A Look into Top 50 Crypto Mining Pools From Around The World: China, The US And Hong Kong Leaders
Having discovered the power of mining in numbers, mining pools are increasingly solidifying the place as the backbone of the entire crypto ecosystem. These pools inherited duty-to-fuel transactions, besides now being something of a rubberstamp, guaranteeing absolute credibility.
Mining pools ideally cooperate by unanimously contributing the mining hash power so that they share block rewards. But while the world has countless of these blocks, three countries are wrestling to control the planet’s largest mining pools: China, the US and Russia.
Miners operating in each of the three countries know that beyond the prestige of being the global powerhouse lays the ultimate prize, which, of course, is the block rewards. But it seems there are some even more aggressive mining pools elsewhere.
According to a recent report, which highlighted the planet’s leading 50 mining pools, China and the US already have an unlikely partner in their midst. Based exclusively on the total number of cryptos mined, and effectively, the level of involvement in crypto and Blockchain each of the countries has, the report painted a rather unexpected picture.
Led by Bitcoin with worth of $154 billion in market cap, the best 10 cryptocurrencies mined cumulatively had a market cap of over $0.5 billion. The others on the graph included Ethereum, Litecoin, Bitcoin Cash, ZCash, Bitcoin SV, Dash and Monero respectively.
According to the graph, however, all of the coins had an annual economic value totaling $8.6 billion, with 75% of the economic value created attributed to Bitcoin. Further, total day-to-day mining amounted to $24 million for Bitcoin, Ethereum coming second with about $4 million in contributions.
But perhaps the most unexpected of all data is when it was revealed that China, U.S. and Hong Kong, instead of Russia, controlled a whopping 70% of all top 50 global mining pools. China, being one of the largest economies in the world today, controls about 50% of the entire yearly value generated, even as the government tightens the noose on market leaders.
China couldn’t have topped the list without BTC.com, the planet’s largest mining pool, which generates $3 million in daily economic value. But given the way things are in the country, coupled with the looming fall in the mining sector, it is highly likely that the US will take over and be the heartbeat of mining operations.
Not every player in the crypto industry, however, is happy about it. According to some experts, the downfall of China could finally the industry to stop being decentralized. This, they say, could eventually make transactional costs and trading values prone to manipulations.
From the data, it seems that the upsurge in mining operations, plus the value generated means no good to the industry. In fact, to many in the industry, the impending halving may finally prove to be the key to sustainability in the cryptocurrency platform.