Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Flooding Threatens China’s Bitcoin Miners, Chinese Billionaire Says 'Three Gorges Dam Collapse Imminent'
Bitcoin News ^ | January 12, 2021 | Staff

Posted on 01/12/2021 2:49:28 AM PST by Norski

This week cryptocurrency enthusiasts are still focused on the severe flooding in China during the 2020 monsoon season. The flooding has already displaced millions of Chinese citizens and skeptics are concerned about the vast number of bitcoin miners located in the Sichuan province.

The landlocked province in Southwest China, Sichuan is located upstream of the Three Gorges Dam. During the last two months, the 2020 monsoon season ravaged the region.

Reports note that by the end of June, flooding from the rainy season has displaced 744,000 Chinese residents stemming from 26 provinces. The latest reports highlight that 54 million citizens from China have been affected by the floods and 41,000 homes have collapsed to-date.

Estimates show that roughly 50% of the world’s bitcoin miners are located in China and a deep concentration of miners are located in the Sichuan province. Last year, Coinshares reported the concentration in China was around 64%.. . "

(Excerpt) Read more at news.bitcoin.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: ccp; china; cryptocurrency; flood; flooding; threegorgesdam; yangtze; yangtzeriver
Navigation: use the links below to view more comments.
first previous 1-2021-4041-55 next last
To: ClearCase_guy

Am presently looking for more information. Any assistance appreciated. Thank you.

Norski


21 posted on 01/12/2021 3:22:17 AM PST by Norski
[ Post Reply | Private Reply | To 5 | View Replies]

To: airborne

THank you. I wasn’t sure how easily it can be liquidated for cash. Any idea on what the exchange rate is?


22 posted on 01/12/2021 3:22:19 AM PST by SueRae (An administration like no other.)
[ Post Reply | Private Reply | To 19 | View Replies]

To: House Atreides

” . . .Seattle Times quotes one of the measures taken by Grant County, where costs for bitcoin miners will be increased if the outlet meets this specific criterion: it’s using 5% or more of the district’s power.

But building new mining facilities is not the only headache that PUDs are facing. The districts’ officials believe small-size bitcoin miners could restart operations from currently inactive facilities.

The U.S. East Coast is also witnessing its own bitcoin mining-related controversy. On December 20, 2020, organizations led by an environmental organization filed a lawsuit against the U.S. town Torrey in New York for giving the green light to expand a bitcoin mining facility at the Greenidge Generation power plant.”


23 posted on 01/12/2021 3:23:08 AM PST by Norski
[ Post Reply | Private Reply | To 7 | View Replies]

To: willyd

Kracken.com


24 posted on 01/12/2021 3:24:12 AM PST by Darteaus94025 (Can't have a Liberal without a Lie)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Norski

You will likely see significant additional interest in bitcoin as a way to avoid Chinese capital controls, now that Jack Ma’s $57b personal fortune might have been seized by Xi Jinping. The problem is the grabbiness of the Chinese government that long pre-dates the Communist Party.

It’s not unique to China. Edward Longshanks did expel the Jews and seize their property. Philip IV did the same and executed the Templar heads under trumped-up charges while seizing the Templar fortune and reneging on his debt to the military order. You know how they say absolute power corrupts absolutely. That’s the plight of Chinese tycoons under an emperor in all but name.


25 posted on 01/12/2021 3:24:29 AM PST by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Zhang Fei; caww

Of possible interest:

Russian Oil Giant Provides Excess Gas to Operations Powering Bitcoin Mining Devices

https://news.bitcoin.com/russian-oil-giant-provides-excess-gas-to-operations-powering-bitcoin-mining-devices/


26 posted on 01/12/2021 3:28:51 AM PST by Norski
[ Post Reply | Private Reply | To 25 | View Replies]

To: Zhang Fei

It’s too bad he wasn’t smart to put 1/10 of 1% in the US and flee at the first opportunity. It would have been almost undetectable.


27 posted on 01/12/2021 3:31:50 AM PST by Jonty30 (What Islam and secularism have in common is that they are both death cults. )
[ Post Reply | Private Reply | To 25 | View Replies]

To: Norski

[Of possible interest:

Russian Oil Giant Provides Excess Gas to Operations Powering Bitcoin Mining Devices

https://news.bitcoin.com/russian-oil-giant-provides-excess-gas-to-operations-powering-bitcoin-mining-devices/]


Thanks. It’s been a while since I looked at Gazprom. I expect all Russian companies to do better under Biden. Dems tend to be doves, so Biden will likely significantly reduce sanctions across the board, benefiting the Russian economy.


