LBN
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise
No Result
View All Result
LBN
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise
No Result
View All Result
LBN
No Result
View All Result
Bitcoin Mining

Is China Beating the U.S. When It Comes to Crypto Mining?

by Nick Marinoff
August 24, 2020
in Bitcoin Mining, Bitcoin News, Mine Bitcoin, News
Share
logo

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000

Sign up

According to a new op-ed by Chris Larsen – the co-founder and executive chair of Ripple – the United States is losing the tech war against China and other nations.

Chris Larsen: China Holds a Strong Position

Ripple is presently the fourth-largest cryptocurrency by market cap after bitcoin, Ethereum and Tether. According to Larsen, nations such as China are way ahead when it comes to cryptocurrencies and are potentially putting lots of money into ensuring miners have everything they need to stay ahead of the game. In his op-ed, Larsen states:

At least 65 percent of cryptocurrency mining is concentrated in China, which means the Chinese government has the majority needed to wield control over those protocols and can effectively block or reverse transactions.

This is dangerous in the sense that China could potentially keep itself on top by approving only certain types of crypto transactions and stopping others from going through. This could also shift bitcoin and crypto more towards a centralized nature, which would ultimately mean that it’s working in the opposite direction of what it was intended to do.

However, the University of Cambridge begs to differ when it comes to Larsen’s findings, claiming that the 65 percent ratio is not fully representative of who’s in control. While Larsen cites certain articles and studies that show China as being a dominant force in the mining community, these sources do not necessarily show the mining power stationed in areas such as Washington D.C., Russia, New York or Canada, all of which have proven to be major bitcoin and crypto mining hubs over the past few years.

Still, Larsen appears bent on spreading the word that Americans should be afraid that they’re losing their status to the Chinese. His article reads:

It’s not hard to imagine a dystopian future. A U.S. defense payment to an ally could be blocked or reversed.

China is one of the few nations to move forward on a national digital currency. The asset is currently being tested by several American businesses including Starbucks and Subway, and while the currency has stirred controversy regarding its intentions, regulators have sworn up and down that the asset will not be used for speculation, nor will it be used to spy on people’s spending habits.

Get Rid of Unnecessary Rules

By contrast, the United States has only discussed the notion of releasing a nation-issued digital currency, though not much has emerged from these talks.

Larsen suggests that if regulators are going to garner a broader idea of what crypto and blockchain can and should be doing for the U.S., they need to station themselves in Silicon Valley so they can see firsthand how businesses are pushing the technology forward. He also believes that there are too many present regulations getting in the way of further blockchain development, and that so long as these are in place, the U.S. will remain behind.

Related Posts

Bitcoin Cash Price
Altcoin News

Bitcoin Cash Analysis: Indicators Suggest Fresh Rally To $275

Bitcoin cash is eyeing a fresh increase above the $252 resistance against the US Dollar. The price is now...

by Aayush Jindal
December 8, 2023
Litecoin (LTC) Price
Altcoin News

Litecoin (LTC) Price Analysis: Bulls In Action Above $75

Litecoin started a steady increase above $72 against the US Dollar. LTC price is now trading above $73.50 and...

by Aayush Jindal
December 8, 2023
Solana (SOL) Price
Altcoin News

Solana (SOL) Price Analysis: Bulls Still Aim For Move To $75

Solana price started a downside correction from the $65.50 zone against the US Dollar. The price is now trading...

by Aayush Jindal
December 6, 2023
Bitcoin Price
Bitcoin News

Bitcoin Price Analysis: BTC Bulls Aim Upside Break To $50K

Bitcoin price started a strong increase above the $40,000 zone against the US Dollar. The price is now trading...

by Aayush Jindal
December 6, 2023

Top Casinos

Crypto Casinos
Crypto Casinos
Bonus Finder
Bonus Finder

Press Releases

  • BC.GAME Honored with the “Best Casino Operator 2023” Award from SiGMA

  • ArbitrageScanner is hosting its biggest affiliate event in Bangkok on the 9th of December. For...

  • Is the Bitcoin price still at risk? Golden Cross signals bull run

  • FUNToken & ivendPay: Pioneering the Next Era of Crypto Payments

  • Zeebu’s $ZBU Listing On Gate.io and Startup Program

About us:

Live Bitcoin News is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at Live Bitcoin News, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

Follow us:

  • This field is for validation purposes and should be left unchanged.

  • About
  • Partners
  • PR
  • Advertising
  • Privacy
  • T&C
  • Contact
  • Trading Software
  • Online Casinos Germany

© 2023 Live Bitcoin News. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Exchange News
    • Dogecoin News
    • Litecoin News
  • Charts
    • BTCUSD Chart
    • LTCUSD Chart
    • ETHUSD Chart
    • ETCUSD Chart
    • XMRUSD Chart
    • DASHUSD Chart
  • Education
    • Bitcoin Glossary
    • How to Trade Bitcoin
    • Why Use Bitcoin?
    • Bitcoin Wallet
    • How to Buy Bitcoin
    • How Can I Mine Bitcoin?
    • How Can I Buy Litecoin?
    • How Can I Mine Litecoin?
    • Current Bitcoin Regulation
  • Press Releases
    • View All Press Releases
    • Submit a Press Release
  • Advertise

© 2023 Live Bitcoin News. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.
Go to mobile version