Does Bitmain have more control over Bitcoin than Ripple controls XRP?

Since the birth of Bitcoin, Bitcoin mining has become a popular area of business to industry big wigs. Organizations and mining pools have appeared and got famous steadily which most of them located in China. The reason why China is especially attractive to miners is cheap electricity.

One of the largest BTC miners in the world is Bitmain, founded in 2013. Recently, reports emerged that China-based mining company takes for over 60% of Bitcoin’s hash rate, leading to some opinions that these miners could control Bitcoin’s market.

However, other Bitcoiners have tried to prove this notion wrong, providing that Bitcoin is a decentralized network and cannot be under the control of a certain entity or group of entities. However, a recent tweet by the enthusiast indicates that some personages are still not satisfied with this argument.

Comparison between Bitmain and XRP

In the tweet above, an XRP fan claimed that Bitmain has more control over Bitcoin than Ripple’s XRP. This opinion has quickly attracted a number of replies, with most of them tend to reject the notion. First of all, there are a few very distinct differences between Bitcoin and XRP.

Unlike Bitcoin that is mined, XRP was created and managed by Ripple. A total of 1 billion XRP is released into the market every month, while Bitcoin’s supply depends totally on the miners that received the coins as rewards for their support to the network.

The tweet was a false statement

The discussion of the tweet didn’t go to an answer, especially by Bitcoiners who debated the idea that Bitcoin can be mastered by a certain entity. One user referred to a past event occurrence that Bitmain attempted to manage the Bitcoin market and failed terribly.

However, from a neutral point of view, the same may not apply to XRP as Ripple controls a huge amount of the tokens. Lately, there was anxiety within the XRP fan base that many people accuse Ripple of damaging the crypto’s price with its monthly XRP sales.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like