Bitcoin Mining Centralization No Longer An Issue, Other Regions To Overtake China Soon: Analyst PlanB

Bitcoin Mining Centralization No Longer An Issue, Other Regions To Overtake China Soon: Analyst PlanB
фото показано с : zycrypto.com

2020-4-27 10:59

Over the last few years, the largest and most active Bitcoin miners have operated from China. These large miners include Bitmain, a miner that has been involved in some tug-of-war scenarios in the recent past, one of them being the hash war of 2018 following the hard fork that led to the split of the original Bitcoin Cash network into two chains (BSV and the current BCH). 

Hectic Past

Granted, the proliferation of large mining pools in China over the years and their subsequent contribution to Bitcoin’s overall hashrate has had some people within the Bitcoin community worried that Chinese miners may eventually attempt to effectively centralize Bitcoin mining and probably try to manipulate its price to their advantage.

This would hurt the great trust that Bitcoin has formulated over the years as a viable and secure digital asset impervious to manipulation. In a recent twitter post, one Bitcoin fan, Antony Rosamilia, sought to understand the situation.

No. Most added hashpower was in the US & Canada. IMO China will be overtaken soon (if not already)

— PlanB (@100trillionUSD) April 25, 2020 Added Hashpower

Responding to Anthony’s query, popular crypto proponent going by the twitter handle “Plan B” said that Bitcoin is no danger of its mining being decentralized since most added hash power is actually from other regions other than China.

The fan went ahead to name countries like Canada and the US as being the major originators of the increasing hash power of the Bitcoin network.

As such, Bitcoin’s hashrate would appear to be evening out among the various major regions, making it hard for any region, group of miners or mining pools to assume total dominance. In any case, such dominance would be pretty unhealthy for the Bitcoin ecosystem.

Interestingly, Plan B added that China-based miners are actually set to be overtaken by those in other regions in the near future. 

Good For Bitcoin?

As the hash power rises, Bitcoin’s security increments and the fair distribution of the mining power among the many mining pools in various regions across the world ensures that no single entity or region succeeds in taking total control of the mining network or attempts to attack it. In effect, this is salutary for Bitcoin. 

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67330.5 (+0.08%)
Объем 24H $16.298b
Изменеия 24h: 0.15 %, 7d: 10.17 %
Cегодня L: $66856.94 - H: $67668.16
Капитализация $1326.435b Rank 1
Цена в час новости $ 7734.9 (770.48%)

china miners bitcoin tug-of-war scenarios recent miner

Источник: zycrypto.com

china miners → Результатов: 118


Фото:

Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners

During the first week of February, a few of the top mining rig manufacturers from China revealed they were forced to postpone device shipments due to the ongoing coronavirus outbreak. Regional reports from the country now disclose that shipments will be delayed even longer and Chinese mining rig companies and second-market suppliers are feeling significant […] The post Coronavirus Quarantine Controls and Shipping Delays Impact Bitcoin Miners appeared first on Bitcoin News.

2020-2-22 20:12


Ripple CEO blasts concentration of Bitcoin miners in China, but his critique misses the mark

It’s no secret that the majority of Bitcoin’s miners are located in China, with the geographical centralization of this mining power being a go-to critique for the cryptocurrency’s critics. This sentiment was recently echoed by Ripple CEO Brad Garlinghouse, who explained in a recent interview with CNN’s Julia Chatterley that the heavy concentration of miners […] The post Ripple CEO blasts concentration of Bitcoin miners in China, but his critique misses the mark appeared first on CryptoSlate.

2020-2-18 08:07


Фото:

More Chinese Bitcoin Miners Flock to Sichuan as Demand Soars

Despite the long-standing ban on Bitcoin trading, China continues to be a breeding ground for cryptocurrency mining operations — statistically speaking. As BeInCrypto has previously covered, Chinese Bitcoin miners dominate an estimated 65 percent of the total network hashrate — with others, including the United States and Russia, lagging far behind with roughly five percent […] The post More Chinese Bitcoin Miners Flock to Sichuan as Demand Soars appeared first on BeInCrypto.

