Quote from: vv181 on Today at 04:04:38 AM

Quote from: KingsDen on June 03, 2021, 09:36:30 PM

Is there centralization in the decentralization system of bitcoin? I understood there are few BTC mining farms in the world. This mining companies are not distributed across the continents, let's say each continent should have one mining farm.

If I'd like to go with your assumption which is to let each continent have its own mining operation/farm. Then I believe that it is still "centralization" in process, each continent has its own climate nature and its own cost production of electricity, therefore it is correlated to the price of Bitcoin production. How can it be a decentralization if some continent has an advantage to mine Bitcoin cheaper.

Quote from: bitmover on June 03, 2021, 10:47:36 PM

The free market is the most efficient system we have, so far, to let miners decide where to place their operations. There is no central authority asking them to move to china. They have economical reasons to be in China or Canada or whatever: cheap hardware, cheap and abundant electricity, low temperature (canada) and so on.

I agree with @bitmover, as does like how Satoshi said about the particular topics in the past. Bitcoin mining will move toward the place where it's as efficient as possible to mine Bitcoin without sacrificing its own true decentralization.

And a reference for you about Satoshi's thoughts.

Quote from: satoshi on August 09, 2010, 09:28:39 PM

~
Bitcoin generation should end up where it's cheapest. Maybe that will be in cold climates where there's electric heat, where it would be essentially free.

Quote from: satoshi on August 15, 2010, 04:37:16 PM

Some places where generation will gravitate to:
1) places where it's cheapest or free
2) people who want to help for idealogical reasons
3) people who want to get some coins without the inconvenience of doing a transaction to buy them

There are legitimate places where it's free. Generation is basically free anywhere that has electric heat, since your computer's heat is offsetting your baseboard electric heating. Many small flats have electric heat out of convenience.

How expensive is heating oil? With the price of oil so high, if it's actually more expensive than electric, then generating would have negative cost.

There's also kids putting it on their parent's power bill, employees their employer, botnets, etc.

Case 3 comes into play for small amounts. The overhead of doing an exchange doesn't make sense if you just need a small bit of pocket change for incidental micropayments. I think this is a nice advantage vs fiat currency, instead of all the seigniorage going to one big entity, let it go in convenience amounts to people who need to scrape up a small amount of change.

Thanks for the link to Satoshi statement on this