November 27, 2022

Chinese miners control 66% of the bitcoin hash

Chinese miners control 66% of the bitcoin hash

According to a study by CoinShares, Chinese miners account for about 2/3 of the total processing power of the bitcoin network.

In addition to the fact that miners from the Middle Kingdom ownwith the greatest share of hashrate, they gradually increase their entire presence in the market. Researchers say that over the past six months, the Chinese segment has increased from 60% to 66%, linking this growth with the introduction of new, more advanced mining equipment.

Companies such as Bitmain, Canaan and MicroBT are the largest manufacturers of ASICs in the world and all of them located in China, which is beneficial to local miners.

According to Chris Bendixen, Head of DivisionCoinShares research, increasing computing power allows the Chinese earlier and more often than competitors to find solutions to mathematical equations to close new blocks, which significantly increases the efficiency of production.

The company also indicates an increase in network hashrate.Bitcoin amid increased mining profitability. According to them, since June the overall level has grown 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 cryptocurrencies in China, the authorities did not begin to add mining to the list of “undesirable” industries.