RATE Group | China’s Bitcoin Dominance Is Worrying Trump’s White House — And Pushing It Toward Rippl…
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China’s Bitcoin Dominance Is Worrying Trump’s White House — And Pushing It Toward Rippl…

16 Oct China’s Bitcoin Dominance Is Worrying Trump’s White House — And Pushing It Toward Rippl…

Posted at 07:53h in Bitcoin News by

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China is, by some distance, the undisputed world leader in bitcoin mining — with Chinese mining pools controlling more than 70% of the bitcoin network’s collective hash rate (a higher hash rate is better when mining cryptocurrencies as it increases your chance of finding the next block on the chain and receiving the bitcoin reward).

Many in the bitcoin and cryptocurrency industry have expressed concern about how much control this gives China over bitcoin, with the Beijing-based Bitmain Technologies mining more than half the world’s bitcoins.

Now it appears U.S. president Donald Trump’s White House is also worrying about China’s bitcoin dominance, with a Ripple Labs executive suggesting the U.S. administration is interested in ripple (XRP) adoption to offset China’s bitcoin strength.

A bitcoin ATM in Hong Kong’s Mongkok district. (Photo credit: S3studio/Getty Images)

“The White House in particular seems to be thinking about what it means to…

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