HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Chinese Bitcoin Miners Control Two-Thirds of Global Hashrate

Mining 2019/12/12 14:06 by Anatol Antonovici
bitcoin mining in china

Chinese Bitcoin miners have extended their share of the global hash rate. Currently, they control two-thirds of Bitcoin’s processing power, Reuters reported yesterday, citing a research by CoinShares.


Chinese Share of Bitcoin Hashrate Highest Since At Least 2017

Currently, Chinese miners control 66% of Bitcoin hashrate. The indicator refers to the Bitcoin-related computing power that allows the production of new coins.

The Chinese share of hashrate increased from 60% in June and is the highest since CoinShare started to track the measure back in 2017.

Chris Bendiksen, who is head of research at CoinShare, suggested that the gain might be caused by Chinese miners’ use of more sophisticated mining equipment.

Currently, China-based companies like Bitmain and MicroBT are among the biggest producers of mining equipment like ASICs (application-specific integrated circuit). Elsewhere, Canaan – the second largest manufacturer of Bitcoin mining gear – conducted a $90 million initial public offering (IPO), suggesting that investors have increased interest in miners.

Bendiksen said that this situation benefits Chinese miners. He said:

This is beneficial to the Chinese mining industry. If you are the first to increase your proportion of the hashrate, and you can do that before your competitors, that’s generally good.

Chinese manufacturers of Bitcoin mining equipment are looking to expand their presence. Recently, Bitmain announced that it had partnered with crypto mining consultants Bit5ive and Fastblock to expand in South America.

China’s Sichuan Controls 50% of Global Hashrate

Interestingly, half of the global hashrate or over 80% of Chinese hashrate is based in Sichuan, a Southwestern region. Other mining centers are provinces like Yunnan, Inner Mongolia, and Xinjiang.

Interestingly, in mid-September, we reported that authorities in the autonomous region of Inner Mongolia had required local crypto mining firms to stop their operations. Crypto commentators were concerned about the beginning of a general trend in which China cracks down on mining activities. However, this was not the case as China suddenly turned into a big supporter of blockchain.

Do you think that China-based miners have too much control on the Bitcoin network? Share your thoughts in the comments section!


Image via Shutterstock

The post Chinese Bitcoin Miners Control Two-Thirds of Global Hashrate appeared first on Bitcoinist.com.

0 Like(s)



You should also read...

Bitcoin 18/11/19 14:11 by Ali Raza
Stack Sats Now: Bitcoin Block Rewards Will Be Just 1 Satoshi By 2140
With Bitcoin halving 2020 approaching, many are looking towards the future trying to predict what mining might be like in 100 years from now. What we do know is that miners will receive just 1 satoshi...
Read More
Bitcoin 20/11/19 20:00 by Tony Spilotro
Bitcoin Impact on Climate Change Negligible, Nearly Half of Emissions From China
Recently, it was reported that Bitcoin mining now consumes as much as a quarter percent of the entire world’s electricity supply, putting it on par or higher than many small nations. However, the ac...
Read More
Other 28/11/19 01:30 by Jamie Redman
As Halving Interest Grows, Spectators Discuss Miner Hoards and Capitulation
Recently, cryptocurrency advocates have been discussing the upcoming halvings set to happen on the BTC and BCH blockchains in six months or less. Since crypto prices have been heading southbound, the ...
Read More
Mining 10/12/19 02:30 by Jamie Redman
Bitcoin Mining Operations Offer New Strategies Before Reward Reduction
As the reward halving approaches, bitcoin miners are preparing new strategies so customers can reap the most profits from their hashrate services. On December 3, the mining operation Poolin introduced...
Read More
Mining 10/12/19 16:15 by Christine Vasileva
Bitcoin Hashrate Futures Coming in 2020, Mining Boom Inbound?
Mining companies may benefit from a growing market for Bitcoin (BTC) derivatives to finance and support their power-hungry operations. In 2019, despite price fluctuations, mining activity remains near...
Read More