China's crackdown on mining and the energy shortage

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paul2018Member
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#1Jul 16, 2018, 04:18 AM
I've been thinking... Is it possible that the mining ban in China was a strategic move to stop the BTC hash rate from plummeting too much? I mean, the ban pretty much rolled out right before the power crisis hit. It’s not too far-fetched to think that they might have shut down mining deliberately to avoid a hash rate crash, which could make it look like the Chinese government actually cares about or is invested in BTC. These are just my thoughts, but I’d love to get your opinions on this. Could this be a scenario? What arguments do you have to say that it’s definitely NOT the case?
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its_ninjaSenior Member
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#2Jul 16, 2018, 05:00 AM
Um, you should probably look at what actually happened. Was there a reason you made this post? The hash rate did drop ... 2021-05-13 08:55:45.132+00 25046487590083.3 = 25T 2021-07-17 23:32:17.142+00 13672594272814.1 = 13.7T So a total 45.4% drop over ~2 months So how can you say they were preventing a hash rate drop ... by causing a hash rate drop?
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paul2018Member
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#3Jul 16, 2018, 10:30 AM
I understand what you are saying, and I get that it's not really logical, but what effect would it have if it was directly caused by an energy shortage (where the plug could've been pulled immediately) instead of the ban declining the hash-rate in 2 months where miners had the possibility to relocate themselves? I'm not saying this is the case, but I was just wondering if there was a relation between the BTC Mining costs in electricity and the power crisis in China. Hence why I posted this thread.
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its_ninjaSenior Member
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#4Jul 18, 2018, 06:13 PM
Nope, doing it gradually just extends the uncertainty, so the gradual drop was them making it worse. A 45.4% drop, with the longest delay affect, on the first block of a diff change, would simply mean the diff change would take 25.6 days, instead of the 14 days of a no hash rate change.
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paul2018Member
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#5Jul 18, 2018, 09:48 PM
I never thought about it like that, I'll probably read more about how mining works in order to get a better picture of this. Thank you for the clarification!
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