Buying Bitcoin in China: Is it legal? (2019 updated)

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GBMiners Fastest Bitcoin Mining

GBMiners Fastest Bitcoin Mining is the best live bitcoing mining operation in USA, China, Indonesia, Malaysia, Poland & Europe. Here we want to share what we know about bitcoin mining and increase productivity and bitcoin earnings all around the world with all people.
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Bitcoin Gold

Bitcoin Gold (BTG) is an open-source, community-driven cryptocurrency. We share a codebase and blockchain history with Bitcoin, but bring mining power back to individuals by preventing ASICs from overpowering the hashpool. We're pro-Bitcoin and pro-crypto, and we're here for the long haul!
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Illegal Bitcoin Mining? China Seizes Thousands of ASICs

Illegal Bitcoin Mining? China Seizes Thousands of ASICs submitted by Ranzware to BitNewsLive [link] [comments]

bitcoin mining china

bitcoin mining china submitted by hartukov to u/hartukov [link] [comments]

4 mining pools that are all based in China control over 50% of bitcoins hashrate.

4 mining pools that are all based in China control over 50% of bitcoins hashrate. submitted by olihowells to CryptoCurrency [link] [comments]

Beyond China And North America: The Decentralization Of Bitcoin Mining

Beyond China And North America: The Decentralization Of Bitcoin Mining submitted by simplelifestyle to Bitcoin [link] [comments]

Beyond China And North America: The Decentralization Of Bitcoin Mining (x-post from /r/Bitcoin)

Beyond China And North America: The Decentralization Of Bitcoin Mining (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

If Bitcoin's price drops to under $6925, it would not be profitable to mine for Chinese Miners.

According to this article and to Sophie Lu, an analyst for Bloomberg New Energy Finance (BNEF), as long as the cryptocurrency is worth more than $6,925, CHINESE miners will still make money. If mining in Venezuela, the price could be effectively zero and it would still be profitable.
What do you think would happen if the price stabilizes under that value? Would miners start turning off their machines, eventually leading to less Proof of Work done, increasing the number of unconfirmed transactions, and causing the difficulty to eventually lower in a few weeks?
submitted by Harucifer to CryptoCurrency [link] [comments]

China is responsible for 50% of Bitcoin’s mining, followed by the U.S. with 14% and Russia with 8%

China is responsible for 50% of Bitcoin’s mining, followed by the U.S. with 14% and Russia with 8% submitted by MK333666 to Bitcoin [link] [comments]

70% of bitcoin mining is done in China, and they call Ethereum centralized

70% of bitcoin mining is done in China, and they call Ethereum centralized submitted by litpath to ethtrader [link] [comments]

The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

submitted by Arttoast to markethive [link] [comments]

The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders submitted by a36 to AllThingsCrypto [link] [comments]

US bitcoin mining farm buys 17,600 miners from China-owned Bitmain as talks of a global hash war surface.

submitted by WaggishNickel to Bitcoin [link] [comments]

Bitcoin Mining Pools Record Hash Rate Drop Amid Rainstorms in China

Bitcoin Mining Pools Record Hash Rate Drop Amid Rainstorms in China submitted by nanooverbtc to CryptoCurrency [link] [comments]

Bitcoin Mining Hashrate and Power Analysis - only 50% of mining hashpower is in China currently

Bitcoin Mining Hashrate and Power Analysis - only 50% of mining hashpower is in China currently submitted by SandwichOfEarl to Bitcoin [link] [comments]

Bitcoin Risks #Mining Death Spiral If #BTC Price Plunges Below $3K

Bitcoin Risks #Mining Death Spiral If #BTC Price Plunges Below $3K

https://preview.redd.it/yvsa576z0y021.jpg?width=1080&format=pjpg&auto=webp&s=4f508b7fb1ae7b5a725d67d92b8deba66ca815eb
Bitcoin slid even further downhill this weekend, as the crypto market shed a total $17bn in market capitalization. But the problems might be just the beginning, as further drops threaten to cause a domino effect in the incentives that keep mining networks running.
The danger was first suggested in a tweet by Colin LeMahieu, Nano’s lead developer:
“It’s not a fatal flaw though it is a bad user experience,” LeMahieu told Crypto Briefing in an email. “The issue comes when there are large swings in price.” When prices drop suddenly, he explained, transactions get slower.
The most severe consequences of these downward pressures have yet to be felt, as mining is still profitable in countries with cheaper energy. However, that may change if prices continue to fall—and miners start to worry about their power bills.

