Bitcoin's Hashrate Centralization Is Worst Than We Thought

By Crypto Coon | Coonville | 23 Apr 2021


Bitcoin Hashrate Drops Over 45%, Xinjiang Grid Blackouts Blamed, BTC Price Slides 10%

I want to bring attention to the recent news of BTC's hashrate plummeted around ~50%. All due to one SINGLE region in China having blackout! Now there are conflicting reports, most news sources say ~50% and a few say 20-25%. However, both CryptoQuant and Glassnode reported ~50% drop. Both of these sources are premium and extremely reliable sources so I'm incline to believe ~50% is the correct number. However, whether if it's 25% or 50% that is WAY too high for a single region of China to have.

 

Xinjiang [and] Sichuan combined together have well over 50% of the overall [Bitcoin] hashrate. Hope [we] can have more distributed hashrate in the future for resilience purposes.

And with just two region of China you end up with well over 50%. People just don't realize how serious this really is. China is the worst place for this level of mining centralization to be present. Now we already knew that China had most of the hashrate even before this incident but for ~25-50% hashrate to be centralized in a SINGLE region is ridiculous. Now this proves beyond a reasonable doubt that if the Chinese government really wanted to shut down bitcoin they could with relative ease. Just taking control of Xinjiang and Sichuan's farms is enough. If the Chinese government didn't know just how much power they really have, now they do.

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Crypto Coon
Crypto Coon

College Dropout Turned Fulltime Crypto Trader To Survive Corona


Coonville
Coonville

Fulltime Crypto Trader | DeFi Enthusiast

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