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Anyone else finding this level of centralization a bit scary? – Bitcoin mining firm Riot Blockchain to acquire rival Whinstone for $651 million

Anyone else finding this level of centralization a bit scary? – Bitcoin mining firm Riot Blockchain to acquire rival Whinstone for $651 million



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  1. I was also under the assumption that we were all in crypto for the decentralization and to break away from the old fiat and banking systems. But then all I’ve heard from everyone in crypto the past few months is how excited they are that so and so big multinational bank just bought a bunch of bitcoin. Why is that good? Why do we want the systems that have fucked everything up time and time again joining the crypto world?

  2. Modern ASIC’s are produced at one place: TSMC.

    Bitmain have more than 50% of the ASIC miner market, top two 80%

    ASIC miners are shit expensive

    ASIC miner designers requires KYC. Even resellers of used equipment requires KYC.

    Mining farm(s) have already started to only “mine compliant Bitcoins”.

    China has 65% of the Bitcoin hashrate.

    Monero, my friends. Mined on CPU’s. Much more decentralised.

  3. I am more concerned with the level of mining China is putting in. Idk too much about the BTC network but is there anything overly concerning that can happen if someone 51% it?

  4. Just remember that mining pools are not centralized entities or people, and you will rest easier.

    People who’ve never mined think that a mining pool is 1 person and you can just 51% the Bitcoin network by flipping 4 switches. That’s not how it works.

    I’m also not sure how you think 4% of the hashrate is “scary”.

    Not how it works guys. Governments don’t control pools. If you’re arguing the opposite, need to do some reading on how mining pools actually work. They are tens of thousands of individuals doing their own thing that can switch pools at any time.

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