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OCC’s Brian Brooks says China owns Bitcoin, but the cryptocurrency world disagrees: China’s crackdown pushes miners away

Bitcoiners on social media criticized this view by acting as U.S. currency auditor Brian Brooks, that because the country has a high percentage of cryptocurrency mining capacity, the Bitcoin belongs to China all. The Bitcoin company believes that the proportion of miners stationed in China is too high, which only means that the corresponding block rewards will reflect this imbalance. They added that no country owns Bitcoin.

Control Internet 2.0

According to Brooks as the substantive director of the Office of the Comptroller of Currency (OCC), Bitcoin miners in China have more than 50% of the mining capacity.In the comments made in the video Interview, Brooks, who supports digital currency, said that the United States is losing the Internet 2.0 leadership competition to Asian countries. In a short video shared by Twitter users on November 17, the Comptroller of Currency asked:

As a country, we are now facing a geo-strategic competitiveness problem, that is, whether we want to own Internet 2.0 in the United States in the same way as Internet 1.0.

But, like many others, Twitter users “conflictly” pushed back against Brooks’s claims.He said: “The only risk is that the CCP firewall will cause uncontroversial forks and reorganization of minor forks, which has been compulsorily confirmed. [transactions] Back to the memory pool. “

The user added: “If the CCP pool is many times outside the firewall, and the exchange is allowed to be deposited after 6 confirmations, this will pose the greatest risk to the exchange, which may be returned to the memory pool and reused.”

Other users believe that Brooks is trying to draw the attention of the US government to the importance of controlling Bitcoin’s hash rate.

However, other people like Twitter users rabbit, By reminding other users that “more than 65% of the hash power is currently located in China” seems to support Brooks’ comments. User added:

It is said that the creation of BTC is decentralized, but mining rewards create economies of scale in which the first miner expands his market share to (a) monopoly (>51%)

The impact of China’s crackdown on exchanges

Interestingly, reports from China indicate that China is suppressing cryptocurrency exchanges and mining-related businesses. According to a report, as a result of the crackdown, “Chinese miners are facing major problems in paying electricity bills.”

The report added: “74% of the miners surveyed stated that the payment of electricity bills has been greatly affected.” Many believe that this crackdown will accelerate the migration of miners from China to countries such as Kazakhstan and the United States, thereby weakening Brooks. Proposition.

Do you agree with Brian Brooks’s statement that China owns Bitcoin? Tell us what you think in the comments section below.

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