28 posted on 01/12/2021 3:38:50 AM PST by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
[ Post Reply | Private Reply | To 26 | View Replies]

To: Segovia

>>threatens bitcoin miners?????????? how the hell do you do that? Bitcoin is a figment of imagination.

Yes, but the miners are not.


29 posted on 01/12/2021 3:45:31 AM PST by qwerty1234
[ Post Reply | Private Reply | To 4 | View Replies]

To: Jonty30

[It’s too bad he wasn’t smart to put 1/10 of 1% in the US and flee at the first opportunity. It would have been almost undetectable.]


I’m sure he has overseas funds. Living in China is the problem. If they abduct you, they can get from you everything you own. Shakedowns like this are presumably why so many left, in the past, long before the Communist party. Some of them went on to finance revolution from their perches overseas.

http://sunyatsenhawaii.org/2008/09/02/financing-revolution-sun-yat-sen-and-the-overthrow-of-the-ching-dynasty/

A good bunch of Chinese investments overseas are done on the down low to avoid official scrutiny. Many big splashy deals have been reversed because the officialdom understood that the investments were made to remove that capital from their reach. While unauthorized movements of cash out of China run afoul of Chinese capital controls, the controls were created to maximize the amount of money the Chinese government steal any time it wants to.


30 posted on 01/12/2021 3:54:53 AM PST by Zhang Fei (My dad had a Delta 88. That was a car. It was like driving your living room.)
[ Post Reply | Private Reply | To 27 | View Replies]

To: SueRae

I cashed out $2k yesterday just to protect my initial investment since it was dropping hard

PayPal showed that I could get my money immediately for a 1% charge or wait 1-3 days and be charged nothing.

It doesn’t matter how much bitcoin is selling for. You invest whatever you want and it rises or lowers depending upon how bitcoin does. PayPal shows me an accurate and timely account of how its performing.

Just like gambling - don’t bet more than you can afford to lose entirely.


31 posted on 01/12/2021 4:06:31 AM PST by airborne (I don't always scream at the TV but when I do it's hockey season!)
[ Post Reply | Private Reply | To 22 | View Replies]

To: Norski

+


32 posted on 01/12/2021 4:14:25 AM PST by PGalt
[ Post Reply | Private Reply | To 1 | View Replies]

To: Norski

A friend of mine told me about this flooding last summer. He told me that there was fear that the Three Gorges dam was in danger of breaking. He checks non mainstream news sources.


33 posted on 01/12/2021 4:15:46 AM PST by dsat4life (Holy, holy, holy is the Lord God Almighty . . . who was, who is, and is to come!! Amen!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: dsat4life

Has he found anything?


34 posted on 01/12/2021 4:19:38 AM PST by Norski
[ Post Reply | Private Reply | To 33 | View Replies]

To: Zhang Fei

It’s been going on since the Caesars proscribed rich Roman citizens. They would let you live, they’d just take everything you owned. Caligula and Nero especially were known for it.

CC


35 posted on 01/12/2021 4:22:27 AM PST by Celtic Conservative (My cats are more amusing than 200 channels worth of TV.)
[ Post Reply | Private Reply | To 25 | View Replies]

To: Norski

I pray, daily, that the hand of The Lord will break that bloody dam wide open.


36 posted on 01/12/2021 4:31:02 AM PST by jmacusa (If we're all equal how is diversity our strength?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: jmacusa

Ah. At the risk of being exposed as ignorant, why?


37 posted on 01/12/2021 4:38:11 AM PST by Norski
[ Post Reply | Private Reply | To 36 | View Replies]

To: Norski

Why? Why indeed. So that thousands of the Godless Chinks die, that’s why. China stole the election and put Biden in office.

Do you think they gave him and his family millions for nothing? They expected results and they got them.

Biden is their bitch and they’re going to use him to destroy us.


38 posted on 01/12/2021 4:43:49 AM PST by jmacusa (If we're all equal how is diversity our strength?)
[ Post Reply | Private Reply | To 37 | View Replies]

To: airborne
it seems possible that this could quickly turn into a 51% attack on the blockchain.

See here.
39 posted on 01/12/2021 4:55:08 AM PST by j_guru
[ Post Reply | Private Reply | To 31 | View Replies]

To: SueRae

“I’ve never invested in because I don’t understand it enough...”

Not sure if your bitcoin wallet is secure from being hacked.

Seems like a good way to get ripped off?


40 posted on 01/12/2021 4:56:34 AM PST by Captain7seas (Chain link fences do not stop mosquitoes. A mask is not going to stop virus.)
[ Post Reply | Private Reply | To 13 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-55 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson