Create histogram with greater than symbol in x axis in pyplot
Nice work! You might also be interested in Matplotlib histogram with collection bin for high values.

I like the ascii-art explanation :-)

Things I see that could improve the code:


Put the histogram building in a function. This way others can import it / use it / copy-paste it more easily. Then it also becomes clearer what is the required input (data) and what are parameters that could be set by default (K, bins, title).
The name center is misleading. It is a list. And in fact those are the bins. So I would call it bins, overwriting the old value.
Instead of newhist you could call it bin_values or bin_heights.