The Mining Spiral

Here’s how falling prices could affect the fundamentals of the Bitcoin network.
Although block mining is often regarded as a cryptographic “puzzle,” it might be better regarded as a game of darts, with each miner throwing blindly until someone hits a bullseye and claims the prize. Every two weeks, the Bitcoin network makes the target larger or smaller, to ensure that someone scores about every ten minutes.
These consensus changes work fairly smoothly in the long run, but they run into trouble when there are sudden changes in the number of players—or the value of the prize. A sudden drop in the value of block rewards might cause some Norwegian or Chinese dart-throwers to drop out of the game, leaving only a handful of players aiming at the same tiny target until the next difficulty adjustment.
But a drop in miners can compound problems further, since it now takes fourteen or fifteen minutes to mine a ten-minute block. Since the interval between difficulty adjustments is measured in block times, that two-week period could become three weeks or even longer.
Then prices drop even further, as Bitcoin users and merchants give up on a currency which has inconsistent and unpredictable transaction times—causing further price drops, and more miners to quit, thereby making transaction times take even longer.

These problems aren’t just theoretical. The initial fork of Bitcoin Cash was marred by several hundred-minute blocks as the new network struggled under the previous high difficulty levels.

$3,000: Bitcoin’s Event Horizon

Despite the most recent sell-off, mining is still (barely) profitable in some wholesale energy markets. But even those profits are starting to thin, with reports of some mining installations selling their ASIC equipment “by the kilo.”

The sell-offs are likely to continue if Bitcoin prices sink past $3,000 USD – the average price of producing one bitcoin in China, where 74% of all mining occurs.
Hashrates have been slumping since October, and block times consistently exceeded ten minutes over the past month – even after a difficulty reduction on November 17th.

What Next?

It’s not quite clear how far the downward cascade could bring the price of Bitcoin. In the long run, of course, hashing power and difficulty levels would both sink until they reached an equilibrium, with rewards just high enough to sustain the remaining miners.
But in the short term it would likely deepen and protract the ongoing crypto recession, as the problems in the transaction network highlight the uncertainties of cryptocurrency transactions. For those paid in cryptocurrency–or who rely on it for cross-border remittances– it might become more attractive to go with Western Union after all.
That wouldn’t be the end of crypto, or even of Bitcoin. But it would cause quite a bit of hodler’s remorse, and justify some of the skepticism against cryptocurrency’s ability to survive as an economic system.
It would also throw a wrench into the fundamentals of the network, which has only started to assert its viability as a payment system. Depending on how big the wrench is, the engine might take a long time to fix.
submitted by iTradeBit to bitcoin_crypto [link] [comments]

[Friday, 12. October]

World News

Turkey has audio and video evidence showing that Saudi agents tortured & killed journalist Jamal Khashoggi inside the Saudi Consulate in Turkey
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Richard Branson halts $1B project with Saudi Arabia over Khashoggi disappearance
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All news, US and international.

Uber CEO pulls out of Saudi conference after journalist's disappearance
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A bitcoin miner has been sent to prison for stealing electricity from trains
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Facebook has lost 30% of its value since July
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Science

Cancer is so expensive to treat that 42% of patients deplete their entire life's assets to afford treatment within the first 2 years, according to a new study. Patients faced higher likelihood of asset depletion with worsening cancer, continuing treatment, and increasing age.
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A new study finds that bacteria develop antibiotic resistance up to 100,000 times faster when exposed to the world's most widely used herbicides, Roundup (glyphosate) and Kamba (dicamba) and antibiotics compared to without the herbicide.
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In a study of identical twins, the child who experienced harsher behavior and less parental warmth was more aggressive, and exhibited more callous-unemotional traits.
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Technology

Former Reddit product head Dan McComas: 'I Fundamentally Believe That My Time at Reddit Made the World a Worse Place'
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45 Out of 50 Electronics Companies Illegally Void Warranties After Independent Repair, Sting Operation Finds - New research showed that 90 percent of contacted companies told customers that repairing their own device would void the warranty; that's illegal under federal law.
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Pro-privacy search engine DuckDuckGo hits 30M daily searches, up 50% in a year
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Sadly, this is not the Onion.

