Welcome Forums GTA Member Forum Bitcoin and China vs US Reply To: Bitcoin and China vs US

  • Brian

    Administrator
    July 19, 2020 at 3:27 pm

    Zeu,

    It’s a myth that the Bitcoin network is in China. It is a fully decentralized network. There are nodes design for mining and nodes for the network. They could be both. Bitcoin itself is not ruled by mining ( https://en.bitcoin.it/wiki/Bitcoin_is_not_ruled_by_miners) Only 1% of the nodes are in China. Definition of a node (https://en.bitcoin.it/wiki/Full_node)

    Bitcoin Network Map
    https://bitnodes.io/

    Top 6 countries with their respective number of reachable nodes.

    1. NA 23.91%
    2. The United States 18.37%
    3. Germany 17.20 %
    4. France 5.63%

    5. Netherlands 4.06%
    6. Canda 2.86%

    Now Mining

    China controls much less Bitcoin (BTC) mining power than people think, according to a new survey.

    Released on July 16 by asset manager Fidelity and crypto research firm BitOoda, the survey reveals that China is actually responsible for around 50% of Bitcoin mining — not 65%.”

    US-Mining has double in the last 2 years from 7% to 14 %. Expect that to continue.
    https://cointelegraph.com/news/china-controls-50-of-bitcoin-mining-while-us-hits-14-new-survey

    • This reply was modified 1 year, 4 months ago by  Brian.