Official Mining Thread

[KAC]

Rising again. Didn’t last long lol.

[Leprechaun]

They're just tanking it and blaming it on China.
Behind the scenes whales are buying it all up.

[SirBaron]

There's no they're tanking it, it's tanking because the whole market is tanking.

Stock market and crypto are fairly linked. When it comes to crashes and rises.

Due to how the real market is going I can see it crashing further with how volatile the world market is.

Maybe I should become a YouTube...

[Leprechaun]

I still think some they is involved. They take a bad thing and stretch it as far as they can to get everyone to sell.
Yes! Start a YouTube channel.

I also see some more downside. I'll have to start buying some dips soon.

You think China will make money printer go brrrr to fix the problem?

Bitcoin is being tested. This is exactly why BTC was made for

[Riptide]

BTC has issues with fees and transaction speeds. OK as far as a store of value goes I guess, though it's been shown to be pretty volatile.

There are other projects with less issues than BTC.

[LordHawkwind]

Do you think this will have any effect? I don't mine so doesn't bother me too much. Personally don't think -3.5% is plumetting

https://www.techspot.com/news/91409-...commentsOffset

[Riptide]

Well 3.5% is certainly having an effect.

Central governments (and some citizens) generally are averse to things they can't control and regulate easily so what we're seeing is a reaction along those lines. China being who and what they are means they will probably be the first to try to push this out of existence and will do so with the most over the top reaction.

We may see some of the same type of over the top attacks on it in the west as well eventually. Hard to say what/when will happen. Regardless, none of it is going to be good for adoption or value of the market.

I don't think it is possible to completely drive it out of existence but it can be marginalized to the point of forever remaining a tiny niche where only criminals trade in it because the mere act of owning, trading, or mining it makes you a criminal.

Needless to say, I'm not a fan, but I'm just a little drop in the ocean.

[pax]

https://www.bbc.com/news/technology-58678907

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin.

"Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

China is one of the world's largest crypto-currency markets.

Fluctuations there often impact the global price of crypto-currencies.

The price of Bitcoin fell by more than $2,000 (£1,460) in the wake of the Chinese announcement.

It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst.

If that doesnt kill it I dont know what will. One or 2 more large countries chime in and its over.

[KAC]

Originally Posted by pax

https://www.bbc.com/news/technology-58678907



If that doesnt kill it I dont know what will. One or 2 more large countries chime in and its over.

That’s not how crypto works.

[Riptide]

It probably can't be killed but what can happen is that if enough major countries try to completely ban it then the value will literally go right into the toilet bowl and stay there permanently.

It might still be around but you're risking legal problems if you use it, mine it, or trade it. And it will never be worth much at that point.

If the US and Europe follow along with the jerks in China then the market value will probably fall right through the basement floor and keep going.

[KAC]

So you are saying we should buy it!

[Riptide]

I'd be speculating either way. Nobody has the crystal ball.

All I can say for sure is that I wish I'd sold some of mine when the value was up over 450/coin (xmr) to cover my costs. I was never going to sell all of it. Now it's too late, so it's a sunk cost I can't recover (the rig) unless the value pops up high enough that I'm willing to sell again.

[Leprechaun]

It's more China fud. They wish to annihilate crypto. They have banned crypto 379x already. They hate freedom for their peeps. They rolled out the digital Yuan. Easy to track, tax, and cut off anyone against the govt. Digital currency coming to all countries eventually.

Price of BTC will just keep going up.

[LordHawkwind]

Originally Posted by Leprechaun

It's more China fud. They wish to annihilate crypto. They have banned crypto 379x already. They hate freedom for their peeps. They rolled out the digital Yuan. Easy to track, tax, and cut off anyone against the govt. Digital currency coming to all countries eventually.

Price of BTC will just keep going up.

China is responsible for 68% of BTC mining. Here in the UK the Bank of England want to see it banned or so highly regulated it's not worth doing. Once one country bans it there are a lot sat on the fence waiting to jump.

Potentially it might just end up as a 'currency' on the dark web and that's it. It becomes much less tradable then.

[SirBaron]

Yeah I see regulation/Banning coming in the semi distant future not globally, but a few places for sure that are deep in the banks pockets.

However some people are so invested in Crypto they will sit on the ship as it sinks.

*not that it's sinking now*

I however will just see how it goes, but if I see trouble I'll gladly jump off.

