November 27, 2022

CoinShares: Chinese BTC miners give out up to 66% of the global hashrate

According to the study, Chinese Bitcoin miners still control up to 66% of the global hashrate, most of the farms are concentrated in one province.

According to a study by a British companyCoinShares, BTC miners from Sichuan, China account for more than half the global hashrate. According to the report, China's share in the global hash rate has grown from 60% in June 2019 and has now reached the highest rate recorded by CoinShares since 2017.

Whereas the proportion of Sichuanaccounting for more than 50% of the global hashrate, the other major mining centers are the Chinese provinces of Yunnan, Xinjiang and Inner Mongolia. Other large mining enterprises are located in the USA, Russia and Kazakhstan, CoinShares notes.

Chin Research Director CoinSharesChris Bendiksen suggested that the recent increase in hashrate in China was the result of the proliferation of more sophisticated mining equipment.

The largest manufacturers of miningequipment in China remains Bitmain and Canaan Creative, which continue to attempt an IPO. In October, it became known that the mining giant Bitmain secretly applied for an initial public offering (IPO) in the United States with the Securities and Exchange Commission (SEC). Earlier, Canaan Creative also filed an application with the SEC for an IPO on the US stock exchange NASDAQ.

The other day, the chairman of Iterative Capital ManagementLeo Zhang noted that miners need to carefully think through the business, since half the reward for mining will take place in six months. Zhang emphasized that, although many analysts believe in the rise of the Bitcoin rate after halving the mining reward, in fact, no one knows what exactly will happen.