The geographical landscape of global Bitcoin mining is undergoing a profound transformation. The once firmly dominated computing power pattern in China has dramatically reversed. According to the latest data from authoritative research institutions and statements from senior U.S. government officials, the U.S. has not only replaced China as the world's largest Bitcoin mining center but has also shown an unprecedented proactive stance, planning a series of measures to consolidate and expand this leading position, possibly even involving assistance to miners in addressing the core issue of energy.
The great migration of computing power under China's ban
A recent research report from the Cambridge Centre for Alternative Finance (CCAF) provides strong evidence of the overwhelming advantage the U.S. has in the global Bitcoin mining sector. The study, based on a survey of 49 large mining companies (which collectively account for nearly half of the Bitcoin network's hash rate), reached a remarkable conclusion: the U.S. currently controls up to 75.4% of the global Bitcoin hash rate.
The report points out: the U.S. has consolidated its position as the world's largest mining center (accounting for 75.4% of the report's activities). Based on the then-global total hash rate of approximately 796 EH/s, this means that the U.S. alone contributed about 600 EH/s of hash power. Even considering potential differences in statistical criteria, other estimates also show that the U.S. hash rate share is at least over 50%, which undoubtedly confirms the core position of the U.S. in the global Bitcoin mining industry.
The rapid rise of the U.S. as a global mining powerhouse is closely linked to the harsh measures taken by the Chinese government in 2021. Prior to this, China had been the absolute center of Bitcoin mining, dominating global Bitcoin mining with a share of 65-75% of the total Bitcoin network as of 2019.
However, in June 2021, the Chinese government completely banned Bitcoin mining activities within its borders. This ban led to a massive redistribution of global computing power. Many mining operations that were previously based in China were forced to shut down or seek overseas solutions, while the U.S., especially states with abundant cheap energy (such as Texas with natural gas and renewable energy) and relatively friendly regulatory policies, became the primary destination. Although this migration of computing power temporarily caused a sharp decline in Bitcoin network hash rate, triggering about a 50% market correction, it also proved the resilience of the Bitcoin network—hashing power quickly dispersed and recovered globally, paving the way for a 130% price rebound by the end of the year.
America's goal: 'Bitcoin superpower'
Unlike the previous government's relatively vague and even doubtful attitude towards Bitcoin, the new U.S. government, particularly represented by President Trump and Secretary of Commerce Howard Lutnick, has shown a clear pro-Bitcoin stance, viewing it as a strategic opportunity for the U.S. to solidify its economic and technological leadership.
Recently, in an interview, Lutnick elaborated on the Trump administration's vision of making the U.S. a 'Bitcoin superpower.' He views Bitcoin as a commodity rather than a currency. He emphasized the scarcity of Bitcoin, which is capped at 21 million coins, arguing that this intrinsic rarity makes it a store of value in the digital age, deserving to be treated like gold or oil, enjoying the freedom and legitimacy of trade. He criticized the previous government's erroneous perception of Bitcoin as a suspicious asset and stated that the U.S. will only embrace Bitcoin more positively in the future.
Lutnick revealed that he and David Sacks, who was appointed as the AI and crypto czar, were supporters of Bitcoin even before entering the government. They pushed for Trump to fulfill his campaign promise and swiftly established the 'Bitcoin Strategic Reserve,' allowing the U.S. government to officially hold Bitcoin as a national asset. Although details regarding the specific scale of the reserve and its custody have not yet been disclosed and await 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, Lutnick announced that the U.S. Department of Commerce would launch a program called the 'Investment Accelerator,' aimed at 'turbocharging' America's mining industry.
The core content of the plan is: for companies willing to make large-scale investments (over $1 billion) in the U.S., the government will provide 'white glove services,' i.e., one-stop assistance to help companies quickly and smoothly complete various complex administrative approval processes, removing investment barriers.
Lutnick specifically used Bitcoin miners as an example to illustrate the practical application of this plan: 'You can build your power plant next to (the data center), just imagine.' This means that in the future, U.S. Bitcoin miners will no longer be completely constrained by the existing public power grid. With assistance from the 'Investment Accelerator' plan, they can more easily obtain permits to directly build their small, off-grid power plants at energy sources (such as next to gas fields).
Miners can achieve 'self-generating, self-mining,' controlling energy costs from the source, reducing reliance on grid fluctuations, and truly achieving energy independence. This is of significant importance for enhancing the competitiveness and stability of the U.S. mining industry. Although Lutnick did not explicitly mention that the government would directly 'inject capital' to build power plants, providing efficient approval assistance and removing administrative barriers 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 tremendous development opportunities to the Bitcoin industry, but it has also raised a potential concern: could excessive geographical centralization bring new risks? Historically, when China accounted for 65-75% of the global hash rate, the Bitcoin community was always concerned about the potential for a '51% attack' or government intervention, even though such situations never actually occurred. Now, with the U.S. hash rate share reaching a level comparable to or possibly higher than that of China back then (75.4%), could similar risks resurface?
Although the current Trump administration is very friendly towards Bitcoin, political winds may change. If a future U.S. government adopts a hostile attitude towards Bitcoin, highly concentrated computing power could become a lever for it to try to control or interfere with the Bitcoin network. Unlike China's outright ban, a hostile U.S. government might not completely ban mining but could attempt to scrutinize transactions, influence protocol upgrades, or otherwise manipulate the network through regulation and executive orders (such as using sanctions power), and the concentration of computing power would undoubtedly amplify this threat.
Thus, the Bitcoin industry is at a crucial crossroads: should it seek a broader global distribution of computing power to enhance resilience, or take advantage of U.S. policy benefits for rapid development? The answer may not be binary. While enjoying the development opportunities provided by the U.S., the Bitcoin community needs to continuously advocate for decentralization, promote technological innovation to resist potential censorship, and foster broader recognition and adoption globally, embedding itself deeply into the economic system to increase the cost and difficulty for any government to attack the network.
Overall, it is an undeniable fact that the U.S. has replaced China as the global center for Bitcoin mining. As the vision depicted by Lutnick unfolds, Bitcoin adherents must ensure the resilience of this sovereign currency, regardless of who holds the power. The American Bitcoin story has just entered a new chapter full of variables.