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 world's largest ASIC manufacturers and all of themlocated 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 points to the growth of the hashrate of the bitcoin network against the backdrop of an increase in the profitability of mining. According to them, since June, the overall level has 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 cryptocurrenciesIn China, the authorities did not add mining to the list of "undesirable" sectors of the economy.

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