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🛒 20% Binance Discount 👉 https://guy.coinbureau.com/binance/
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🔥 TOP Crypto TIPS In My Newsletter 👉 https://guy.coinbureau.com/signup/
📺 Useful Vids 📺
China Mining Concerns 👉 https://www.youtube.com/watch?v=qctnB6DHMLA
Energy FUD 👉 https://www.youtube.com/watch?v=DidAwxWaDKI
– TIMESTAMPS –
2:01 Understanding the Problem
5:22 Government Crackdown
8:32 Miners moving out
11:43 Positive for Bitcoin?
13:54 Environmental Impact?
15:44 Fostering Green Revolution
⛓️ 🔗 Useful Links 🔗 ⛓️
Ark & Square Report: https://bit.ly/3gjsbsg
Coinmetrics Blog Post: https://medium.com/coinmetrics/bitcoin-miners-are-escaping-china-d3937e8f018c
Miners Leaving: https://www.wired.co.uk/article/china-bitcoin-mining-ban-kazakhstan
World Energy Breakdown: https://ourworldindata.org/electricity-mix
Mustafa Tweet: https://twitter.com/MustafaYilham/status/1396574185598590979
Chinese Government Crackdown: https://www.cnbc.com/2021/05/26/major-china-bitcoin-mining-hub-lays-out-harsher-crackdown-measures.html
Chinese Government Targets: https://www.reuters.com/article/us-climate-change-china-coal-idUSKBN2BK0PZ
😨 Why It’s a Problem 😨
It all comes down to centralisation. Chinese mining centralisation has always been a thorn in the side of Bitcoin and has been used by critics for years.
Currently, over 65% of all the global mining hashpower is concentrated in China. Mining concentration is dangerous
Moreover, with over 51% of the hash rate, miners could theoretically launch a double spend attack
Apart from this, there are also environmental concerns that come from Bitcoin mining in China. Yes, many mining farms do use hydro power but for all of the rest, they have to rely on dirty coal fired power stations.
🇨🇳 Government Crackdown 🇨🇳
This year saw the launch of China’s CBDC which meant that the government wanted to take one more move against crypto. The Chinese government also has carbon emissions goals
On the 21st of May the Chinese vice premier said that the government would “crack down on Bitcoin mining and trading behavior”
The price of Bitcoin immediately fell by 6% as market participants tried to process exactly what this meant.
⬇️ Miner Exodus ⬇️
Something else that we can look at is the amount of mining equipment that has hit the second hand market.
This was further corroborated with comments from the CEO of Canaan, a large ASIC manufacturer listed on the Nasdaq. He said that these miners were “underselling” their equipment on the market.
Within Kazakhstan, similar stories abound. According to the founder of Xive, a Kazakhstan based company helping miners, he has received “daily requests” from these Chinese miners.
Alex Brammer of Luxor Tech has been fielding frantic requests from miners who are looking for data centre colocation space all over the US.
Large mining pools and cloud mining operators have suspended their operations in China.
The exodus has begun and as these miners start to move their operations overseas, we are likely to see a continued fall in hashpower
🤔 Good for Bitcoin? 🤔
Although there will be a temporary fall in the hashrate on the network, it will still be the best thing in the world for Bitcoin.
The network is meant to be robust and adaptive. If there is a fall in the hashrate the difficulty adjusts in order to bring more miners into the fold.
When the difficulty falls it means that mining bitcoin becomes easier which brings more marginal miners back into the fold.
However, in the longer term as those chinese miners are able to set up their farms overseas
And, when this hashpower comes back online it is likely to be in a country that is a lot more stable from a political risk perspective
🌲 Greener Mining 🌲
Energy production is different from Energy use. Bitcoin mining can use any energy source in order to mine coins. In other countries, they are less dependent on coal which is the dirtiest energy source there is in the world.
When miners move there they will be using these green energy sources that will mean a lower carbon footprint. There is also increasing evidence that Bitcoin miners can make it a lot more economical for energy producers to provide green sources.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Bitcoin #Mining #China #Crypto #BTC #centralisation
Emini Future System Trading – The Sensational Proven Strategy of Beating the Market
Why is emini future system trading the choice of successful futures traders? Because they enjoy winning. Top emini traders realize that in order to win against some of the most informed and professional people in the world, they need a systematic plan that relies on proven strategies. Almost every novice trader will fail at futures trading for one major reason: human emotion.The Best Day Trading Tools
I will give you a quick overview of the best day trading tools that will help you choose stocks. Hopefully this article will be of some use to you.Emini System Trading – Are You Satisfied With Your Emini Trading Results?
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A trading journal is a living document that will help you show your successes and failures and make you a better trader. Outside that viewpoint, a trading journal makes accounting that much easier, and tax-time is made a piece of cake.The Basics of a Hammer
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Index futures are highly volatile and require a certain degree of knowledge and experience to be successful and is the reason many futures traders are always searching for an emini futures course or the next technique that will help them increase the amount of winning trades. Unfortunately, most emini traders seldom stick to the guidelines or rules required to make the course or system profitable with most falling victim to their own emotions. One of the most difficult habits to overcome for new traders is learning to trust a mechanical system and keeping their emotions in check …