New research shows that China’s dominance in the total Bitcoin hash rate is constantly increasing. Currently, the nation owns approximately 66% of all the computing power currently supported by the Bitcoin network.
China has historically been a leader in global Bitcoin mining. However, with the large online mining operations in the US. And Russia in 2020, this time the industry may look quite different next year.
Two-thirds of Bitcoin mining in China, According to a report
A Coinshare report quoted by Reuters said Chinese-based Bitcoin miners now control about 66 percent of the network’s total hash rate. The hash rate is a way of describing the amount of computing power that the network supports.
The overall network hash rate increases rapidly during 2019. News has reported several new record highs in terms of the amount of computing power the Bitcoin network supports. With mining interests that invest heavily in hardware, it is clear that Bitcoin miners rely on future digital currency.
Chris Bendiksen, head of research at CoinShares, attributes the growing hash rate of high-power hardware implementation to Chinese miners in other countries. The three largest mining hardware manufacturers are from China: Bitmain, MicroBT and Canaan. Although the industry is opaque. It is reasonable to conclude that a large proportion of state-of-the-art mining hardware will be implemented first in China.
Although the mining industry in China is growing faster than other countries. There are large operations in progress that allow other countries to cling to this time of year. New mega mining farms are currently being planned both in the United States and in Russia.
Bitman has opened a large mining operation in the state of Texas. Currently, the installation has a total capacity of 50MW. However, the Chinese mining giant says it plans to increase it to 300MW at a later date.
Similarly, the Layer 1 startup, based in San Francisco, also plans to start mining operations in Texas. The effort seeks to reduce the dependence of the mining industry on companies. Such as Bitcoin by developing its own hardware and state-of-the-art cooling systems.
Meanwhile, the Russian mining company (RMC), owned by the nation’s Internet Ombudsman. Also has plans to create a new massive operation in the province of Karelia. RMC CEO Dmitry Marinchev says the new facility will be almost finished for a fifth of the total Bitcoin hash rate.