Bitcoin Mining Centralization in the U.S.: A New Risk for the Industry?

The Cambridge Centre for Alternative Finance (CCAF) reports that the United States holds as much as 75.4% of global Bitcoin hashing power, based on a survey of 49 mining firms representing nearly half the network's hashrate. The article says this concentration equals roughly 600 exahashes per second of the global 796 EH/s and warns that it creates a centralization risk, since a future U.S. administration could try to control mining, for example through sanctions. It notes that China previously held 65–75% of hashrate before its June 2021 mining ban, and that the U.S. federal structure and weakened sanctions regime could act as partial safeguards.