During a conference, Ripple’s CEO touched upon the enormous amount of sway that Bitcoin’s Chinese mining pools have on the network. Concerns about Bitcoin’s centralization have been raised ever since people found out that a significant percentage of its mining power is owned by just four large mining pools.
Ripple CEO Brad Garlinghouse, however, points out to a slightly more subtle problem in Bitcoin’s hashing power: It’s mostly controlled by Chinese pools. He first made note of this in a speaking engagement at the Stifel Financial 2018 Cross Sector Insight Conference.
This may sound like paranoia at first, but as we dive into the statistics, it’s clear that Garlinghouse isn’t just talking hot air. BTC.com, Antpool, F2Pool, and BTC.TOP all have two things in common: They’re all Chinese, and they account for an enormous share of Bitcoin’s total mining power.
Adding them all up, they account for 58.9% of BTC’s hashrate. That’s enough to mess with the consensus of the network.
If we were to add up all major Chinese mining operations (above 2% of the hashrate), we’d end up with 75.3% control of hashing power. What Garlinghouse is missing, however, is the fact that independent miners would probably join other pools if China’s government suddenly starts to step sideways with pools in the mainland. Read more from cryptovest.com…
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