A study from the Cambridge Centre for Alternative Finance reveals that the U.S. dominates Bitcoin mining, holding 75.4% of the global hashing power. This significant control, corresponding to about 600 exahashes per second of the total 796 EH/s, prompts worries about centralization. Secretary of Commerce Howard Lutnick advocates for the U.S. as a Bitcoin superpower, likening Bitcoin to gold due to its limited supply. However, this boom in U.S. mining raises concerns over future risks, echoing the earlier dominance of China in the sector before its mining ban.
"The U.S. has solidified its position as the largest global mining hub (75.4% of reported activity)," the CCAF reports, based on a survey of 49 mining firms representing nearly half the Bitcoin network's hashrate.
Howard Lutnick emphasized, "It's like gold. To me. It's a commodity," stating that Bitcoin's fixed supply of 21 million coins reinforces its value.
Lutnick's remarks about the Commerce Department's Investment Accelerator indicate a proactive approach to enhance U.S. Bitcoin mining capabilities through efficient permitting.
A study notes, "In 2019, China dominated global Bitcoin mining, accounting for 65-75% of the total Bitcoin network," underscoring the historical migration of mining operations.
Collection
[
|
...
]