China wins two-thirds of Bitcoin's computing power share, with 54% of its computing power in Sichuan

Source: Shallot Blockchain

According to a report from digital asset management company CoinShares, Chinese bitcoin miners now control two-thirds of global computing power.

The main points of the report are as follows:

• Science | The total number of Bitcoin private keys is 2 to the power of 256. How big is this number?
• Layer 3 middle layer: a new engine for Web 3.0 development?
• Deputy Director of the Institute of Finance of the Development Research Center of the State Council: Opportunities and Challenges of Digital Currency

1. Bitcoin miners in China control 66% of the computing power, and Sichuan alone accounts for 54%;

2. The growth of China's share may be due to the deployment of more and more advanced mining equipment and the improvement of the profitability of miners;

3. The global Bitcoin hash rate has increased by 80% since June;

4. As China's cash mining equipment and chips enter other regions or countries, China's share may decrease.

text

54% of Bitcoin hash power in Sichuan

Since Chinese miners controlled a 60% share of computing power in June, China's share has now increased to 66%, the highest value recorded by CoinShares two years ago.

(Picture from thenexweb)

Based on the current price of bitcoin (about $ 7,200), the value of bitcoin produced by miners is about $ 4.7 billion per year.

CoinShares said the main cryptocurrency mining centers are located in Yunnan and Sichuan, China, with the latter accounting for more than half (54%) of the world.

This is higher than in May. The report released by the company shows that Sichuan Province accounts for 48% of the crypto mining activities, and China occupies a total of 60% of the computing power.

In addition, with the exception of China, the share of Bitcoin computing power currently occupied by other regions accounts for about 35%. About 31% of the computing power is evenly distributed among the following regions or countries: Washington, New York, British Columbia, Alberta, Quebec, Newfoundland and Labrador, Iceland, Norway, Sweden, Russian Siberian Federal District, Kazakhstan, Georgia, and Iran.

Bitcoin hashrate increased by nearly 80% from the end of May

Scallion query found that, as of December 6, the average computing power of Bitcoin for two weeks remained above 90EH / s for six consecutive times, currently at 93.28 EH / s. In addition, the mining difficulty is 12.88T. At the end of May, Bitcoin's computing power was only about 50EH / s, an increase of nearly 80%.

In response, Chris Bendiksen, head of research at CoinShares, said that the surge in bitcoin computing power may be due to Chinese miners deploying more advanced mining equipment. However, as these new devices enter the mining markets of other countries, Bitcoin's hash rate will be more evenly distributed across the world, and China's share of computing power may decline.

Earlier this month, Zhou Xiaochuan, the former governor of the People ’s Bank of China, wrote in Caixin that China once occupied a large proportion of “mining”. For example, ICO and bitcoin transaction volume had once occupied a large proportion in the world. It will raise concerns among regulators about the health of financial markets, consumer and investor protection, and financial stability.

At the end of October, Jiang Yang, former vice chairman of the China Securities Regulatory Commission, said that 70% of the world's bitcoin is produced in China, and India, the second largest, only 4%, and the United States only 1%. Sichuan is the country's largest Bitcoin mining site due to its rich hydropower resources. Blockchain involves all walks of life, and its applications in the financial field are mainly digital currencies represented by Bitcoin. Jiang Yang therefore suggested that Sichuan should make good use of the basis of bitcoin mining to study the relationship between blockchain, digital currency, hydropower resources, etc., and find new industrial growth points from it.

Reference article:

https://thenextweb.com/hardfork/2019/12/11/bitcoin-cryptocurrency-mining-hash-rate-china-renewable-energy-blockchain/

https://uk.reuters.com/article/uk-crypto-currencies-mining/chinas-bitcoin-miners-scoop-up-greater-production-power-research-idUKKBN1YF1Q1?il=0

We will continue to update Blocking; if you have any questions or suggestions, please contact us!