Hello dear loyal readers, in this opportunity I will be sharing with you all some views on whether the Bitcoin network really became more decentralized by depending less on China, this in relation to the measures that China took at the time by banning the trade and mining of cryptocurrencies.
The truth is that since Since China imposed a blanket ban on cryptocurrency trading and mining, other countries decided to help stray Chinese miners by providing a safe haven in their own jurisdictions.
Countries such as Kazakhstan, Canada and Germany, among others, were the first choices for Bitcoin miners to relocate their mining operations. As a result, Bitcoin mining became more decentralized as it became less dependent on China.
However, data from the Cambridge Center for Alternative Finance showed that China resumed mining operations only three months after the ban was imposed, further contributing to the rise in Bitcoin's hash rate.
Currently, the United States is the largest contributor to the Bitcoin hash rate, with Georgia leading the way with 30.8%, followed by Texas (11.2%), Kentucky (10.9%) and New York (9.8%).
The percentages shown in the previous paragraph reveal that the Bitcoin network became more decentralized as it became less dependent on China, but I would still like to know your appreciation on this issue.
SOURCES CONSULTED
Cointelegraph. Top 3 reasons why Bitcoin hash rate continues to attain new all-time highs. Link
OBSERVATION:
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