The US Bureau of Economic Research found: 50 miners control 50% of the world’s Bitcoin mining output

BitcoinPart of its appeal is that no one controls it, but a recent study found that 0.1% of the main contributors to the network-only 50 miners-control 50% of Bitcoin's mining power.The miners who shrunk to the top 10% found that they controlled 90% of the mining capacity.Traditional currencies are managed by the central banking system, international organizations, and mature financial service providers; encrypted currencies are managed by their network.But a recent study by the National Bureau of Economic Research (NBER) found that a small number of entities account for a large part of the Bitcoin ecosystem.

The US Bureau of Economic Research found: 50 miners control 50% of the world’s Bitcoin mining output. Illustration

Bloomberg reported that the US National Bureau of Economic Research's study entitled "Bitcoin Market Blockchain Analysis" found that "Bitcoin's top 10,000 individual investors control approximately one-third of the circulating cryptocurrencies." The research The author stated that by the end of 2020, the BTC 14 million.Among them, 8.5 million are controlled by individual investors and 5.5 million are controlled by intermediaries.

But authors Igor Makarov and Antoinette Schoar also stated, “This measure of concentration is likely to be an understatement, because we cannot rule out that some of the largest addresses are controlled by the same entity.” Bloomberg said that the most notable example is The 20,000 addresses believed to be "Satoshi Nakamoto" belong to 20,000 people, not just one person.

NBER AboutBitcoin miningThe results of the survey made cryptocurrency enthusiasts even more worried.The study found that 0.1% of the main contributors to the network (only 50 miners) control 50% of Bitcoin's mining capacity.When considering the top 10% of miners, this proportion will increase to 90% of the cryptocurrency mining capacity.

"Our results show that although Bitcoin has received a lot of attention in the past few years, the Bitcoin ecosystem is still dominated by large, centralized participants, whether it is large miners, Bitcoin holders or exchanges," Marca Rove and Schoar said. "This inherent concentration makes Bitcoin susceptible to systemic risks, and it also means that most of the benefits of further adoption may fall disproportionately into the hands of a small number of participants."

這種系統性風險包括所謂的51% 攻擊的可能性,通過該攻擊,一群比特幣礦工可以控製網絡。該組織將能夠雙花 BTC、反向交易並停止進一步使用該加密貨幣。NBER 的調查結果表明,只有 51 位比特幣頂級礦工必須共同努力才能對整個網絡進行此類攻擊。

The findings also indicate that Bitcoin critics who believe that cryptocurrency is essentially a tool for making relatively few people very wealthy may be doing something.The increasing popularity of Bitcoin has not affected most people, but those who entered the ecosystem when it was young have become richer and richer, especially as the price of BTC continues to rise.

These statements are closely related to the development of Bitcoin over the years.Since mining Bitcoin requires dedicated hardware and a lot of electricity, it makes sense for a few operations to account for the vast majority of production.The increase in the price of cryptocurrencies has also made it more difficult for ordinary people to accumulate the same amount of Bitcoin as those who started hoarding Bitcoin in 2009.

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