[Leprechaun]

China just chased a lot of its own hashpower to other countries helping Bitcoin be more decentralized. Canada, Brazil already have Bitcoin, ethereum ETFs. USA rumoured to have up to 5 ETFs approved Oct 18-nov5. Prices would fly! Behind the scenes whales and big hedge funds buying it up like mad. The little guy buying it up too. Companies are buying it up. Visa, MasterCard etc expanding crypto payments slowly. Twitter just yesterday announced tipping with BTC, although Bitcoin maxis gonna be Bitcoin maxis. Countries adopting it, el Salvador as official currency. Paraguay, Argentina,Panama, many others will follow. A few more counties will before year end and going forth. IMF will continue to pay for bad news press as they don't want to lose control of countries slaves to their loans. Many countries in Africa Bitcoin and crypto is off the wall in usage. They're mostly unbanked.

Bitcoin isn't going anywhere. You can't just ban it and make it disappear.. that's impossible. You can only shut down the entire internet but Bitcoin would just be back up once the internet is back.

Not sure why the regular Joe's are fighting crypto except they are misinformed.. this is only bad for governments, great for the people! There will.just be regulation. This is somewhat okay, will bring in more money and more use.

[Leprechaun]

https://99bitcoins.com/bitcoin-obituaries/

[SirBaron]

Mining getting lower, and looks like we're in for a crash, especially if us government doesn't get its **** together and shuts down.

Lambo?

[Leprechaun]

Wen lambo?

They'll wait til 11th hour Oct 18th to sign a deal to print more money. Printer will keep going brrrr.
This is the reason Bitcoin was invented

[Leprechaun]

UPtober has started.

[pax]

This might explain why China banned crypto:

https://www.bbc.com/news/business-58733193

China is struggling with a severe shortage of electricity which has left millions of homes and businesses hit by power cuts.

The country has in the past struggled to balance electricity supplies with demand, which has often left many of China's provinces at risk of power outages.

During times of peak power consumption in the summer and winter the problem becomes particularly acute.

But this year a number of factors have come together to make the issue especially serious.

As the world starts to reopen after the pandemic, demand for Chinese goods is surging and the factories making them need a lot more power.

Rules imposed by Beijing as it attempts to make the country carbon neutral by 2060 have seen coal production slow, even as the country still relies on coal for more than half of its power.

And as electricity demand has risen, the price of coal has been pushed up.

But with the government strictly controlling electricity prices, coal-fired power plants are unwilling to operate at a loss, with many drastically reducing their output instead.

[acroig]

I know it's off topic but why does China not build nuclear plants? Wouldn't that solve two problems right away?

[pax]

Totally and I cant see them having these brownouts for years. It certainly wont help availability of such things as GPUs. Its hard to beat nuclear for its massive baseload.

[acroig]

Originally Posted by pax

Totally and I cant see them having these brownouts for years. It certainly wont help availability of such things as GPUs. Its hard to beat nuclear for its massive baseload.

They have the tech and the fuel to power the nuclear reactors. There's the issue of nuclear waste disposal but it should pose no problem in their political system. In a few years the air pollution they now suffer from should be gone.

[LordHawkwind]

Originally Posted by acroig

They have the tech and the fuel to power the nuclear reactors. There's the issue of nuclear waste disposal but it should pose no problem in their political system. In a few years the air pollution they now suffer from should be gone.

This is from Forbes...

"China has 49 nuclear reactors in operation with a capacity of 47.5 GW, third only to the United States and France. And 17 under construction with a capacity of 18.5 GW. 100 more with an anticipated capacity of over 100 GW, are planned by 2035. This will be close to half the world’s nuclear capacity. And they won’t stop there. They should double that again by 2060.

In keeping with its ambitious goal to lead the world in nuclear, China has also established the first national institute dedicated to nuclear research, training and academic exchange. China National Nuclear Corporation recently signed an agreement with Tsinghua University to establish the Nuclear Research Institute. This is a pretty serious nod to the importance of nuclear in China’s future.

Here's the link but it may be behind a paywall. https://www.forbes.com/sites/jamesco...h=2facaf145e0c

[acroig]

Thanks.

[Nascar24]

This sounds like a nuclear catastrophe in the the making!

[KAC]

I am buying a small volcano for all my mining needs.

[Leprechaun]

We're going back up ladies and gents.
Tonga to use BTC as official currency imminent.
Brazil to make BTC legal for transactions imminent.

[KAC]

4 Gs with the new bitch coin rate.