Research Shows China Controls 50% Of Bitcoin Mining While The US Now Stands At 14%

As per new research, there is less Bitcoin mining power in China than what the majority of crypto enthusiasts believe.

A survey conducted by crypto research company BitOoda in collaboration with asset manager Fidelity was released on July 16 and indicates that China controls about 50 percent of Bitcoin mining as opposed to 65 percent.

The analysts based their results from various sources and “confidential conversations” with different miners who gave out information on different factors such as power cost. However, the sources demanded to remain anonymous.

A blog post released by the researchers stated:

“We were able to locate ~4.1GW of power across 153 mining sites, including 67 sites or ~3GW power capacity, with power price data provided upon condition of anonymity.”

The research also indicates that the United States now controls about 14 percent of Bitcoin mining. However, the research also states that most of Chinese Bitcoin mining remains unaccounted for. The blog post explains:

“Our conversations lead us to believe that we have accounted for the majority of capacity in the US, Canada and Iceland, but only a small fraction in China and the ‘Rest of World’ category.”

The report also shows the impact of floods in such provinces like Sichuan, where there is a high number of miners. During the rainy season, miners mostly sell less Bitcoin to fund high costs of power during the dry seasons.

At times, miners have been forced to count high losses after floods wipe out the mining hardware, and they are forced to start afresh.

Meanwhile, the majority of analysts claimed that the US hashrate would continue to rise in the future. Max Keiser, RT host, explained that a Bitcoin global hash war is on the horizon where the US will be more aggressive against such countries like Venezuela and Iran, which have seen their hashrate continue to rise.

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Joseph Kibe
Joseph Kibe
Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

[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

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