Data Shows: How Decentralized is Bitcoin Really?

Author | Karim Helmy & the Coin Metrics Team Abstract: Bitcoin's decentralization can be quantified through metrics such as supply dispersion, hashpower distribution, and exchange consolidation. Key metrics such as active address count and network hash rate continue to rise. Bitcoin's supply is becoming more balanced, and mining and trading markets remain competitive. Introduction: Over the past eleven years, Bitcoin has operated relatively stably in the face of numerous threats, primarily because it lacks a single controlling entity.