Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: emma.lee1890 on November 18, 2018, 10:30:15 AM
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As professional mining groups with specialized computer chips emerged. Bitcoin mining is gradually becoming centralized. News about how bigger and influential companies in the bitcoin economy by virtue of their sheer amount of processing power, or hash rate, are taking controls over the Bitcoin mining continue to widespread, making more undeniable. Just to clear on this topic, Help me understand whether the above topic is entirely true. And if it is true, what is the its implications. As much as bitcoin try to deny it... Bitcoin mining currently has a monopoly problem. Recent news have made it clear that Bit-main, one of the most influential company in the bitcoin economy holds virtually greater proportion of processing power, or hash rate. And hence is one of the sole determinant/ influences in the Bitcoin market.
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Yes, you correctly argue that bitcoin mining has become a whole production. As far as I know in China there are 3 large firms in the hands of which all bitcoin mining is concentrated. There are certainly small companies, but I'm talking about large ones. And these 3 companies are friends with each other and not competitors. In the hands of these 3 companies there is a lot of valuable information that they can not give to law enforcement agencies, then the principle of decentralization will be violated.