A Dive into the Chinese Bitcoin Community
World Crypto Network was able to get hold of two Chinese Bitcoin miners who were able to explain the internal workings of the Chinese bitcoin community in their latest stream. The discussion revolved around how Jihan Wu was the sole leader for the community in China and miners not knowing what is best for them.
What we didn’t know about the Chinese Bitcoin Community
The panelists were able to explain how the Chinese Bitcoin Community is much more decentralized than expected. It consists of hundreds of thousands of miners that have set up mining operations in various villages and in different buildings and isn’t just one company mining in one of its factories.
The thing that is centralized is the Asic manufacturing that is done only by Bitmain. Jihan Wu has several patents that discourages other competitors to step into the market. The market is expected to expand as chip and GPU manufacturing companies like Intel, Asus, Nvidia etc. are starting to show interest in the market with increasing profitability of Bitcoin mining.
The Chinese Bitcoin miners don’t know anything about Segwit2x or BCH. They are just concerned with the ROI and profitability and don’t concern themselves with the technology. The miners already face threats of being shut down by the government so they don’t have enough time to think about the technology.
What we knew about the Chinese Bitcoin Community
Since Jihan Wu is a popular personality in the Bitcoin space, he controls the discussions around Bitcoin in China and majority of bitcoin miners in China follow his advice. He also owns several patents on the design and functioning of the Asic miners and that is why we don’t see any competitors in the Asic manufacturing business.
The Chinese Bitcoin mining community is also cut off from the world due to the great firewall of China which prevents them from taking part in discussions over twitter, youtube and other places. This also prevents them from learning the benefits of decentralization and other stuff related to bitcoin. Also, they face the threat of government shutting down their mining facilities so they stay quiet on the discussions related to bitcoin.
Since the community is cutoff from the world, they get their news from traditional media which is controlled by Jihan Wu. Still both the panelists were quite happy about the stance taken by f2pool since they now have someone else to follow other than Jihan.
Both the chinese panelists made it quite clear that the bitcoin community in China follows the profitability and does not care about the technology. If the BCH chain is profitable, they will switch to BCH and if the bitcoin chain is profitable, they will mine Bitcoin.
We thank World Crypto Network for bringing these two panelists that were able to discuss such great stuff and giving us information on how the Chinese Bitcoin community works despite the language barriers.
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