China plans to kill most of the world’s bitcoin mining operations

Vice doesn’t know shit about how Bitcoin mining is done. Right now it’s like a billion sperm wiggling to fertilize an egg and then the race is over and that spermegg become a fetus while the rest have wasted their time.

Let’s imagine there are a million Bitcoin miners and 999,999,999 of them are killed by an army of Chinese assassins. As long as just one miner is left, Bitcoin mining will continue. IT ONLY TAKES ONE MINER.

Let’s say this miner is slow and stupid. Then the complexity of the math problem that has to be solved will get easier and easier so that a new block of 12.5 Bitcoin can be generated every 10
minutes.

There is no more need for many miners to generate Bitcoin than there is for more than one newspaper in a city if it is simply going to cut and paste the AP wire service.

Except for a 51% attack. Having lots of miners makes it virtually impossible to take control of Bitcoin. But even if you had control, all you could do was either continue mining, or destroy it and if you destroyed Bitcoin, it would be like removing a fist from a bucket of water - the ecosystem would fill in.

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