It is claimed by a groundbreaking study from the Cambridge Centre for Alternative Finance (CCAF) that Bitcoin mining is now dominated by the United States, with as much as 75.4% of the global hashing power being controlled.
It is claimed by a groundbreaking study from the Cambridge Centre for Alternative Finance (CCAF) that Bitcoin mining is now dominated by the United States, with as much as 75.4% of the global hashing power being controlled. According to the CCAF, “The U.S. has solidified its position as the largest global mining hub (75.4% of reported activity),” based on a survey of 49 mining firms that represent nearly half of the Bitcoin network’s hashrate.
This concentration, which equates to approximately 600 exahashes per second (EH/s) of the global 796 EH/s, raises a pressing concern: Is Bitcoin mining becoming dangerously centralized in the U.S., and what risks are posed to the future of the emerging asset?
Insights into the Trump administration’s vision to position the U.S. as a Bitcoin superpower were recently shared by Howard Lutnick, U.S. Secretary of Commerce and former CEO of Cantor Fitzgerald. “It’s like gold. To me. It’s a commodity,” was stated by Lutnick in an interview with Frank Corva of Bitcoin Magazine, with the fixed supply of 21 million coins being highlighted. Plans to “turbocharge” U.S. mining through the Commerce Department’s Investment Accelerator, which streamlines permits for miners to build off-grid power plants, were outlined. “Your own power plant can be built next to [your data center]. Think about that for a second,” was said by him.
This pro-business stance has fueled America’s mining boom, but centralization is suggested by the CCAF’s findings as a downside. Concerns about China’s dominance, which peaked at 65–75% of the global hashrate before its June 2021 mining ban, had been raised by Bitcoiners for years. “In 2019, global Bitcoin mining was dominated by China, accounting for 65–75% of the total Bitcoin network,” is noted by a 2025 Nature Communications study. After China banned mining, the hashrate was dispersed globally, with many operations being relocated to the U.S., attracted to states with abundant energy and favorable policies. A 50% market correction was caused by this shift, but a 130% rise toward the end of the year was paved, demonstrating the market’s resilience.
While network abuse was never caused by China’s historical hashrate concentration, it remained a constant concern. Now, with 75% of the hashrate being held by the U.S., similar risks are emerging. Although the Trump administration is Bitcoin-friendly, a future administration could turn hostile, using centralized hashrate to control the network. Unlike China’s ban, attempts to regulate or manipulate mining could be made by a future U.S. government, using executive powers such as sanctions to censor transactions — a threat that is amplified by the concentration of mining.
A potential safeguard is offered by the U.S.’s federal structure. The division of powers between states and the federal government could allow for resistance to federal overreach. In states with significant mining activity, arguments could be made by officials and the public that manipulating the industry harms Bitcoin’s value, impacting investors. Such resistance could help preserve the integrity of the network.
The weakening of the U.S. monetary sanctions regime might be to our advantage. After the 2022 seizure of Russian treasuries, U.S. bond purchases were reduced by nations misaligned with U.S. policy, undermining the fiat rails exploited in sanctions. A shift toward tariffs to control goods rather than money flows is being made by the Trump administration, potentially lowering the threat of monetary censorship. This pivot buys Bitcoin time, as federal intervention may target centralized hashrate as a soft point.
Nevertheless, American Bitcoiners must remain proactive. Widespread Bitcoin adoption throughout the economy and the world could be encouraged, as it may deter censorship, with attacks on the network potentially harming personal wealth and spurring backlash. History has also shown that miners adapt when displaced — as demonstrated by China’s ban — but governments learn. A future U.S. administration might not ban mining but could seek to control it by exploiting centralization.
A critical juncture is faced by the Bitcoin industry. With up to 75.4% of the hashrate in the U.S., even low estimates of 50% present a significant risk of centralization. The question remains: should global diversification be pursued, or should America’s mining dominance be embraced? As Lutnick’s vision unfolds, it must be ensured by Bitcoiners that this sovereign money remains resilient, regardless of who holds power.
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