Cypherpunk, programmer and cryptocurrency proponent Jameson Lopp published a blog post on August 9 that examined the actual threat faced by the dominance of Chinese miners. Lopp argued that the status quo may not last long, as internationally produced chips and cheaper electricity costs may spur more diversity.
- Lopp looked into whether a state-executed 51% attack could affect the network
- Argues that a private 51% attack would be self-defeating for miners, citing inconvenience in withdrawal from exchanges and risk
- Also believes that the government could do little to affect the network for a meaningful length of time
- Says that China has been ideal for mining because of “the combination of infrastructure and energy abundance”
- Says more competition will arrive when semiconductor foundries begin producing mining chips outside China, as well as when countries with cheap power are industrialized