According to Recent Report from Reuters, China is the most prominent player in the field of Bitcoin mining, China Controls 66% Of Bitcoin’s Hashrate, BTC hash rate went up from 60% in June of this year to 66%, the highest recorded by the firm, The gains may be due to their greater deployment of more advanced mining gear, said Chris Bendiksen, the firm’s head of research.
Chinese companies such as Bitmain and MicroBT are among the world’s biggest manufacturers of bitcoin mining gear. Another, Canaan (CAN.O), launched a $90 million initial public offering in November, indicating investor hunger for exposure to miners.
“This is beneficial to the Chinese mining industry,” said Bendiksen. “If you are the first to increase your proportion of the hashrate, and you can do that before your competitors, that’s generally good.”
Earlier this year, China planned to ban bitcoin mining but dropped the plan soon after. China’s Yunnan and Sichuan provinces, according to CoinShares, are the largest crypto mining hubs in the world, with the latter accounting for over half of the total hashrate. There are, nevertheless, large mining centers in the United States, Russia, and Kazakhstan.
The most significant crypto mining hubs are in China’s Yunnan, Xinjiang, Inner Mongolia and Sichuan provinces, CoinShares said, with the latter accounting for over half the global hash rate. Other centers are spread from the United States to Russia and Kazakhstan.