Chinese mining farms probably do hold the majority of mining power.
These are very bad news. Should I explain why?
Yes, please do. What makes that bad?
Uncertainty! The majority of the mining power should not come from one single country/region of the world --> China, for this matter. Mining-Costs are too high for the vast majority of supportes.
If one day the Communist Party/their Central Bank feel threaten by Bitcoin, they can ban and/or crack-down their local Chinese mining-farms anytime. This is true for many other countries as well. This leads me to think that the whole bitcoin eco-system is way too fragile. The numbers are too low (too few mining farms, which cost a lot of money, too few full-nodes, too few users... too few of everything... etc).
The blockchain technology is here to say but the token's future is very much uncertain.
And how is that bad, how does that make bitcoin fragile? If China were to crack down on Bitcoin mining farms, how would that negatively effect Bitcoin? While a lot of mining power comes from China, they do not have the vast majority. China probably has about 50% or a little more of the mining power. If all of those miners were suddenly unable to mine, for a few weeks, the difficulty would be high and the blocks would take around 20 minutes instead of 10 minutes, a minor inconvenience. Then after enough blocks have been made, the difficulty would adjust down and everything would be back to normal.
you may be right, but as I said before, the Bitcoin numbers are too low:
- Bitcoin owners: probably 2-3 million. Bitcoin users (actively spending, trading, following news): 200k-500k.
- owners/users, who actually run a full-node on their PC > currently around 5500 nodes, which is a drop compared to 6200 a few months ago.
- the whole eco-system is based on a lotal of less than 30 mining-farms, worldwide.
Am I wrong on these numbers?
