Mining Concentration In America Poses A Major Threat To Bitcoin
By Shinobi After China’s decision to ban Bitcoin mining inside its territory, a massive migration of hash rate has come to the United States. Many people have celebrated the rapid growth of the mining industry on American soil, however, it has already reached a worrying degree of concentration that, if not taken into account, could put the entire Bitcoin network at risk.
As of December 2021 the Cambridge Bitcoin Electricity Consumption Index shows 38% of the network hash rate as located in the United States. Too much of the total network hash rate being in a single jurisdiction represents a security risk to the network as a whole. If the majority (51%) of the network hash rate gets concentrated, not only could the censorship resistant property of the system be ruined by legislators, but also the security of the whole network could potentially be attacked.
Let's not forget that Bitcoin is a fundamental threat to the world order that the American empire has established. If the government sees an opportunity to neuter that threat, they will take it. | 