Quote from: Verde_Mantis on July 13, 2018, 08:04:52 PM

How do you know that is partially controlled by Chinese miners? Every time I read some news about mining, price, exchange etc 99% of the cases mention Chinese. And the majority of the time after some months/year we find out that Chinese have nothing to do or have a minimal impact of this or that situation. They're becoming like something mythological...

Well, if you look at Blockchain.com site, you'll notice that Bitmain's top mining pools such as AntPool, BTC.com, and ViaBTC have the most dominance in Bitcoin's hashrate. You can see this here: https://www.blockchain.com/pools

This all means that mining is partially controlled by Chinese miners (since Bitmain is from China) and Bitcoin could easily become attacked at any moment. This is considered a huge risk, especially since Bitcoin's true purpose was to decentralize the economy. As such, we could say that Bitcoin is partially centralized as not anyone can participate in the mining process, and it's largely dominated by a big company known as Bitmain. Unless the community reaches a consensus to improve Bitcoin's mining process, it'll become more centralized as time passes by.

Most recently, I've seen new proposals that would aim to further decentralize Bitcoin's mining process. Such proposals are known as BetterHash (a stratum protocol alternative) and PoWx (Optical Proof of Work). If successful, they could make Bitcoin mining great again, as the hashrate becomes widely distributed across different areas of the world. Hopefully, Bitcoin would turn itself more decentralized over time with the upcoming improvements, than turning itself into a centralized cryptocurrency controlled by a few large players. Just my thoughts Grin