- China now controls 2/3 of the total Bitcoin mining hash rate
A report from CoinShares has found that China’s share of the global Bitcoin mining hash rate has increased to 66%, which is the highest level recorded since CoinShares began publishing these reports in 2017. Further, over 50% of the global Bitcoin mining hash rate is concentrated in a single province, Sichuan, which is located in southwest China and has abundant hydroelectric power resources.
Other mining hotspots in China include Xinjiang and Inner Mongolia. CoinShares’ speculates that China’s hash rate has achieved new heights due to the widespread deployment of top of the line mining rigs, and this especially makes sense since the top Bitcoin mining manufacturers in the world are located in China, including Bitmain, Canaan, and MicroBT.
Notably, the government of China was close to banning cryptocurrency mining, but decided not to last month, at least for now. It could be argued that having so much of Bitcoin’s hash rate located in a country that does not favor Bitcoin could be a centralization concern. Theoretically, the Chinese government could seize the Bitcoin mining operations across the country and take over the Bitcoin network if they desired to.
As for the other 34% of the global Bitcoin mining hash rate, it is concentrated in the United States, Russia, and Kazakhstan.
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