November 27, 2022

Chinese miners provide 65% of the bitcoin network hash

Chinese miners provide 65% of the bitcoin network hash

According to CoinShares, miners from China control two-thirds (65%) of the entire bitcoin hash, while More than half of the global computing power of this network is controlled by only one Chinese province.

In June 2019, the share of Chinese minersaccounted for 60% of the global hashrate, and the current figure, which also takes into account only the computing power of bitcoin miners in China, is a record.

Chinese miners provide 65% of the bitcoin network hash

CoinShares website also reported that the share of bitcoin miners in the Chinese province of Sichuan accounts for 54% of the global hashrate of this cryptocurrency.

Of the remaining 35%, CoinShares estimates that 31%evenly distributed between Washington, New York, British Columbia, Alberta, Quebec, Newfoundland and Labrador, Iceland, Norway, Sweden, Siberia, Kazakhstan, Georgia and Iran.

CoinShares also says miners annuallyspend $ 5.4 billion on electricity, while 73% of this energy comes from renewable sources. Such statistics on renewable energy may not appeal to critics of Bitcoin, who constantly claim that it is harmful to the environment.

CoinShares also notes that Bitcoin miners are electricity buyers who “come together around the underutilized infrastructure of renewable sources.”

In 2019, the bitcoin hash was experiencing growth,regularly setting new records. CoinShares suggests that this could be due to more productive BTC mining chips made by companies like Bitmain.