October 1, 2022

The share of Chinese miners in bitcoin hash rate reached 66%

Miners based in China currently control two-thirds of the total computing Bitcoin network power. It is reported by Reuters, citing a fresh report by CoinShares.

In June, this value was 60%, reachingDecember is the highest level in the last two years during which CoinShares tracks this data. According to the chief researcher of the company Christopher Bendixen, such an advantage of the Chinese miners may be due to a large number of farms or more advanced equipment for mining cryptocurrency.

“This gives an advantage to the Chinese mining industry. If you can increase your share in hashrate and get ahead of your competitors, then overall this is good. ”Said Bendixen.

As the publication recalls, such major mining equipment manufacturers as Bitmain, MicroBT and Canaan are also based in China.

CoinShares representatives also noted that since June, the bitcoin hash rate has increased by 80%, which was partially possible due to the high profitability of this activity and more powerful equipment.

The share of Chinese miners in bitcoin hash rate reached 66%

Data: blockchain.com

The graph below also shows that the first six largest pools (excluding the “unknown 25.3% of the network share) are the Chinese Poolin, F2Pool, BTC.com, Antpool, ViaBTC and BTC.Top

The share of Chinese miners in bitcoin hash rate reached 66%

Data: blockchain.com

Recall despite the harsh rhetoric of Chineseauthorities in relation to cryptocurrencies, in November the National Commission for Development and Reform (NDRC) did not include mining in the list of “undesirable industries” that are subject to a ban.

Before that, in support of the development of mining inthe Chinese province of Sichuan, where, according to some sources, up to 70% of all bitcoins are mined, the former vice president of the China Securities Regulatory Commission said.