RE: China shuts down 8% of the global bitcoin mining supply
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China already runs 65% of all bitcoin mining, and this 8% shut down may affect the hash rate somewhat. America, by comparison, mines only 7% of the global supply. So China is by far the world leader, and this makes me very concerned about the safety and particularly the sovereignty of bitcoin in the long term. The CCP wants to rule the world one day and also the bitcoin mining by the looks of it, and that is anything but decentralized or sovereign, in my opinion.
This is very concerning. Why is China run such a big percentage? Is their power cheaper?
Interesting but concerning article. Thank you for writing.
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Yes China has much cheaper power, due to their massive hydro-electric power plants. And Inner Mongolia particularly. They have the biggest dams in the world to generate hydro. But the CCP have a reputation of dictatorially usurping control of businesses in their country if they like. So bitcoin mining is by no means safe under the dominion of the CCP. It's just a worst case scenario though.
Thank you for explaining. Have a great weekend.