According to a study by CoinShares, Chinese miners already account for about 2/3 of the total computing power of the bitcoin network…
In addition to the fact that the miners from the Middle Kingdom own the largest shares of the hash rate, they are gradually increasing their entire presence in the market. Researchers say that over the past six months, the Chinese segment has increased from 60% to 66%, attributing this growth to the introduction of new, more advanced equipment for manufacturing.
Companies such as Bitmain, Canaan and MicroBT are the largest ASIC manufacturers in the world and they are all located in the Middle Kingdom, which is beneficial for local miners..
According to head Chris Bendixen, CoinShares Research Department, the increase in computing power allows the Chinese to find solutions to mathematical equations to close new blocks earlier and more often than competitors, which increases efficiency..
The company also points to growth of the hashrate of the bitcoin network against the background of an increase in the profitability of mining. According to them, since June, the overall level increased by 80% due to the connection of the latest equipment models and the entry of new participants into the market.
It is also worth noting that, despite the ban on the use of cryptocurrency in China, the authorities did not add mining to the list. «unwanted» branches of the economy.
Study China’s BTC Miners Control 66% of Global Hash Rate
text: Ivan Malichenko, photo: Telegraph
Chinese BTC Miners Control 66% Of Global Hashrate And Why It’s Not As Bad As You Think