Mining Concentration In America Poses A Major Threat To Bitcoin
Blind patriotism encouraging further centralization of mining in America is a regulatory capture trap.
- Blind patriotism encouraging further centralization of mining in America is a regulatory capture trap.
- As of December 2021 the Cambridge Bitcoin Electricity Consumption Index shows 38% of the network hash rate as located in the United States. That is 13% shy of the bare minimum necessary to engage in disruptive activity on the network. Bitcoiners should not be encouraging action and legislation to tip this even closer to that inflection point.
- If Bitcoin is going to succeed, it needs to succeed as a system distributed safely and securely all across the world, not heavily concentrated in America because "America is great."