China shuts down 8% of the global bitcoin mining supply

in LeoFinance6 months ago

When Satoshi Nakamoto designed the bitcoin code, it was so that bitcoin could be decentralized. That is one of the primary features of this revolutionary technology. And bitcoin remains decentralized to this day. However, what concerns me is the fact that 65% of all bitcoin is mined in China. This looks really vulnerable to a 51% attack or a takeover by a single entity of the bigger portion of the mining pool.
bitcoin mining rig pixa.jpg
Recent reports have emerged that China now plans to force the shut down of 8% of the mining occurring in the autonomous region of Inner Mongolia. Now Mongolia is a separate sovereign nation with its own language and culture, but it sits at the northern border of China, who has basically invaded it, much like Tibet, and is busy smashing the rights of the Mongolians to even learn their own language in school.

So the CCP has invaded Inner Mongolia and runs it like a province of China now. I don’t know how much control they have over this cryptocurrency website where I’m publishing this post – I may find myself getting imprisoned for telling the truth about the crimes against humanity by the CCP if I’m not careful, or if this site is weak and under the control of the CCP, now or in the future. My nation of sunny South Africa is already invaded by the CCP. A Chinese born national now has a seat in our parliament, so we are also already infiltrated and run by the CCP under their colonizing style of “debt trap diplomacy”.

But back to the topic – bitcoin mining is heavy on electricity, so countries with cheap electricity, like Inner Mongolia, have been successfully running mining farms at profit. But new developments suggest that the CCP has demanded that they meet a certain quota of power consumption. As a result they are now about to shut down all their bitcoin mining farms, which comprises of 8% of global supply.

China already runs 65% of all bitcoin mining, and this 8% shut down may affect the hash rate somewhat. America, by comparison, mines only 7% of the global supply. So China is by far the world leader, and this makes me very concerned about the safety and particularly the sovereignty of bitcoin in the long term. The CCP wants to rule the world one day and also the bitcoin mining by the looks of it, and that is anything but decentralized or sovereign, in my opinion.

Admittedly bitcoin mining consumes a lot of electricity, more than the entire nation of Ukraine or Argentina in a year, for example. Obviously this can change in an instant if we simply use a more efficient means of generating power. Systems were known over 100 years ago already by the greatest genius in history, namely Nikola Tesla, which could tap in to and harness the almost unlimited power available all the time around the planet, but he was stifled by megalomaniacs like banker JP Morgan and that thief Thomas Edison, who stole his work and used a poorer system based on copper cables to run power, simply because they could make masses of profit, while the people suffered to pay for it.

So it’s not only the CCP who are questionable by nature. They all do it at the top of the ladder, exploiting the masses by hiding the free power systems so that they can squeeze us like slaves. Anyway, you get the picture. There is enough free power to run the world several times over, but we still use this outdated system to mine bitcoin while we could be doing it more cleanly and efficiently.

Perhaps in years to come bitcoin mining will be done via a freely available abundant source of energy – but would the elite allow that? And what would it do to the price of bitcoin? Leave your insights in the comments below.

(image pixabay)

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China already runs 65% of all bitcoin mining, and this 8% shut down may affect the hash rate somewhat. America, by comparison, mines only 7% of the global supply. So China is by far the world leader, and this makes me very concerned about the safety and particularly the sovereignty of bitcoin in the long term. The CCP wants to rule the world one day and also the bitcoin mining by the looks of it, and that is anything but decentralized or sovereign, in my opinion.

This is very concerning. Why is China run such a big percentage? Is their power cheaper?

Interesting but concerning article. Thank you for writing.

Yes China has much cheaper power, due to their massive hydro-electric power plants. And Inner Mongolia particularly. They have the biggest dams in the world to generate hydro. But the CCP have a reputation of dictatorially usurping control of businesses in their country if they like. So bitcoin mining is by no means safe under the dominion of the CCP. It's just a worst case scenario though.

Thank you for explaining. Have a great weekend.

We crypto is the tech for the future then it should be exploring clean ways of generating power. This is good to use all the money invested in crypto, not just speculating and shit. Solve real-life problems.

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Yes clean power to mine bitcoin is the solution, well said friend.

As for solving real life problems, bitcoin has done that by providing a peer to peer electronic payment system that is out of the control or reach of the fraudulent banking industry. That is enough of a solution to a very real life problem for me.

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I totally agree with that. But the power usage which has become a major argument against bitcoin should be addressed sometime soon.

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As crypto goes more mainstream, and people become concerned with its inefficient use of energy, proof of work coins will lose market share to more efficient proof of stake coins. I doubt Bitcoin will be nearly as important in a few years as it is today.

I agree that the power use is massive, as I said in the post. We shall see where bitcoin is in a few years. As I said in the post, it's easy to come up with clean energy to run PoW bitcoin mining. Your speculation is understandable regarding bitcoin. Time will prove you right or wrong.

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Your post is reblogged and upvoted by me. It is a good post. Thank you @julianhorack

My pleasure friend.

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Politics conspiracy theories are one thing, but technical conspiracy theories always look like a bad joke. Unlimited power source hidden by elite? Seriously?

China will not shutdown 8% of mining. Miners will just relocate to other provinces of China and will be back in operation just in a few weeks.

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A name like hamster cannot be taken seriously either friend. So one joke deserves another. You obviously have never studied Nicola Tesla's work to do with power. All his documents are still available to some hidden hand, with ability to generate more power than you can even dream of. Your comment shows your lack of education in the subject, but not to worry as hamsters just need their wheel and they are fine. DYOR before making ignorant statements.

I do agree though that miners will simply relocate, so I'm not worried about that. However, if you read CNBC news you will see the report that China is indeed shutting down 8% of their mining in Inner Mongolia. Do you think I just made that up? DYOR again hamster.

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Ok, I have an open mind. Can you give me any real source of information on Tesla? I never heard any scientists or professor from a top university believed in this conspiracy theory about Tesla. I saw information you reference only in magazines/tv shows who also claim pyramids were built by aliens. Seriously, if Tesla work was true the would be a scientist who would publish it and get noble prize for it.

On Miners and China, read my comment again please. I never claimed this info is not true. I just said you may misunderstand this. China is not shutting down miners, they just prohibit use of electricity for mining in specific province.

I'm not the one with the Tesla files but he did some powerful work for the US military back then, which they shelved because it was too much for them apparently. The US military is not going to forget all those details.

Yes you're right about China.

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