Author: Jim Phillips 2015-08-02 21:02:20
Published on: 2015-08-02T21:02:20+00:00
China's communist government controls most "capitalist" enterprises, including the manufacture of ASIC chips used in Bitcoin mining. Chinese miners have a significant advantage due to cheap and essentially free electricity, natural cooling from mountainous regions, and the availability of cheap ASIC chips. As a result, the top four Chinese miners control 57% of all mined Bitcoins. The only disadvantage they face is poor connectivity with the rest of the world, which may be further impacted by an increase in block size. However, restricting block size only enables centralized control of Bitcoin hashing power by the Chinese government. To combat this, the free world should take advantage of their ample bandwidth and work towards decentralizing Bitcoin mining.
Updated on: 2023-06-10T18:01:44.667956+00:00