Over the past years, the Chinese government has not really been friendly to Bitcoin (BTC) and other digital currencies. China has consistently fought the existence of Bitcoin (BTC) and altcoins. However, the digital currency mining pools in the country say otherwise. So far, China seems to be the world leader when it comes to Bitcoin (BTC) mining.
The Bitcoin (BTC) mining pools in the country control more than 70 percent of the collective hash rate of Bitcoin (BTC) network. The hash rate is the measuring unit of the power required to process the Bitcoin network.
China appears to be in control over the mining of Bitcoin (BTC), with Bitmain Technologies mining over 50 percent of the total number of Bitcoin in the world. Bitmain Technologies is based in Beijing. This has caused a great level of concern for many in the Bitcoin (BTC) and digital currency industry.
The Bitcoin Dominance of China Creates Concerns in Trump’s White House
Since more than 70% of the BTC mining pools are based in China, this gives the nation a great level of dominance over the digital currency. It also makes it easier for the country to end the digital currency, if it gets the mining pools to do what it wants. The Bitcoin (BTC) dominance level of China has also raised a great level of concern in Trump’s White House.
A Ripple Inc. executive suggested that the U.S government is interested in Ripple. He said the administration wants to adopt Ripple to counterbalance China’s BTC strength. Cory Johnson – the chief strategist of Ripple Inc. disclosed this during an interview.
He said, “The White House is worried about what it means for China to control 80 percent of Bitcoin mining and the majority of Ethereum (ETH) mining.”
He said there is no mining in XRP. This makes the digital currency a very different beast when you look at it from an environmental or a foreign-control aspect. He said the US administration seems to understand that and they feel it might matter.
China Has a Better Bitcoin (BTC) Mining Environment
Most of the Bitcoin (BTC) and altcoin mining equipment are manufactured in China. Bitcoin (BTC) mining requires a lot of electricity, and this can be very costly in some nations. China has cheap electricity prices that greatly supports its massive mining pools. This is one of the major reasons why about 80 percent of Bitcoin are mined in the nation.
September seems to be a remarkable month for XRP and Ripple this year. Ripple and XRP achieved quite a lot in September. Ripple also hosted its Swell conference that saw the likes of Bill Clinton – former U.S president. The firm also announced the launch of xRapid as well as the three firms that are already making commercial use of the product.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $6,601 after an increase of less than one percent over the past twenty-four hours. The current market cap of the coin is $114.37 billion and its trading volume over the past twenty-four hours is $4.15 billion.