Bitcoin Is in Danger: Chinese Hegemony Over the Industry

In June, we mentioned that according to the Ripple’s CEO,

China owned about 50% of Bitcoin

as there were 4 major mining pools which produced them. As the time has passed, the figures have also raised quite impressively.

As the

research of Princeton University and Florida International University shows

, now China account for 75% of the whole mining activity of Bitcoin, i.g. #1 cryptocurrency now has large geographical centralization. The biggest threat is that the Chinese authorities may start controlling it or even influencing its stability and security.

The study reports, since 2015, more that a half of total hash power has been composing by the mining pools based in China. One of those is an infamous company -

Bitmain

. Moreover, the research tells about the ways China can harm Bitcoin.

China adopted a nasty attitude towards Bitcoin long ago, thus nothing can prevent it from attack Bitcoin, thought hegemony over the network still does not allow the Chinese government to destroy it. Bitcoin is a decentralized network, but Chinese authorities spare no effort to control it, as it does to the whole China.

The report has summed up that China brings danger to Bitcoin. We remind you

Subscribe to The Coin Shark news in Facebook:

https://www.facebook.com/coinshark/

https://thecoinshark.net/founders-of-alibaba-bitmain-binance-huobi-okcoin-got-on-the-list-of-2018-china-s-richest-businessmen/