One of the biggest shocks for Bitcoin came when China banned the overall cryptocurrency mining in hole country. The government said that cryptocurrency is consuming too much energy and money generated from cryptocurrency trading is being used for money laundering as well. One of the biggest gainers from this whole scenario was the Unite States as the country immediately focused on producing cheap electricity and also relex the crypto-related regulations.
As of this writing, the Bitcoin network and their team of consultants have argued that relying on single country is not a good strategy for Bitcoin. It is more suitable that the Bitcoin network distributes its hashing operations across the globe. This would not just provide the company access to the cheaper energy resources, but It would also help the Bitcoin network to be on the safer end if any specific country decides to carry out a crackdown again.
Top leadership of the Bitcoin network is planning for the decentralization of Bitcoin. It seems profitable and there is a relatively realistic possibility of doing that. That’s why the Bitcoin network is following the global cheap electricity map.
The fact of the matter is that political leaders are fastly moving towards renewable energy. There are massive electricity sources across the globe that offer cheaper electricity. Bitcoin network can exploit this opportunity to further expand is hash rate. Currently, there is high demand of Bitcoin in ther markets.
However, the biggest hurdle that stands in the way of Bitcoin decentralization is a shortage of ASICs. Which has to do with the global shortage of chips. Moreover, there are some countries that have welcomed mining operations. But the only issue is to take the high-grade Bitcoin mining machines in those counties.
As of this writing, Bitcoin decentralization is standing a pretty strong position and Bitcoin decentralization is also moving forward steadily. There are smaller mining companies emerging on daily basis. The biggest change is that Bitcoin is slipping away from the whale hands and big mafias.
The top leadership of the Bitcoin network still believes that more work is needed to be done to achieve the desired results. Over the past couple of months massive Bitcoin mining networks that have moved away from China, have installed their mining infrastructures in the countries like USA, Russia and Kazakhstan.
However, for the desired results and extreme decentralization, it needs further distribution of ASICs. Governments need to support the local bitcoin mining companies. Bitcoiners will have to find a way to reduce the role of big players. One of the biggest competitive advantages the cryptocurrency market has over the traditional market is its decentralized market. However, so far Bitcoin is not that much decentralized. But its work in progress.