Troy Cross, in a video interview with Bitcoin Magazine, discusses the urgent need for decentralization in Bitcoin mining, emphasizing the risks associated with concentrated hashrate in the U.S. The article highlights concerns over political influences on mining operations, noting that centralized control could jeopardize Bitcoin's role as non-state money. Despite efficiencies from large mining operations, Cross argues for a distributed mining approach as essential for the integrity of Bitcoin's infrastructure, especially with the rising dominance of publicly traded U.S. miners, which could drastically alter the mining landscape by 2028.
If the majority of miners reside in a single nation, especially a nation as rich and powerful as the U.S., miner behavior would be driven not only by Satoshi's well-designed incentives but also by the political whims of whatever regime happens to be in power.
Despite the economies of scale that have given rise to mega mining operations, a critical imperative for distributing mining power emerges, which is essential for Bitcoin's future.
When Donald Trump said he wants all the remaining bitcoin to be 'MADE IN THE USA!!!', Bitcoiners cheered. Mining is good, right? We want it to happen here!
Publicly listed U.S. miners alone are responsible for 29% of Bitcoin's hashrate and predictions suggest this could rise to 60% by 2028.
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