A petition has been put up on Change.org asking CoinMarketCap to display accurate information regarding the circulation supply of Bitcoin Cash [BCH]. The recent reports confirmed by Bitmain, world’s largest mining company, stated that it is burning BCH to create more demand.
The company has been burning down the BCH fees for mining BCH. This has brought in a FUD in the market after the coins were burnt by Antpool, a Bitmain technology. Subsequently, CoinMarketCap is not able to account the burnt-lost BCH while displaying the circulating supply.
Bitmain was founded in 2013 and is known for developing powerful ASIC chip technology. The ASIC [application-specific integrated circuit] is a specialized computer used for mining cryptocurrency. It has developed the world’s most power-efficient cryptocurrency miner, Antiminer S9.
The company is the prominent leader in mining Bitcoin around the world. Recently, it was reported that the company is burning away 12% of its BCH revenues. The critics believe it to be a small amount but crypto-maniacs around the world have become restless even for a fractional difference.
Bitcoin Cash [BCH] is currently trading at a price of $1,312 and with a market capitalization of $22 billion it is dominating the market. BCH is gaining a lot of attention after the burning reports been out. On CoinMarketCap it depicts a circulating supply of 17 million coins, which, according to critics is wrong and further misleading investors.
Change.org is a social activist online forum which provides space for people with common interest and issues to sign a petition for change. This NGO works for the betterment of the society and aims to bring justice for the people’s rights.
Samakt on Reddit says:
“Haha, that is a funny thing to do. No one will force them to do anything. They even promoted bitconnect scam so much when everyone was saying it’s a scam.”
Seisure, a crypto-critic says:
“The act of burning money is ridiculous. I never thought mining companies would go to such far lengths to burn their own mined currency. This is a powerful manipulation of circulation supply.”
Hefsardo, on a social media forum, says:
“Decentralization is a joke. And how can you expect coinmarketcap to calculate the burnt money? Is this the formula- total circulation supply- total burnt money= available tokens”
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