65% of the total bitcoin mining happens in China

According to research by digital assets manager CoinShares, bitcoin miners in China now control over 65% of the network's processing power. Out of that, Sichuan province alone produces 54% of the global hash rate.

The world’s largest bitcoin mining machine seller, Bitmain market share by hash rate, stands at around 66%. Britain’s market share by hash rate has been continually declining over the past few months.  

 

China responsible for 65% bitcoin mining

According to the Coinshares report shared with Reuters, China is responsible for 65% of total bitcoin mining, and 54% of that happens in Sichuan province alone. The rest of the 35% bitcoin miners are spread from the US to Russia and Kazakhstan. The Chinese share of hashrate is up from 60% in June, is the highest recorded by CoinShares since it began tracking hashrate nearly two years ago

 

Bitmain market share by hash rate falls from 70% to 66%

The network’s hashrate of the leading cryptocurrency has risen 80% since June. However, one of the major player Bitmain’s market share by hash rate has gone down from 70% in June to 66%. Earlier, Bitmain’s rival Canaan successfully launched its IPO in the US market. Recently, China has cracked down on crypto businesses in the country as it gears up to launch its own centralized digital yuan. 

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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