2019-11-1 21:29


Фото:

CME Anticipates Major Interest from Asia as Bitcoin Options Launch Looms

CME Group’s global head of equity products, Tim McCourt, believes that Asian traders and miners will welcome their Bitcoin options product with open arms come Q1 2020. As per an interview with South China Morning Post, CME anticipates greater demand for options contracts given the immense benefits of using it as a hedging mechanism, October 10,Read MoreRead More.

2019-10-12 01:00


Фото:

China’s Inner Mongolia to Drive Out Cryptocurrency Miners

Authorities in China’s autonomous region of Inner Mongolia released a notice requiring local cryptocurrency mining firms to stop their operations, according to ChainNews. Is Inner Mongolia Starting a Trend Among China’s Authorities? China has enjoyed that status of the world’s hub for cryptocurrency mining since it hosts a good share of crypto miners who’re looking for cheap electricity.

2019-9-16 16:00


Heavy Rains In China Force Bitcoin Miners To Stop Their Operations

Heavy rainfall in China’s Sichuan province has triggered land and mudslides leading to various local hydropower stations and Bitcoin mining farms to suspend their operations. Sichuan’s mountainous areas of Aba prefecture has been receiving heavy rains since Monday and local government now says landslides have now affected 17 counties in the area. There are several […]

2019-8-21 20:14


Фото:

Chinese Listed Companies and Bitcoin Mining: Partner or Predator?

This article was originally published by 8btc and written by Lylian Teng. Some Chinese listed companies have jumped on the bandwagon of bitcoin mining following the bitcoin bull run throughout 2017, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations considering the country’s tough stance on bitcoin.

2019-5-29 18:53


дальше еще 69 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns

On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC. Bitcoin NVT Golden Cross Is Still Near Historical Top Zone In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.

Bitcoin Hash Ribbons Form Capitulation Signal: What It Means

On-chain data shows the Bitcoin Hash Ribbons have recently gone through a crossover. Here’s what it could mean for the cryptocurrency. Bitcoin Hash Ribbons Suggest Miner Capitulation Is On As explained by CryptoQuant community manager Maartunn in a Quicktake post, miners are capitulating right now if the Hash Ribbons indicator is to be believed.

Bitcoin Deja Vu: Indicator Mirrors Pattern That Led To 2021 Top

On-chain data suggests a Bitcoin indicator is currently mirroring the same trend that led to the top of the bull run in 2021. Bitcoin Long-Term Holder Distribution Appears To Be Ending As explained by CryptoQuant community manager Maartunn in a post on X, the BTC long-term holders are currently showcasing a trend that’s reminiscent of […]

Bitcoin HODLer Profit-Taking Calms Down After Wild Selling Spree: Green Sign For Rally?

On-chain data shows the Bitcoin long-term holders have finally cooled off their profit-taking after showing a wild selloff just earlier. Bitcoin Coin Days Destroyed Has Calmed Down For BTC Recently As pointed out by BTC on-chain research account “The Bitcoin Researcher” in a post on X, the Coin Days Destroyed In Profit metric has declined […]

Bitcoin Supply Shock: Exchange Inflow Trend Lowest Since 2015

On-chain data shows the Bitcoin exchange inflow trend has been at its lowest in almost a decade recently, a sign that may be bullish for the asset. Bitcoin Exchange Inflows Have Been On The Decline Recently As pointed out by CryptoQuant author Axel Adler Jr in a post on X, the BTC exchange inflows have […]

Bitcoin To Reach Escape Velocity? Analyst Makes The Case

An analyst has explained how Bitcoin seems to be showing a good setup to reach escape velocity based on the trend in this indicator. Bitcoin VWAP Oscillator Has Been Showing A Bullish Divergence As explained by analyst Willy Woo in a new post on X, a bullish divergence has appeared to be forming in the Volume-Weighted Average Price (VWAP) oscillator of the cryptocurrency.