Bitcoin Death Spiral. Miners REKT. Bitmain Shutdown? China Losing Control!!

hey yo how's it going viewers of the tube my name is Tyler of Chico crypto and you know the drill grab a beer or spark a joint cuz it's time for crypto and of course a cold one today's brewski comes from my old hometown of Kona Hawaii Kona Brewing Company's a longboard Island lager so let's get into this hmm didn't get me all jacked up so today I would like to talk about something that some think may be cause for concern mining crypto currencies especially Bitcoin one of the most up voted posts on our crypto currency yesterday was a picture of the cost to mine one Bitcoin based on the average electricity rate per country let me tell you right now it doesn't look so good in more developed countries the cost of mine is at an unsustainable rate at the current price of one Bitcoin three thousand five hundred and six dollars as of shooting this video for example it costs thirteen thousand four hundred eighty two dollars in electricity to mine one in Belgium in Denmark in Germany even more fourteen thousand two hundred and seventy five dollars costs go down a bit and other fully developed countries who have massive infrastructures to keep electricity cost down like the UK at 8400 to two mine one Bitcoin and the u.s. 4578 but even in less developed countries it costs more in electricity than the price of a Bitcoin Indonesia it cost four thousand three hundred and twenty nine dollars grew it costs four thousand one hundred and forty dollars Russia it cost four thousand six hundred and eighty five dollars even in Taiwan it's still expensive at three thousand seven hundred and seventy four dollars in China Egypt Georgia India Iran Paraguay Saudi Arabia and Serbia is just barely profitable still miners only making a hundred to three hundred bucks in profit per Bitcoin there are still a few countries that it is still good profit of over one thousand four thousand five hundred dollars per one Bitcoin Bangladesh at two thousand three hundred and seventy nine dollar costs Belarus at two thousand one hundred and seventy seven dollars cost Kuwait and mine Mar at in 1983 dollars Ukraine at 1852 dollars Moo's Becca Stan at 1788 dollars Trinidad and Tobago at one thousand one hundred and ninety dollars and finally the most profitable of them all guess who Venezuela at five hundred and thirty one dollars to mind one Bitcoin in electricity costs it's a rough world out there for miners right now and a lot of rumors are going around that miners are abandoning their rigs especially in China now if we take a look at the hashing distribution across the globe based on mining pools we see that BTC comm an ampoule which are currently owned by Jehan Wu controls thirty-one point eight percent of the total hashing power then you have to add an f2 pool which is another Chinese based mining pool they control over six point two percent of the hashing power that means that China controls nearly 40 percent of bitcoins hashing power plus or minus five percent because anyone from across the globe can join these pools and we are not including the small to medium sized pools right now in China mining rigs are being sold by the kilo this means they are being sold by weight not by unit the phrase miners sold by the kilo even top trending topics on the Chinese search engine Baidu now Chinese mining pool FQ pool responded this and said yes it is true it is says that they are sold for 141 per kilo this is about $10 per pound now to put this in perspective an amp miner s9 is about 5.5 kilograms based on what he says 1 s9 is being sold at just 770 yuan for 110 dollars per unit while a year ago the price with 20,000 yuan or 2880 dollars then you had a video start circulating a couple weeks back of what looks to be miners disabling entire operations which caused a ton of uncertainty here is a short clip now so what to believe well the person who spread the video W Wan got accused of lying and spreading foot on Twitter and the accusers attributed to a flood that happened in June of this year which destroyed hundreds of GPUs and ASI C miners in a region of China then Dovie Wan posted a picture keeping the rumor going talking about f2 pool she said owner of @fq pool official one of the top five mining pools saying the currency miner are sold by the pound more of a parody so that is not true the fact is say if you can't mine with the s9 with profit someone with better unit economic will buy at a very low price to recycle well the owner of f2 pool now Shing Shing was interviewed about the situation he said the mining market is under triple pressure in China the most pressing problem is that a hydropower plants in southwest China are experiencing a dry season second the miners are in need to upgrade their mining equipment as s9 has been around for three years and third which is obvious because of the recent plummet of the Bitcoin price so it's obvious smaller pools in China are having problems but what about the big dog pools controlled by Geon woo well there was rumors circulating that bit main is having problems with debt and is on the verge of losing its key chip maker TSMC the rumor was spread by coin geek and Jihan quickly responded the next day saying that coin geek is controlled by fake Satoshi aka Craig right all right to the point of all this is Bitcoin mining really going to fail and what does the future of Bitcoin mining look like this all comes down to the beauty of the Bitcoin code in a free market that allows this to settle out even if those mining rigs are being taken down they are not being just sold for scrap that is laughable most of those mining rigs in China are most likely being shipped or sold to places with cheaper electricity like some of the countries I mentioned earlier all these miners are not going to quit because the cost of Bitcoin mining is dynamically adjusted for example if 10% of the miners choose to turn off their machines the mining cost declined because the difficulty of the BIC when algorithm adjust to those miners that stick around we'll see increased profitability because they can mine more with what they have this is a readjustment coded into the Bitcoin software by Satoshi China has normally dominated the Bitcoin mining market but this is a time that other regions are able to get their toes in not just one group or one region will be able to control Bitcoin for that long and I welcome the readjustment with open arms it man has been able to dominate the market because they mined with their newly developed machines before putting them in for mass production to the public they actually just got done with the ant miner s11 and St which are on sale right now and will be shipped sometime in January so most likely bit main has been mining with these two machines before anyone else could get their hands on them sounds unfair right well bit man can't keep this up for long though they have competition coming at them from all ends major example of this is Samsung yes Samsung said they are getting their hands into the game and is currently engaging in the manufacturing of cryptocurrency mining chips the chips look to supply ASI see manufacturers that produce consumer ready hardware to sell to the public that is big competition to fit mains chip supplier and this is a good thing to the space that Maine has dominated the industry for years now and I can guarantee you one year down the road the mining distribution is going to look a lot different cheers viewers and I'll see you next time fucking shut up bird it's a rough world out how you fuck you doing it right when I

