China looking to ban mining. Best POS crypto?

leo25

leo25

Well-Known Member
Silver Stacker
So apparently China is now looking to ban large scale mining due it's massive power usage. Lets say other countries also follow and the reason is to be "greener".

At first i thought this would be good for POW cryptos as it will make the system more decentralised. The mining difficulty will drop dramatically and thus allow the small guys to be able to mine more profitably on their home miners again.

But then i thought if the hash rate is much lower, it will be much easier for governments or so to then use their massive computer power to over power everyone else.

Now I'm thinking maybe POS is the way to go. What's everyone's favorite functional POS crypto currency atm? The 3 more known ones are DASH, NEO and PIVX.
 
Bullion Baron said:
According to CoinDesk, it wasn't a ban, just removal of preferential benefits for miners: https://www.coindesk.com/report-pboc-quashes-rumor-it-would-shutter-chinas-bitcoin-mines

CfB/BCNext, who developed the first fully functional PoS network, NXT, has since founded and is working with IOTA, which tells me all I need to know about PoS :p

I think Ethereum was supposed to be going PoS?
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No there is no ban yet, but there is talk that a ban will come. Remember with exchanges in China, first there was talk that they would shut them down then they did it.

Ethereum has been looking to go POS for some time now, but seems to have a lot of technical issues swapping over.
 
Anything graphene based: Bitshares, Steem, and at some stage EOS. Bitshares is starting to get a lot of actual businesses starting to or planning to use it.
 
leo25 said:
So apparently China is now looking to ban large scale mining due it's massive power usage. Lets say other countries also follow and the reason is to be "greener".
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I think this is a genuine threat to POW coins - current estimate are 38Twh of electrical consumption annually.

https://digiconomist.net/bitcoin-energy-consumption

There's 150 countries in the world that use less power annually.
 
goldpelican said:
I think this is a genuine threat to POW coins - current estimate are 38Twh of electrical consumption annually.

https://digiconomist.net/bitcoin-energy-consumption

There's 150 countries in the world that use less power annually.
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I am all for them shutting them down, in the long run I dont think it will have much of an effect as there are plenty of other places with cheap power in the world they can set up in

but it will be weeks before they are up and running again elsewhere and that means more profitability for me on my 24 cards in teh meantime

though ill guess ill have to live with $1200 per week im currently getting :(
 
Court Jester said:
but it will be weeks before they are up and running again elsewhere and that means more profitability for me on my 24 cards in teh meantime
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difficulty wont just magically change, so your lucky you will earn anything since no one will find blocks
 
camylopez said:
difficulty wont just magically change, so your lucky you will earn anything since no one will find blocks
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lol i suggest you actually look up how cryptos actually work before you make an un informed comment on something you clearly dont understand

yes difficulty will go down when miners leave the network that is exactly how it works
 
Court Jester said:
lol i suggest you actually look up how cryptos actually work before you make an un informed comment on something you clearly dont understand
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I do, how about you?
btc difficulty changes every 2016 blocks.
ie you need to mine these first.
no hashrate, then no blocks confirming
very low hashrate, then maybe 1 block confirming an hour or two instead of every 10 mins. (best case scenario. maybe with wiping out 90% of the hashrate a block a day)

here is the equation for you
time = difficulty * 2**32 / hashrate
 
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camylopez said:
I do, how about you?
btc difficulty changes every 2016 blocks.
ie you need to mine these first.
no hashrate, then no blocks confirming
very low hashrate, then maybe 1 block confirming an hour or two instead of every 10 mins. (best case scenario. maybe with wiping out 90% of the hashrate a block a day)
Click to expand...

many other cryptos its adjusted per block but do you honestly think all miners will shut down over night --- lol your seriously deluded

it would be a gradual shutdown and step down in difficulty those blocks would get mined in more or less the same time frame -- and I also dont know what planet your on thinking im mining bitcoin with GPU's
 
In China case, even if the government was pro mining as an industry, you could understand t(e government wanting to shut mining.

One can literally see the smog and t(e Chinese government also shut downs steel and aluminium smelters during peak summer and winter months to reduce smog.
 
maybe, maybe not.
this is about Chinese miners being banned, what can I say, they gradually shutdown the exchanges as well, that went well.
Chinese mining farms having their only income source being removed, with no replacement, of course they want to do the world a favor and step it down slowly rather than mining every last piece of income.
 
camylopez said:
maybe, maybe not.
this is about Chinese miners being banned, what can I say, they gradually shutdown the exchanges as well, that went well.
Chinese mining farms having their only income source being removed, with no replacement, of course they want to do the world a favor and step it down slowly rather than mining every last piece of income.
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I agree they are banning cyrtocurrency and not a fan. But what I am say8ng is even if they were pro mining, Chinese government shutt8ng down crypto mining could be looked at China closing down a big polluter.

They have an energy crunch due to shutting down 150 coal power station to reduce pollution.
This greening is lead by the Chinese’s citizen demanding cleaner air.

Pollution is big news in China. When you can literally see, smell and “feel” the smog, t(e middle class start to complain it.

History shows it happened in all the majors cities in the last century in London, NYC, Tokyo and Seoul where people were dy8ng from just breathing smog.
 
ViaBTC they announced they are shutt8ng down contract mining.
Chances are they will open somewhere else just not in ch8na.
 
If china bans mining all the miners will just move to the next cheapest country, perhaps strike a deal in Belarus where they annouced a few weeks ago new laws legalizing all crypto and tax free for the next 5 years....
 
SilverTounge15 said:
If china bans mining all the miners will just move to the next cheapest country, perhaps strike a deal in Belarus where they annouced a few weeks ago new laws legalizing all crypto and tax free for the next 5 years....
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Not that simple to just keep moving to new countries. And once everything is setup in somewhere like Belarus, what's to stop them from saying oh we changed our mind and you have to pay tax now. But I'm sure the Belarus government is very trust worthy :eek:

I hope something like RaiBlocks can get everything working great, so we can eliminate the need of dedicated miners.
 
I watched an interview about NAV coin and liked what i heard. Also it's a POS crypto, so might pick this as one of my POS coins in case there is a POW crackdown in the future.
Anyone else got good or bad thoughts on NAV?

 
A friend of mine loves Nav and has been shilling it to me non stop haha

Even with his constant shilling I still haven't properly looked into it all yet

I've kept an eye on it's MC and price, which is pretty consistent
 
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