04-18-2021, 07:43 PM
[Discussion] Is it scary that China controls 45% of all BTC hash rate?
<!-- SC_OFF --><div class="md"><p>In light of the news that the blackout in China cause the overall hash rate dropped 45%, and it was just one Province in China which means the overall hash rate by Chinese mining farm and pool is well over 50%. </p> <p><a href="https://news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-slides/">https://news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-slides/</a></p> <p>I can't help but feel a bit uneasy with this. I always knew China has a centralized hashing monopoly but didn't really click with me until the blackout. </p> <p>Utlimately BTC is China. </p> <p>And China is the CCP government. </p> <p>As much as we think crypto is decentralized but ultimately the chinese government controls the very nature of how the blockchain is being secure is a bit frightening. </p> <p>Thoughts?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/rrdonoo"> /u/rrdonoo </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mtfi5p/discussion_is_it_scary_that_china_controls_45_of/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mtfi5p/discussion_is_it_scary_that_china_controls_45_of/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>In light of the news that the blackout in China cause the overall hash rate dropped 45%, and it was just one Province in China which means the overall hash rate by Chinese mining farm and pool is well over 50%. </p> <p><a href="https://news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-slides/">https://news.bitcoin.com/bitcoin-hashrate-drops-xinjiang-blackouts-blamed-btc-price-slides/</a></p> <p>I can't help but feel a bit uneasy with this. I always knew China has a centralized hashing monopoly but didn't really click with me until the blackout. </p> <p>Utlimately BTC is China. </p> <p>And China is the CCP government. </p> <p>As much as we think crypto is decentralized but ultimately the chinese government controls the very nature of how the blockchain is being secure is a bit frightening. </p> <p>Thoughts?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/rrdonoo"> /u/rrdonoo </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mtfi5p/discussion_is_it_scary_that_china_controls_45_of/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/mtfi5p/discussion_is_it_scary_that_china_controls_45_of/">[comments]</a></span>Kind Regards R