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An innovative study from the Cambridge Centre for Alternative Finance (CCAF) asserts that the United States now leads in Bitcoin mining, wielding control over an impressive 75.4% of the worldwide hashing capability. “The U.S. has reinforced its status as the largest global mining hub (75.4% of reported activity),” states the CCAF, based on a survey conducted among 49 mining companies that account for nearly half of the Bitcoin network’s hashrate.
This concentration, amounting to approximately 600 exahashes per second (EH/s) of a total 796 EH/s worldwide, raises an urgent question: Is Bitcoin mining becoming perilously centralized in the U.S., and what implications does this have for the future of this emerging asset?
Howard Lutnick, U.S. Secretary of Commerce and former CEO of Cantor Fitzgerald, recently imparted views regarding the Trump administration’s strategy to establish the U.S. as a Bitcoin powerhouse. “It’s akin to gold. To me, it is a commodity,” Lutnick expressed in a conversation with Frank Corva of Bitcoin Magazine, emphasizing Bitcoin’s capped supply of 21 million coins. He detailed plans to “turbocharge” U.S. mining via the Commerce Department’s Investment Accelerator, which simplifies permits for miners to construct off-grid power facilities. “You can establish your own power plant next to [your data center]. Just contemplate that for a moment,” he said.
This pro-business approach has propelled America’s mining surge, yet the CCAF’s findings indicate a downside: centralization. For years, Bitcoin enthusiasts have been concerned about China’s supremacy, which peaked at 65–75% of the global hashrate prior to its mining ban in June 2021. “In 2019, China oversaw the global Bitcoin mining landscape, comprising 65–75% of the entire Bitcoin network,” a 2025 Nature Communications study highlights. When China outlawed mining, the hashrate dispersed globally, with numerous operations migrating to the U.S., attracted to states with plentiful energy and favorable policies. This transition resulted in a 50% market correction but set the stage for a 130% surge by year’s end, showcasing the market’s robustness.
While China’s previous hashrate concentration never led to network exploitation, it was a persistent worry. Now, with the U.S. constituting 75% of the hashrate, equivalent risks arise. The Trump administration is favorable toward Bitcoin, yet a future administration could adopt a hostile stance, utilizing the centralized hashrate to manage the network. Unlike China’s ban, a subsequent U.S. government might attempt to regulate or manipulate mining, wielding executive powers like sanctions to censor transactions — a threat intensified by mining’s concentration.
The U.S.’s federal structure presents a possible safeguard. The allocation of powers between states and the federal government could facilitate resistance against federal overreach. In states with considerable mining activities, officials and the public might contend that manipulating the sector devalues Bitcoin, affecting investors. This pushback could safeguard the network’s integrity.
The dilution of the U.S. monetary sanctions framework might work to our favor. After the 2022 confiscation of Russian treasuries, nations at odds with U.S. policies have curtailed purchases of U.S. bonds, undermining the fiat lines exploited in sanctions. The Trump administration is shifting towards tariffs to govern goods instead of monetary flows, potentially lessening the risk of financial censorship. This shift allows Bitcoin some time, as centralized hashrate could be a vulnerable target for federal intervention.
Nonetheless, American Bitcoiners should remain proactive. Expanding Bitcoin adoption to embed it widely in the economy and globally could deter censorship, as attacks on the network would negatively impact personal wealth, prompting backlash. History also demonstrates that miners adapt when displaced — as evidenced by China’s ban — but governments learn. A future U.S. administration may refrain from banning mining but seek to control it, leveraging centralization.
The Bitcoin industry stands at a pivotal crossroads. With up to 75.4% of the hashrate concentrated in the U.S., even conservative estimates of 50% present a centralization risk that looms large. Should we diversify globally or lean into America’s mining supremacy? As Lutnick’s vision comes to fruition, Bitcoiners must ensure this sovereign currency remains resilient, irrespective of who holds authority.
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