我們現在主導比特幣採礦，控制著全球哈希功率的75.4％

劍橋替代金融中心（CCAF）的一項開創性研究聲稱，美國現在在比特幣採礦

A groundbreaking study from the Cambridge Centre for Alternative Finance (CCAF) has revealed that the United States now controls a staggering majority of Bitcoin's hashrate, amounting to 75.4% of the global total.

劍橋替代金融中心（CCAF）的一項開創性研究表明，美國現在控制著大多數比特幣的哈希雷特，佔全球總數的75.4％。

This finding, based on a survey of 49 mining firms representing nearly half the Bitcoin network's hashrate, highlights a pressing concern: Is Bitcoin mining becoming dangerously centralized in the U.S., and what risks does this pose for the emerging asset's future?

這一發現是基於對49家礦業公司的調查，代表了比特幣網絡的哈希特島的一半，突出了一個緊迫的擔憂：比特幣採礦在美國危險地集中，這對新興資產的未來構成了什麼風險？

Recently, U.S. Secretary of Commerce and former CEO of Cantor Fitzgerald, Howard Lutnick, shared insights into the Trump administration's vision to position the U.S. as a Bitcoin superpower.

最近，美國商務部長和坎托·菲茨杰拉德（Cantor Fitzgerald）的前首席執行官霍華德·盧特尼克（Howard Lutnick）分享了對特朗普政府將美國定位為比特幣超級大國的願景的見解。

"It's like gold. To me. It's a commodity," Lutnick remarked in an interview with Frank Corva of Bitcoin Magazine, emphasizing Bitcoin's fixed supply of 21 million coins. He outlined plans to "turbocharge" U.S. mining through the Commerce Department's Investment Accelerator, streamlining permits for miners to build off-grid power plants.

盧特尼克在接受比特幣雜誌的弗蘭克·科瓦（Frank Corva）採訪時說：“對我來說，這就像黃金。這是一種商品。他概述了通過商務部的投資加速器“渦輪增壓”採礦的計劃，簡化了礦工建造離網電廠的許可證。

"You can build your own power plant next to [your data center]. I mean, think about that for a second," Lutnick noted.

Lutnick指出：“您可以在[數據中心]旁邊建造自己的動力廠。我的意思是，考慮一下一秒鐘。”

This pro-business stance has fueled America's mining boom, but the CCAF's findings suggest a downside: centralization. For years, Bitcoiners worried about China's dominance, which peaked at 65–75% of global hashrate before its June 2021 mining ban.

這種親企業的立場助長了美國的採礦繁榮，但是CCAF的發現表明了一個缺點：集中化。多年來，比特幣人擔心中國的統治地位，在2021年6月的採礦禁令之前，該比特幣的統治地位佔全球橋樑的65-75％。

"In 2019, China dominated global Bitcoin mining, accounting for 65–75% of the total Bitcoin network," notes a 2025 Nature Communications study. When China banned mining, hashrate dispersed globally, with many operations relocating to the U.S., drawn by states with abundant energy and favorable policies. This shift caused a 50% market correction but paved the way for a 130% rise toward the end of the year, showcasing the market's resilience.

一項2025年自然通信研究指出：“ 2019年，中國統治了全球比特幣採礦，佔比特幣網絡總數的65-75％。”當中國禁止採礦時，Hashrate在全球範圍內分散，許多行動搬遷到美國，由具有豐富能源和有利政策的各州繪製。這種轉變導致了50％的市場糾正，但在年底上增加了130％的途徑，展示了市場的韌性。

While China's historical hashrate concentration never led to network abuse, it was a constant worry. Now, with the U.S. holding 75% of hashrate, similar risks arise. The Trump administration is Bitcoin-friendly, but a future administration could turn hostile, leveraging centralized hashrate to control the network. Unlike China's ban, a future U.S. government might try to regulate or manipulate mining, using executive powers like sanctions to censor transactions—a threat amplified by mining's concentration.

儘管中國歷史上的哈希集中註意力從未導致網絡濫用，但這一直令人擔憂。現在，隨著美國持有75％的哈希拉特，出現了類似的風險。特朗普政府對比特幣友好，但未來的政府可能會敵對敵對，利用集中的哈希拉特控製網絡。與中國禁令不同，未來的美國政府可能會嘗試使用像製裁這樣的行政權力來審查交易，這是通過採礦集中的威脅。

The U.S.'s federal structure offers a potential safeguard. The division of powers between states and the federal government could enable resistance to federal overreach. In states with significant mining activity, officials and the public might argue that manipulating the industry harms Bitcoin's value, impacting investors. Such resistance could preserve the network's integrity.

美國的聯邦結構提供了潛在的保障。各州與聯邦政府之間的權力劃分可以使聯邦過度的抵抗力。在具有重大採礦活動的州，官員和公眾可能會爭辯說，操縱該行業會損害比特幣的價值，從而影響投資者。這種阻力可以保留網絡的完整性。

The weakening of the U.S. monetary sanctions regime might play to our advantage. Following the 2022 seizure of Russian treasuries, nations misaligned with U.S. policy have reduced U.S. bond purchases, undermining the fiat rails abused in sanctions. The Trump administration is shifting toward tariffs to control goods rather than money flows, potentially reducing the threat of monetary censorship. This pivot buys Bitcoin time, as centralized hashrate may be a soft target for federal intervention.

美國貨幣制裁制度的削弱可能會對我們發揮作用。在2022年奪取俄羅斯國債之後，與美國政策未對準的國家減少了美國的債券購買，破壞了製裁中濫用的菲亞特鐵路。特朗普政府正在朝著控制貨物而不是貨幣流動的關稅轉移，從而有可能減少貨幣審查的威脅。這個樞軸可以購買比特幣時間，因為集中的哈希拉特可能是聯邦干預的軟目標。

Nevertheless, American Bitcoiners must stay proactive. Deepening Bitcoin adoption to embed it widely in the economy and throughout the world could deter censorship, as attacks on the network would harm personal wealth, spurring backlash. History also shows miners adapt when displaced—China's ban proved that—but governments learn. A future U.S. administration might not ban mining but seek to control it, exploiting centralization.

然而，美國比特幣必須保持積極主動。加深比特幣採用，將其廣泛嵌入經濟中，全世界都可以阻止審查制度，因為對網絡的攻擊會損害個人財富，激發了反對。歷史還表明，礦工在流離失所時適應 - 中國禁令證明了這一點 - 但政府學會了。未來的美國政府可能不會禁止採礦，而是尋求控制集中化。

The Bitcoin industry faces a critical juncture. With as much as 75.4% of hashrate in the U.S., even low estimates of 50% present a centralization risk that looms large. Should we diversify globally or lean into America's mining dominance? As Lutnick's vision unfolds, Bitcoiners must ensure this sovereign money remains resilient, regardless of who holds power.

比特幣行業面臨著關鍵的關鍵。在美國，大量橋樑的佔75.4％，即使估計為50％的低估計，也存在著巨大的集中化風險。我們應該在全球範圍內多樣化還是傾向於美國的採礦主導地位？隨著盧特尼克（Lutnick）的願景的展開，比特幣必須確保這筆主權資金仍然具有彈性，無論誰擁有權力。