More

    66% Of Bitcoin’s Hash Rate Is Controlled By China, 54% Coming From A Single Province

    The hash rate of Bitcoin, which is the processing power of the network, is reportedly controlled by China by an overwhelming majority, according to CoinShares. What else did this firm discover with their tracking of the Bitcoin’s network?

    • Of all of the Bitcoin network’s processing power, China controls 66% of it.
    • CoinShares has been tracking Bitcoin’s hash rate since 2017.

    China is one of the leading countries in technological innovations, and this leadership has seemingly extended to the Bitcoin miners. According to reports by Reuters and The Next Web’s Hard Fork, the miners in China are presently in control of about two-thirds (66%) of the processing power of the network, also known as the hash rate. Of that portion, about 54% is attributed to a single province.

    In June, this power was 60% controlled by China, but the increase makes this hash rate the highest recorded for Bitcoin in the nearly two years that CoinShares has been tracking it. The head of research for the firm, Chris Bendiksen, states that these gains since the summertime could be due to the release of mining gear with new advancements.

    As for the rest of the processing power, the digital asset firm explained,

    “Out of the remaining 35% of [global] miners, we estimate that 31% of global [hash rate] production is evenly split between Washington, New York, British Columbia, Alberta, Quebec, Newfoundland and Labrador, Iceland, Norway, Sweden, the Siberian Federal District of Russia, Kazakhstan, Georgia and Iran.”

    CoinShares also examined the way that the miners around the world get the electricity needed for their crypto revenue, discovering that most of it comes from renewable energy. Based on the current trajectory, this revenue is expected to reach $5.4 billion in this year alone. Considering that there are many people who suggest that Bitcoin mining is bad for the environment with its high energy consumption, the fact that renewable energy covers 73% of what is used would poke some holes in that argument.

    Concluding their research, the firm added,

    “Overall, our findings reaffirm our view that Bitcoin mining is acting as a global electricity buyer of last resort and therefore tends to cluster around comparatively under-utilized renewables infrastructure. This could help turn loss-making renewables projects profitable and in time — as the industry matures and settles as permanent in the public eye — could act as a driver of new renewables developments in locations that were previously uneconomical.”

    The hash rate of Bitcoin has risen exponentially through the last year, knocking over every all-time high record in its path. CoinShares believes that the hash rate will likely be distributed more evenly with the exporting of mining chips.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,350FansLike
    2,770FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.