“Bitcoin Mining Disinformation” by David – 1.25.22

0
476

Entry Submitted by David at 6:02 AM EST on January 25, 2022

Hello I would just like to correct the Bitcoin mining disinformation that is going around currently.  The notion that 70% of bitcoin mining was in China is completely false.  In June 2021 BTC mining was banned in China and all of the mining rigs were shut down.  This caused a crash in the hash rate (hash rate is determined by the number of active mining machines online and working) but there was a quick redistribution of mining among other countries and the total mining power recovered within a few months.

Currently the US has the highest amount of mining hash rate at approx 35% with the rest distributed around the world.

Since the ban of BTC mining in China the mining has become much more distributed around the world and is considered to be fairly decentralized now which would make it impossible to shut down Bitcoin as long as the Internet is still functioning.  Kazakhstan was the #2 country and when the internet shut down it caused a 23% drop in mining power but that was absorbed and redistributed within 2 days.  

The fact is that BTC mining is at an all time high with more global miners than ever before as of Jan 2022.

Also of note:  WHile BTC had previously been considered a black hat operation used for payment of illegal operation this has drastically changed over the last few years and now BTC payments are 100% trackable and used infrequently for criminal activities while other privacy centered cryptocurrencies are have taken its place.  It is largely considered now that the white hats are in control of Bitcoin.

Please see attached to show the BTC mining global distribution:

Here is the link for more information:
https://www.statista.com/statistics/1200477/bitcoin-mining-by-country/

Hope this helps clear up some disinformation,
David

______________________________________________________

If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
______________________________________________________

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © 2021 Dinar Chronicles

LEAVE A REPLY

Please enter your comment!
Please enter your name here