North Jersey Man Has Eaten Pizza Every Day For 40 Years
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Incarcerated Pennsylvanians now have to pay $150 to read. We should all be outraged.
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For those of you looking to become more well-rounded readers, edX is currently offering a free course on Masterpieces of World Literature
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submitted by DangerDylan to DangerDylanTLDR [link] [comments]

12-04 11:43 - 'Going Green:78% of Bitcoin miners use excess renewable energy and do not harm the environment' (self.Bitcoin) by /u/cxihub removed from /r/Bitcoin within 7-17min

'''

[link]2
Climate change has been an ongoing problem everywhere and fingers have been pointed at Bitcoin miners and blaming them for their enormous consumption of energy. However according to Coinshares this is not accurate at all. Coinshares recently released a 19 page report “The Bitcoin Mining Network- Trends, Marginal Creation Cost, Electricity Consumption and Recourses.” It examines and scrutinizes geographical distribution and electricity consumption and sources of the network of Bitcoin mining.
According to the report around 78% of Bitcoin miners actually use renewable energy for their operations. [Cryptocurrency]1 miners use renewable energy such as hydropower that makes it “greener than almost every other large scale industry in the world.” They have been able to make this assumption and report by studying China which contributes to 60% of the world’s Bitcoin mining. China’s large scale investment in the energy department has led to operators refusing to accept surplus renewable energy.
'''
Going Green:78% of Bitcoin miners use excess renewable energy and do not harm the environment
Go1dfish undelete link
unreddit undelete link
Author: cxihub
1: *log.cxihub.com*ca*ego*y*cr*pto*urre**y* 2: i.r*dd.*t/b99hwo**x82*1*jp*
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Recognizing Revolutionary Potential, China Encourages Bitcoin Mining In Sichuan

Recognizing Revolutionary Potential, China Encourages Bitcoin Mining In Sichuan submitted by DISANews to StonkFeed [link] [comments]

China is responsible for 50% of Bitcoin's mining, followed by the U.S. with 14% and Russia with 8%

China is responsible for 50% of Bitcoin's mining, followed by the U.S. with 14% and Russia with 8% submitted by DonnieBrast to btc [link] [comments]

A bitcoin miner has been sent to prison for stealing electricity from trains

A bitcoin miner has been sent to prison for stealing electricity from trains
https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html
Submitted October 11, 2018 at 11:17AM by jimmyolsenblues - https://www.reddit.com/news/comments/9ne1lz/a\_bitcoin\_miner\_has\_been\_sent\_to\_prison\_fo?utm\_source=ifttt
via /news - https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html
submitted by Laurelais-Hygeine to NoFilterNews [link] [comments]

A bitcoin miner has been sent to prison for stealing electricity from trains

A bitcoin miner has been sent to prison for stealing electricity from trains
https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html
Submitted October 11, 2018 at 11:17AM by jimmyolsenblues - https://www.reddit.com/news/comments/9ne1lz/a\_bitcoin\_miner\_has\_been\_sent\_to\_prison\_fo?utm\_source=ifttt
via /news - https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html
submitted by Laurelais-Hygeine to NoFilterNews [link] [comments]

Bitcoin mining farms in China's Inner Mongolia region are set to face higher electricity prices after a government crackdown

Bitcoin mining farms in China's Inner Mongolia region are set to face higher electricity prices after a government crackdown submitted by Qwahzi to CryptoCurrency [link] [comments]

Top Bitcoin Mining Pools See 15% Hashrate Drop Amid Continuous Rainstorms in China

