The United States has replaced China as the largest Bitcoin mining center in the world! Is the government strongly assisting miners in building their own power plants?

The geographical landscape of global Bitcoin mining is undergoing a profound transformation. The computing power pattern that was once firmly dominated by China has now seen a dramatic reversal. According to the latest data from authoritative research institutions and statements from high-ranking officials in the U.S. government, the United States has not only replaced China as the world's largest Bitcoin mining center, but its government has also shown an unprecedented proactive stance, planning to consolidate and expand this leading position through a series of measures, which may even involve assisting miners in addressing the core issue of energy. The Great Migration of Computing Power Under China's Ban

A recent research report released by the Cambridge Centre for Alternative Finance (CCAF) provides strong evidence for the overwhelming advantage of the United States in the global Bitcoin mining sector. This study, based on a survey of 49 large mining companies (which together account for nearly half of the computing power of the Bitcoin network), draws attention to the remarkable conclusion: the United States currently controls up to 75.4% of the global Bitcoin hashing power. The report points out that the United States has solidified its position as the world's largest mining center, accounting for 75.4% of the activities reported. Based on the total computing power of approximately 796 EH/s globally at that time, this means that the United States alone contributed about 600 EH/s of computing power. Even considering the possible differences in statistical standards, other estimates also show that the proportion of the United States' computing power is at least over 50%, which undoubtedly confirms the core position of the United States in the global Bitcoin mining industry. The rapid rise of the United States as a global mining powerhouse is closely related to the strict measures taken by the Chinese government in 2021. Prior to this, China had been the absolute center of Bitcoin mining, dominating global Bitcoin mining in 2019 with a share of 65-75% of the total Bitcoin network. However, in June 2021, the Chinese government completely banned Bitcoin mining activities within its borders. This ban led to a large-scale redistribution of global Computing Power. Many mining operations that were originally based in China were forced to shut down or seek opportunities abroad, with the United States, particularly states with abundant cheap energy (such as natural gas and renewable energy in Texas) and relatively friendly regulatory policies, becoming the primary destination. Although this migration of Computing Power temporarily caused a sharp drop in Bitcoin network Computing Power, triggering a market correction of about 50%, it also proved the resilience of the Bitcoin network—Computing Power quickly redistributed and recovered globally, paving the way for a 130% price rebound by the end of the year. The United States aims to be a "Bitcoin superpower"

Unlike the previous government's relatively vague and even skeptical attitude towards Bitcoin, the new U.S. government, particularly represented by President Trump and Commerce Secretary Howard Lutnick, has shown a clear pro-Bitcoin stance and regards it as a strategic opportunity for the United States to consolidate its economic and technological leadership. Recently, in an interview, Lutnik elaborated on the vision of the Trump administration to transform the United States into a "Bitcoin superpower." He views Bitcoin as a commodity rather than a currency. He emphasized the scarcity of Bitcoin, which is fixed at a total supply of 21 million coins, believing that this inherent rarity makes it a store of value in the digital age, and should be treated like gold and oil, enjoying freedom and legitimacy in trading. He criticized the past government's erroneous perception of Bitcoin as a suspicious asset, stating that the U.S. will only embrace Bitcoin more actively in the future. Rudnik revealed that he and David Sacks, appointed as the AI and Crypto Czar, were supporters of Bitcoin even before entering the government. They jointly pushed Trump to fulfill his campaign promise and quickly established the "Bitcoin Strategic Reserve," which officially allowed the U.S. government to hold Bitcoin as a national asset. Although the specific scale of the reserve and details such as who will manage it have not yet been disclosed and are awaiting a unified announcement from the White House, this move itself is of milestone significance. It is worth noting that for the Bitcoin mining industry, energy costs and supply stability have always been core challenges. To address this pain point, Lutnik announced that the U.S. Department of Commerce will launch a program called "Investment Accelerator" aimed at "turbocharging" the U.S. mining industry. The core content of the plan is: For enterprises willing to make large-scale investments (over 1 billion USD) in the United States, the government will provide "white glove service," which is a one-stop assistance to help enterprises quickly and smoothly complete various complex administrative approval processes and eliminate investment barriers. Lutnik particularly illustrated the practical application scenario of this plan with the example of Bitcoin miners: "You can build your own power plant next to (the data center), just imagine." This means that in the future, Bitcoin miners in the United States will no longer be completely constrained by the existing public power grid. With the assistance of the "Investment Accelerator" program, they can more easily obtain permits to directly build their own small, off-grid power plants near energy sources (such as next to natural gas fields). Miners can achieve "self-generation and self-mining", controlling energy costs from the source and reducing reliance on fluctuations in the power grid, thereby truly achieving energy independence. This is of great significance for enhancing the competitiveness and stability of the mining industry in the United States. Although Lutnik did not explicitly mention that the government would directly "invest" in building power plants, providing efficient approval assistance and removing administrative obstacles is itself a highly valuable form of government support. Is centralization a new concern? The active support of the U.S. government has undoubtedly brought immense development opportunities to the Bitcoin industry, but it has also raised a potential concern: could excessive geographical centralization pose new risks? Historically, when China accounted for 65-75% of global Computing Power, there were ongoing concerns within the Bitcoin community about the potential for a '51% attack' or government intervention, even though such situations never actually occurred. Today, the share of Computing Power in the U.S. has reached levels comparable to, or possibly even higher than, those of China back then (75.4%); could similar risks re-emerge? Although the current Trump administration is very friendly towards Bitcoin, the political climate may change. If a future U.S. government adopts an antagonistic stance towards Bitcoin, highly concentrated Computing Power could become a means for it to attempt to control or interfere with the Bitcoin network. Unlike China's outright ban, a hostile U.S. government may not completely prohibit Mining, but rather try to scrutinize transactions, influence protocol upgrades, or manipulate the network in other ways through regulation and executive orders (such as using sanction powers), and the concentration of Computing Power would undoubtedly amplify this threat. Therefore, the Bitcoin industry is at a critical crossroads: should it seek a more widespread global distribution of Computing Power to enhance resilience, or should it take advantage of the policy dividends in the United States for rapid development? The answer may not be either/or. While enjoying the development opportunities provided by the United States, the Bitcoin community needs to continuously advocate for decentralization, promote technological innovation to resist potential censorship, and foster broader awareness and adoption worldwide, so that it can be deeply integrated into the economic system, increasing the cost and difficulty for any government to attack the network. Overall, it is an undeniable fact that the United States has replaced China as the global center for Bitcoin mining. As the vision depicted by Lutnik unfolds, Bitcoin believers must ensure the resilience of this sovereign currency, regardless of who holds the power. The story of Bitcoin in the United States has just entered a new chapter full of variables.