我们现在主导比特币采矿，控制着全球哈希功率的75.4％

剑桥替代金融中心（CCAF）的一项开创性研究声称，美国现在在比特币采矿

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.

剑桥替代金融中心（CCAF）的一项开创性研究表明，美国现在控制着大多数比特币的哈希雷特，占全球总数的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?

这一发现是基于对49家矿业公司的调查，代表了比特币网络的哈希特岛的一半，突出了一个紧迫的担忧：比特币采矿在美国危险地集中，这对新兴资产的未来构成了什么风险？

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，美国商务部长和坎托·菲茨杰拉德（Cantor Fitzgerald）的前首席执行官霍华德·卢特尼克（Howard Lutnick）分享了对特朗普政府将美国定位为比特币超级大国的愿景的见解。

"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.

卢特尼克在接受比特币杂志的弗兰克·科瓦（Frank Corva）采访时说：“对我来说，这就像黄金。这是一种商品。他概述了通过商务部的投资加速器“涡轮增压”采矿的计划，简化了矿工建造离网电厂的许可证。

"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[数据中心]旁边建造自己的动力厂。我的意思是，考虑一下一秒钟。”

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.

这种亲企业的立场助长了美国的采矿繁荣，但是CCAF的发现表明了一个缺点：集中化。多年来，比特币人担心中国的统治地位，在2021年6月的采矿禁令之前，该比特币的统治地位占全球桥梁的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.

一项2025年自然通信研究指出：“ 2019年，中国统治了全球比特币采矿，占比特币网络总数的65-75％。”当中国禁止采矿时，Hashrate在全球范围内分散，许多行动搬迁到美国，由具有丰富能源和有利政策的各州绘制。这种转变导致了50％的市场纠正，但在年底上增加了130％的途径，展示了市场的韧性。

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.

尽管中国历史上的哈希集中注意力从未导致网络滥用，但这一直令人担忧。现在，随着美国持有75％的哈希拉特，出现了类似的风险。特朗普政府对比特币友好，但未来的政府可能会敌对敌对，利用集中的哈希拉特控制网络。与中国禁令不同，未来的美国政府可能会尝试使用像制裁这样的行政权力来审查交易，这是通过采矿集中的威胁。

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.

美国的联邦结构提供了潜在的保障。各州与联邦政府之间的权力划分可以使联邦过度的抵抗力。在具有重大采矿活动的州，官员和公众可能会争辩说，操纵该行业会损害比特币的价值，从而影响投资者。这种阻力可以保留网络的完整性。

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.

美国货币制裁制度的削弱可能会对我们发挥作用。在2022年夺取俄罗斯国债之后，与美国政策未对准的国家减少了美国的债券购买，破坏了制裁中滥用的菲亚特铁路。特朗普政府正在朝着控制货物而不是货币流动的关税转移，从而有可能减少货币审查的威胁。这个枢轴可以购买比特币时间，因为集中的哈希拉特可能是联邦干预的软目标。

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，美国比特币必须保持积极主动。加深比特币采用，将其广泛嵌入经济中，全世界都可以阻止审查制度，因为对网络的攻击会损害个人财富，激发了反对。历史还表明，矿工在流离失所时适应 - 中国禁令证明了这一点 - 但政府学会了。未来的美国政府可能不会禁止采矿，而是寻求控制集中化。

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.

比特币行业面临着关键的关键。在美国，大量桥梁的占75.4％，即使估计为50％的低估计，也存在着巨大的集中化风险。我们应该在全球范围内多样化还是倾向于美国的采矿主导地位？随着卢特尼克（Lutnick）的愿景的展开，比特币必须确保这笔主权资金仍然具有弹性，无论谁拥有权力。