A BIG CLAIM ABOUT CHINESE CRYPTO MACHINE MANUFACTURER
For the past few years, crypto mining, especially Bitcoin mining, has been a popular line of business. Organizations and mining pools, the vast majority of which are located in China, have gained quite a popularity. China is particularly attractive to miners because of its cheap electricity. One of the largest BTC miners in the world is China-based Bitmain.
Recently, rumors surfaced that China-based miners make up more than 50% of Bitcoin's hash power (what is hash power). That has led some to think that miners can control the Bitcoin market.
However, many people have tried to dispel this notion by stating that Bitcoin is a decentralized network and cannot come under the control of any organization or group. Still, some Bitcoin fans seem unconvinced.
One XRP fan claimed in his tweet that Bitmain has more control over Bitcoin than Ripple does over XRP. As expected, this view has attracted many answers, and the majority of them tend to object.
One XRP fan claimed in his tweet that Bitmain has more control over Bitcoin than Ripple does over XRP. As expected, this view has attracted many answers, and the majority of them tend to object.
Firstly, there are a few very noticeable differences between Bitcoin and XRP. First, unlike Bitcoin, large amounts of XRP are kept locked in funds held by the Ripple Foundation. A total of 1 billion XRP is released each month. On the other hand, the supply of Bitcoin depends entirely on miners receiving Bitcoin rewards for their support to the network.
Not long ago, there was unease within the XRP's fan base. Many fans accuse ripple of damaging the price of cryptocurrency with monthly XRP sales. Bitcoin's situation, however, looks quite different from XRP's. It's hard to be the leading cryptocurrency.