Major Chinese bitcoin mining pools are each seeing daily hashrate drops of between 10% and 20% following continuous rainstorms in Sichuan.
China’s southwestern Sichuan province, a mountainous region that is estimated to have over 50% of Bitcoin network’s total computing power, has been hit by heavy rainstorms since last week, which peaked over the last two days.
The heavy rainstorms have caused electricity outages in parts of the region as hydro-plants stop generating power to help discharge the floods. Some counties are also experiencing telecommunication and internet breakdowns, said Kevin Pan, CEO and co-founder of PoolIn.
As result, impacted bitcoin mining farms in the region are forced to unplug from the network for the time being. It’s not clear when the situation will prove as the rainstorms are still ongoing.
Data from BTC.com shows the world’s top four bitcoin mining pools – that is PoolIn, F2Pool, BTC.com and Antpool, all based in China – have each seen their hashrates drop between 10% and 20% over the last 24 hours. The computing power connected to these four pools accounts for around 50% of the Bitcoin network’s total.
submitted by ami_nil1987 to DigitalCryptoWorld [link] [comments]

Bitcoin mine China (2 minutes) Bitcoin Mining in China - No Ban, No Crackdown How China became a haven for Bitcoin mining China Bitcoin Mining BITCOIN ROARING 2020?! China, Mining, Open Source - Programmer explains

7. Conclusion. The Chinese Bitcoin market was quick to adopt cryptocurrencies. By 2017, most of the mining power came from China in actual hashrate and mining hardware alike. Unfortunately, the massive amount of government limitations have led the ecosystem to a halt. In 2020, China remains the king of Bitcoin mining and this isn’t likely to change any time soon. That is, unless major changes to the price of energy occurs or China decides to crack down even harder on Bitcoin mining (though this looks fairly unlikely). Thankfully, the amount of hashing power coming out of China is decreasing somewhat steadily in the last couple of years, and more and more ... Um Bitcoin Mining zu betreiben, müssen Sie einem Miningpool beitreten, was zusätzliche Kosten verursacht. Für das Mining benötigen Sie entsprechende Hardware. Auch hier kommen Kosten auf Sie zu. Je nachdem, wie leistungsfähig Ihr Bitcoin Miner sein soll, zahlen Sie bis zu 2.000 Euro. Es ist nicht bekannt, ob sich Mining auch in Zukunft noch lohnen wird. Wenn Sie nicht genau wissen, was ... Um es vorab zu sagen: Nicht nur Bitcoin Mining will man in China den Riegel vorschieben. Andere Coins würden ebenfalls betroffen sein. Bald überhaupt kein chinesisches Mining mehr? Chinas Regierung will nun scheinbar härtere Geschütze auffahren. Während Bitcoin und all die anderen digitalen Währungen bei vielen Bürgern zunehmend Fans findet, sind Kryptowährungen der politischen ... China, das Paradies für Bitcoin Mining. Einer der wichtigsten Faktoren für erfolgreiches Bitcoin Mining ist die günstige Stromversorgung. Außerdem ist ein kühles Klima von großem Vorteil, denn je kälter die Außenluft, desto weniger müssen die Mining Geräte extern gekühlt werden. Die Kühlung ist oft auch sehr energieintensiv und so ein weiterer Kostenpunkt. Beide der genannten ...

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Bitcoin mine China (2 minutes)

"Bitcoin Mining is Banned in China" - this was the headline that ran on Western media. This is far from the truth! Mining is well and alive in china, and various ASICS (Bitmain Antminer s9, L3 ... Bitcoin mines like this makeshift operation located in Northeast China are what keep the bitcoin network up and running. Motherboard will visit the secretive... In China, savvy entrepreneurs are making millions a year by mining bitcoin. Danny Vincent visited one of the worldÕs biggest facilities of its kind to film the activity and people within. Coolest Bitcoin Mining Miner ... 6:51. Bitcoin millionaire from China Cryptocurrency dips blips and predictions - Duration: 10:10. Asia Crypto Today 10,192 views. 10:10. Bitcoin Mining Explained ... How Bitcoin in China Is Subverting the System - Duration: 22:17. China Uncensored Recommended for you. 22:17. Mining Bitcoin dapat 5 jt per bulan - Duration: 2:26. ALT 50,797 views. 2:26.

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