"Both Bitcoin and Ethereum mining are very centralized, with the top four miners in Bitcoin and the top three miners in Ethereum controlling more than 50% of the hash rate.
The entire blockchain for both systems is determined by fewer than 20 mining entities."
In other words: decentralization in the crypto space is a myth, just as it is a myth that cryptos are currencies at all.
http://hackingdistributed.com/2018/01/15/decentralization-bitcoin-ethereum/
@Antanicus as bitcoin and wth ethereum gain popularity, so will the number of miners increase. of course all things start from centralization.
@Antanicus of course. it used to be the case that one person could mine a bitcoin by themeselves with their cpu. my bad... what i meant was that as bitcoin gets more popular there will be ways to solve this. i dont think it will ever go to only one entity mining all the coins is what im attempting to get at.
@Antanicus by the way, as i understand it, just because they mine the bitcoins it doesn't mean they act as a bank to YOUR bitcoins. They just process your bitcoin transactions and hold new bitcoins.
@davidpgil this is both wrong conceptually and false historically. In fact, Bitcoin itself started as a fully decentralized system that, over the course of the last 10 years, degraded to the point that two or three Chinese mining pools are practically the only relevant entities in the whole network, acting as a "worldwide mint".