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Topic: [2018-10-14] Study Argues Chinese Mining Centralization Poses Threat to Bitcoin (Read 140 times)

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A joint study conducted by Princeton University and Florida International University has found three-quarters of Bitcoin mining is based in China and warned of the potential risks that could result from the significant geographical centralization of the mining network.
Full article on Bitcoin News

If China decides to change its Bitcoin mining policy, this will greatly affect the Bitcoin rate.
legendary
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Who is mining in China if miners are facing prosecution? Most mining used to take place in China in 2013-17 but i doubt it still is. Some Chinese miners were moving to Canada earlier this year, while some went to Russia.

What most articles don't tell you is that the miners aren't just one entity, but a group of hundreds or thousands of smaller miners from all over the world. So while the pool itself might be Chinese, the majority of its network allocation doesn't necessarily have to be.

Plenty of mining happens in Scandinavian countries, in various parts of the US, Canada, Russia, South America, Europe, etc. If Pools get hit with sanctions, you'll see the miners within the pool simply connect to another one. It's more decentralized than it actually looks, but news outlets aren't in the mood to explain that to their rookie followers.

The annoying aspect of reading translated Chinese articles is that we can't fact check the source unless we have a native Chinese buddy to ask for assistance.
hero member
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What about this?

Chinese Region to Shut Down 'Illegal' Bitcoin Miners By September
https://www.coindesk.com/chinese-region-to-shut-down-illegal-bitcoin-miners-by-september/

China Determined to Further Drive Bitcoin Miners Out of Business
https://cryptonews.com/exclusives/china-determined-to-further-drive-bitcoin-miners-out-of-busi-1370.htm

China's Shutdown Of Bitcoin Miners Isn't Just About Electricity
https://www.forbes.com/sites/sarahsu/2018/01/15/chinas-shutdown-of-bitcoin-miners-isnt-just-about-electricity/#7a9205f1369b

Who is mining in China if miners are facing prosecution? Most mining used to take place in China in 2013-17 but i doubt it still is. Some Chinese miners were moving to Canada earlier this year, while some went to Russia.
hero member
Activity: 924
Merit: 556
A joint study conducted by Princeton University and Florida International University has found three-quarters of Bitcoin mining is based in China and warned of the potential risks that could result from the significant geographical centralization of the mining network.
Full article on Bitcoin News
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