38 thoughts on “Bitcoin Death Spiral. Miners REKT. Bitmain Shutdown? China Losing Control!!”

  1. ⏰ Time Stamps ⏰

    00;08 Beer Intro: Kona Brewing Co. Island Lager-Hawaii, USA

    00:37 Bitcoin Mining Costs From Different Countries

    02:41 State of Bitcoin Mining In China

    03:22 Chinese Miners Abandoning Operations?

    03:36 Chinese Mining Pool f2pool Response

    04:04 Video of Chinese Miners Disabling A Whole Operation-Fud?

    05:05 f2pool Respond Again on the State of Bitcoin Mining

    05:33 How is Bitmain Hodling Up?

    05:57 Is Bitcoin Mining In China Really Dead?

    07:05 Bitmain Is Facing Stiff Competition From Samsung

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  4. You guy's realize that the person reporting in this video is a phony/fake 💩. He misinforms his dumb a$$ audience by flipping the real news around, creating so much fear in this crypto market. This is one person that needs to be stopped.

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  6. I just watched a video of Cryptogold packing up and moving out. A big setup but not economically viable. It's a wicked waste of electricity for the love of money anyway, not even socially responsible. Hope it dies in it's present form.

  7. Say it with me UN SUS TAIN ABLE. K. FUCKIN unstainable I swear these surfer dude types ……I'm going out to sea…to think. Don't drink and do talk shows kids!

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  9. I thought cryptos and a beer intro was gonna be all parody, but surprising to find you talking intelligently about relevant and timely news and obviously knowledgeable about various topics covered too. Bravo, well done!

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  11. Coz your all wasting your money in E L E C T R I C I T Y!!!! why not try the free one? say Beer,,haha.. crypto is not a business,nor a source of commodity!its a personal Hobby! like a piggy bank..takes years,, and when the right timing comes,, Boom!! BIGTIME! right now,m going the opposite,,building rigs, adding gpus, paying zero electricity,,saving coins.. Waiting for the next bubble.. PEACE

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