to a million times less energy than bitcoin to process payments!
They use 10000 to a million times less energy than bitcoin to process payments!
I know it’s a flawed analogy, but considering the influence China has on Bitcoin, on some level buying into Bitcoin seems not unlike shorting the US dollar.
frustrating that the ongoing use of bitcoin is never going to require less power. transactions take ages because of how much work is required to update the chain.
when the imaginary currency goes away, maybe we can move onto something more efficient like giant rocks with holes drilled in them?
when the imaginary currency goes away, maybe we can move onto something more efficient like giant rocks with holes drilled in them?
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Didn’t Enron do this too?
Can some explain what's happening better than I understand bitcoin? Wouldn't the idea that there is less miners be a positive for the price point? Supply and Demand? I mean if you have market of frozen orange juice, and they announce dry season will produce LESS juice, the price will skyrocket. So wouldn't less miners for something like Bitcoin with hard set limit of coins, be a positive for its price?
Fork BTC to Pure Proof of Stake consensus. Balances mapped 1:1. No Environmental problems, no scalability problems, no latency problems. It's not a question of if this fork happens, but when.
[1] https://news.ycombinator.com/item?id=26828479