BlockBeats News, June 14th. Despite Bitcoin's network design emphasizing decentralization and censorship resistance, currently around 42.5% of the global hashrate is concentrated in the United States, prompting a reexamination of the network's censorship resistance.

Data shows that publicly listed mining companies in the US control approximately 31.5% of the global hashrate, with a broader estimate indicating an even higher total influence. At the same time, mining pools represented by Foundry USA have consistently held the largest share globally, with a single pool's hashrate at one point nearing one-third of the total.

Analysts believe that the true risk lies not only in mere "geographical centralization" but in the concentration at the pool level, as pools hold key control over transaction inclusion and block template creation. Currently, the top mining pools combined can control over two-thirds of the hashrate, leading to a high degree of transaction censorship.

Following the mining bans in various countries in 2021, the Bitcoin network demonstrated strong adaptability. After a significant short-term decline in global hashrate, it swiftly shifted to the US, Canada, and other regions, with the network security remaining intact.

Furthermore, the analysis emphasizes that miners can freely switch pools, mining equipment has cross-border migration capabilities, and the transaction fee incentive mechanism all to some extent restrict the sustainability of potential "systemic censorship." On a technical level, protocols like Stratum V2 are believed to potentially reduce pool control over transaction selection, further decentralizing network governance.

The decentralization of the Bitcoin network should be more comprehensively assessed based on pool control, incentive structures, and energy distribution, rather than a single geographical metric. The current 42.5% share of US hashrate should be seen as a trend signal rather than a definitive conclusion.