According to sources around 65% of the network hash is located in China.
What would be the consequences if those concentrated mining farms would suffer from an attack or if China decided to blacklist mining servers / would give up on their investment in them?
Don’t get me wrong, I truly belive in decentralization but doesn’t having so much of the network hash concentrated in one part of the world raise serious issues to the concept?
I’d just like to get a discussion going about the implications of such and maybe what could be done to avoid any issues that might arise.
Edit for clarification:
I’m mostly concerned about the time it would take for the network to adjust for the hash rate loss.
If we assume that a block is mined approx. every 10 minute then a drop of 2/3 in the hash rate would increase the block mining duration about 3 times resulting in 30 minutes per block.
For 2016 block to be mined it would then take about 42 days (around 1.5 months) and in the meantime the transaction fees would skyrocket or is my calculation wrong?
That could have serious implications on the public sentiment in my opinion.