Popular Crypto Wallet Manager: These 5 Companies Control the Bitcoin (BTC) Network!
Komodo CTO Stadelmann made a statement about Bitcoin mining.
Kadan Stadelmann, manager of the Komodo cryptocurrency wallet, believes that the trend towards increasing centralization of the leading cryptocurrency Bitcoin (BTC) network threatens the fundamental principle of BTC as a decentralized cryptocurrency.
Kadan Stadelmann pointed out the increasing hashrate concentration in some mining pools. According to Stadelmann, two companies named Foundry USA and Antpool control approximately 50% of Bitcoin's hash rate.
Successful businessman Stadelmann stated that 80% of Bitcoin's hash rate is under the control of a total of 5 companies. According to Stadelmann, such centralization threatens the Bitcoin network as pools can influence decision-making processes and potentially censor transactions.
Komodo CTO Kadan Stadelmann also stated the following in his recent statements on the subject:
â5 crypto mining companies control significant resources, undermining the decentralized nature of Bitcoin. This scenario calls into question the equality that Bitcoin should provide.â
Additionally, Stadelmann fears that leading financial institutions are becoming increasingly involved in Bitcoin (BTC) mining operations.
Although some concessions will be made on decentralization, the start of BTC mining by companies such as BlackRock, Morgan Stanley, Goldman Sachs and Vanguard may enable the industry to evolve in a different direction.
Stay tuned for developments.
