I’m not shocked to see this. I’m bullish on bitcoin overall, but at this point I believe the Geo-political risk caused by the insane power requirements of current day mining are the biggest danger to bitcoin as a whole.
Obviously the network and operate fine with less power, but if that reduction in hash rate occurs because most of the world has banned mining, you can imagine a situation where the remaining miners can much more easily centralize and control the network.
On the other hand, with China already home to > 70% of mining (per this article), perhaps it’s more surprising this hasn’t happened already.
Obviously the network and operate fine with less power, but if that reduction in hash rate occurs because most of the world has banned mining, you can imagine a situation where the remaining miners can much more easily centralize and control the network.
On the other hand, with China already home to > 70% of mining (per this article), perhaps it’s more surprising this hasn’t happened already.