Belluminati369

@Belluminati369's bio

bitcoin_Mining

China has never been anti-Bitcoin.

The only story I know about China mining in the US was in Wyoming a Chinese owned farm was raising concerns because it was next to an Air Force base. 

There is definitely a race to develop a digital payment system, and I know that the US is on a path to a stablecoin for their system. I have not looked into what has been going on in China with their payments system, but I realize now that I probably should have.

I agree with you that China should consider Bitcoin as a neutral settlement system. I think every country should consider it.

Firstly, you are by far the most informed person on this subject I have spoke to, so thank you.

I didn't know P2P payments were legally banned, I just figured no one used them because of the influence of the PBC. But I will have to look into that Jack Ma story, never heard of this.

It just seems as if the US and China, maybe Russia too, are just waiting for the other to make a first move. Not sure, maybe I just have more reading to do. 

But the energy generation story is almost unbelievable. It is so bad that Trump had to manually inject fusion into the narrative. Definitely something to keep an eye on as time goes on.

I am curious what you think about Bitmain building in the US. How did they make it profitable to build here?

I have read it, but I definitely will. Awesome recommendation!

I agree. I think they see it will have a role in the future, but know it will not work with their banking system.

I know that China banned mining. I know that Bitcoin is freedom money, and China is a communist country. But neither of these make China anti-Bitcoin.

It is not illegal to hold Bitcoin, manufacture mining machines, and host mining pools in China. I am sure that everyone can agree that mining is a pretty big part of the Bitcoin network, and China dominates this industry. It is estimated that over 90% of Bitcoin’s network hashrate is powered by Chinese-made mining machines (Bitmain, MicroBT, Canaan).  It is harder to track, but roughly 40-52% of said hashrate is coming from Chinese-run mining pools.

The Chinese government itself is a large holder of Bitcoin, second only to the USA, at an estimated 190,000 (again, hard to track, as they may have liquidated some of their supply).

So why ban mining?

I believe China is perfectly fine with mining, just not with Chinese energy.

There even seems to be a kind of cold war starting between the US and China. The US has claimed Chinese-made machines are used for espionage, seizing them at the border for further inspection.

China has claimed the US hacked wallets and has circumvented Trump tariffs. Seems like a lot of trouble for something you have no interest in.

The reason I write this is not to claim that China is up to no good, or that we need to panic (although, as a US citizen, I hope we do not let China completely take over the mining industry). I am simply trying to counter what seems to be a widely accepted belief that China is not a player in the Bitcoin space because they banned mining in 2021.

These are just my thoughts. I enjoy debate, so please, if you do not agree, tell me why! Thank you for your attention to this matter.

This is a question that has been on my mind for some time now. Physically, technically, and with maintenance in mind, it is easy to find major differences. But we are already seeing mining operations starting to host HPC hardware. It is a signal to me that these technologies are on a path that lead straight to the other.

I see 3 outcomes.

First, they do not help each other. Energy generation in the US does not meet the requirement from both Bitcoin and HPC. These technologies want their data centers where the energy is cheap. Even more preferable is land where you are actually doing the grid, and its operators, a service, because now the energy is really cheap. This means the price of the product they create gets more expensive for their customers. The battle for land gets so toxic that politicians get involved, filling both industries with propaganda so that neither technology reaches it's full potential.

Second, they just work together. The grid expands as needed. Energy prices for citizens around the data centers begin to fall. Companies are respectful about the noise they create. They serve a different need, so one doesn't bother the other. Self-driving cars are everywhere, banks have their own digital currency, and Bitcoin is the hard asset of choice. Boring.

Third, they help each other. They fund energy generation projects that benefit themselves and the other. Chip technology advances at 10x the rate of Moore's Law. HPC uses Bitcoin and Bitcoin uses HPC. Cyber security breakthroughs that guarantee freedom of information. Individuals and their families are able to save their wealth and lower time preference as many tasks are automated. We step into the digital age  more prepared.

It is a pretty long timeline into each scenario, so the chances I am 100% correct on any one is close to 0. But the chances that Bitcoin and HPC have an impact on the other is very high in my opinion. I hope they can help each other, but I am starting to believe that, if not for the US government, "Artificial Intelligence", and it's vast marketing campaign would not exist. We would just be calling it "High-Performance Computing", and all these cool and hip catchphrases like "thinking" and "hallucinations" would be called "calculating" and "buggy" like we always have.

I think they will help each other. Bitcoin is open-sourced, and there are many open-sourced AI products. Open-sourcing always wins. It always becomes the best option for people who actually use the product regularly. I think people will end up using Bitcoin and HPC regularly, so it will make everyone's life easier if they work well together.

What are your thoughts?