Ripple: Trump Administration Worried About China’s Dominance in Mining Industry

 
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The chief strategic director of Californian fintech startup, Ripple, Corey Johnson said that Donald Trump administration is concerned about the dominant position of China in mining Bitcoin and Ethereum. He stressed that the company had already discussed the XRP concept with the representatives of the White House, which does not require mining and is supposedly safer from the point of view of the control of other states, as well as ecology.

“The White House, in particular, seems to be thinking about what it means to have 80 percent of bitcoin mining taking place in China and a majority of Ether mining taking place in China. When you look at XRP, there is no mining, so from a foreign-control aspect or from an environmental aspect, XRP is a very different beast. And in conversations we’ve had with the administration, they seem to get that and think that might matter,” Johnson said in an interview with Breaker.

Then, in American Forbes, an article appeared about the dominance of Chinese mining pools with the statement that Bitmain mined more than half of all bitcoins, which is not true. Probably, even the pools owned by the Beijing company do not control more than 50% of the hashrate.

During the Nouriel Roubini`s Senate testimony, he drew attention to the risks to national security risks associated with China’s control over Bitcoin mining.

The head of the investment fund HODL Capital, Thomas Paccia, added that the situation reminds him of the plot of the “Mr. Robot” series.

Note that at the Ripple Swell conference in San Francisco, spoke former US President Bill Clinton and warned the blockchain developers to consider its possible downsides.

Ripple co-founder Chris Larsen became the first representative of the cryptocurrency industry, included in the list of 400 richest people according to Forbes with a fortune of $ 2.1 billion.