Author: Adam Back 2015-08-03 06:34:02
Published on: 2015-08-03T06:34:02+00:00
The People's Republic of China effectively controls 57% of all the Bitcoin being mined due to the advantages Chinese miners have over all other mining operations. While the low external bandwidth connecting China to the net is actually the problem of non-Chinese miners, an increase in block size would be detrimental to Chinese miners. However, if block sizes are restricted, it enables the Communist Chinese government to maintain centralized control over 57% of the Bitcoin hashing power. Therefore, some suggest taking advantage of the fact that most of the free world has enough bandwidth to handle larger blocks to get mining out of the centralized control of the Chinese.
Updated on: 2023-06-10T18:02:03.021619+00:00