Bitcoin, the world’s most sought-after cryptocurrency, could be at the wish and whim of Asia’s economic giant.A recent study titled “The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin,” jointly researched by Princeton University and Florida International University researchers, suggests China’s mining scene has an overwhelming influence over Bitcoin, something that could invite network manipulation.China, which the researchers refer to as the “most powerful adversary to Bitcoin,” has long been known as the country with the largest numbers of miners in the world and the home to Bitmain — the company responsible for mining roughly half the world’s bitcoins. Bitcoin's network is largely dependent on miners, who use a vast amount of computing power (hash rate) to verify transactions, find blocks to continue the network’s ledger and mint new bitcoin — and 74 percent of that computing power currently resides in China, according to the study.The Bitcoin community is privy to this worrisome trend and has been wary of a potential attack that could be spurred by external factors. Controlling 51 percent of the network’s hash rate opens the threat of a 51% attack, a scenario where miners can modify transactions on the ledger for their own economic gain. According to the report, the Chinese government is keeping its eye on all of the Bitcoin-related activity going on in its domain, and, given t... For Further Information Click on Below Button