The China mining ban was a godsend for Bitcoin decentralization. So far, the USA is the big winner. However, for the good of the network, it would be ideal to distribute the hashrate all over the world. How do we accomplish that in Bitcoin-land? Relying on incentives. If it’s profitable to do, and there’s the possibility to do it, Bitcoin decentralization will happen. That’s why this global cheap electricity map is such good news. "Electricity Cost of Mining 1 Bitcoin Worldwide" (click to expand) | Source: Arcane Research As you can see, low-cost electricity is available all over the world. That means that, theoretically, Bitcoin mining will flourish all over the earth. What’s stopping the Bitcoin decentralization phenomenon? Nowadays, a shortage of ASICs. Which has to do with the global shortage of chips. However, in ideal circumstances, it’s still difficult to get high-grade Bitcoin mining machines in some countries. The manufacturers prioritize so-called first-world countries and, in some cases, the local taxes are extremely high. Related Reading | Bitcoin Hashrate Nosedives as Chinese Miners Move On Arcane Research’s The Weekly Update says: “Mining can also be done cheaply in many of the American and Canadian states and provinces. Miners have flocked to North America this year, giving the US 35% and Canada 10% of the global hashrate.” This is good for North America, but not great for Bitcoin decentralization. Why...
