[2019-12-13] Highest in 2 Years: 65% of Bitcoin Hash Power Is in China, Report..

[bL4nkcode]

Highest in 2 Years: 65% of Bitcoin Hash Power Is in China, Report Finds

For all of bitcoin’s promise of being the world’s first decentralized, peer-to-peer cryptocurrency, 65 percent of the total hash power resides in China. That's the highest in at least two years according to a recent report by CoinShares Research.

Source: Coindesk

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[CryptoBry]

This is one manifestation of the pervasive power of China when it comes to influence that even something that is considered to be revolutionary like Bitcoin can be under its nose.  I admire China for many reasons but at the same time I am quite wary because this one big country that has a solid and on-track global domination vision. There is no perfect country nor government but I still prefer one that is willing to listen to what others are saying, unlike the mindset of China right now. It is quite ironic that even if Bitcoin has become the very symbol and bringer of decentralization, one of its biggest foundations is not. The very reason for this is that China is admittedly one of the few optimized countries for the mining business and we can only hope that soon this can be slowly changing.

[Getmon]

This is one manifestation of the pervasive power of China when it comes to influence that even something that is considered to be revolutionary like Bitcoin can be under its nose.  I admire China for many reasons but at the same time I am quite wary because this one big country that has a solid and on-track global domination vision. There is no perfect country nor government but I still prefer one that is willing to listen to what others are saying, unlike the mindset of China right now. It is quite ironic that even if Bitcoin has become the very symbol and bringer of decentralization, one of its biggest foundations is not. The very reason for this is that China is admittedly one of the few optimized countries for the mining business and we can only hope that soon this can be slowly changing.

I also wish the hash power is scattered across the world. It would be safer and more secure that way. It is not healthy if more than 50% of it is staying on a single jurisdiction. China has a mindset that cannot be predicted more often than not. Their stance on crypto is sometimes fair and sometimes not. What if this country will suddenly decide that these mining farms is not really helping the country in a significant way and it is better for them to be shut down? The hash power will drop very low due to it.

[magneto]

A bit strange considering the circumstances in China and how the government has essentially vowed to shut all crypto businesses down.

The fact that still the majority of bitcoin's hash power is there is intriguing to say the least.

There's a lot of people worried about the centralisation that this may bring. However, imo as long as the distribution of hashpower is not centralised within a location, it doesn't really matter.

[Lucius]

A bit strange considering the circumstances in China and how the government has essentially vowed to shut all crypto businesses down.
The fact that still the majority of bitcoin's hash power is there is intriguing to say the least.

I personally do not see anything strange in the fact that China has a different stance on crypto trading and crypto mining. There is at least one good reason why China sees no danger in crypto mining, they can control that process completely and they make a huge profit on it. Miners sell Bitcoin to pay for electricity costs, and large amounts of that energy are actually surplus from hydroelectric power generation. It is a win-win situation for China.

Of course, it would be better to distribute the hashpower more evenly, but mining is a business that depends on cheap electricity, and currently, China is the country that can offer the lowest prices. I'm not sure how accurate the data is, but research has shown that the average cost for mining 1 BTC in China is around $3000.

[joinfree]

China has always been dominating when it comes to the large portion of bitcoin hash power. Consider the cheap source of security and the fact that most of the mining farms are located there. Not forgetting the fact that the chinese people tend to exploit cryptocurrency at an earlier stage more than most countries. But i doubt they would ever come together to plot an attack on the network. Do you have any fears at OP?

[squatter]

Of course, it would be better to distribute the hashpower more evenly, but mining is a business that depends on cheap electricity, and currently, China is the country that can offer the lowest prices.

We also have to consider who is manufacturing Bitcoin miners -- primarily Chinese companies who have access to cheaper labor and production materials and who are subject to much less manufacturing regulation.

In turn, Chinese miners aren't paying huge import tariffs when they buy ASIC miners. Compare that to US miners who pay a 27.6% tariff!

[boyptc]

This breaks down the long time rumor which has been believed by most about "ban" of crypto on that country. The largest manufacturer comes from China and it's no doubt that they can use that advantage to mine.

But this is a huge hash power that's coming from them and we know how powerful it could be.