Michael Green, chief strategist and partner at investment advisory firm Logica Capital, has sounded the alarm about China’s Bitcoin (BTC) mining dominance during a debate with crypto proponent Anthony Pompliano.
The discussion between the Bitcoin skeptic and the Bitcoin bull has just been published by digital asset media outlet Real Vision.
Green emphasized the dominant share of hash rate located within China’s borders, describing the network as “incredibly vulnerable” from the perspective of the United States.
“The vast majority of the mining activity is occurring in regions like China, Russia and Iran, and if we incorporate the participation of mining pools, they control in excess of 90% of the hash rate. This is not a decentralized system,” said Green.
“The current estimate of how much it would cost to shut down the Bitcoin network […] if, for example, China were to decide simply to start mining empty blocks […] is around $7 billion a year. For a nation-state, that’s nothing.”
“It’s completely absurd that the U.S. government would put itself into a situation in which the control of the monetary system was outsourced in the same manner that we’ve chosenTitle: China could shut down Bitcoin for $7B a year says Logica Capital chief strategist
Sourced From: cointelegraph.com/news/china-could-shut-down-bitcoin-for-7b-a-year-says-logica-capital-chief-strategist
Published Date: Wed, 03 Feb 2021 14:00:00 +0000