If you believe the translators of the Netflix series Mr. Robot, 95 percent of Bitcoin is in the hands of “Chinese miners”. Bitcoin mining was of course meant, which has been dominated by Chinese mining farms for years. A study by FinTech service provider BitOoda has now attempted to quantify Chinese Bitcoin dominance.
Chinese miners are very active
According to this, every second hash is produced by a Chinese miner on average. In other words, China has 50 percent of the hash rate in the Bitcoin network. The United States occupies second place with 14 percent, followed by Russia, Kazakhstan and Iran (8 percent each) as well as Canada (7 percent), Iceland (2 percent) and the rest of the world (3 percent). BitOoda points out that the data situation is particularly poor for China. The study estimates are based, among other things, on information from manufacturers of mining hardware.
Bitcoin mining: (still) profitable
BitOoda also provides a classification of what it currently costs to mine a Bitcoin Unit (BTC).
“Our estimate of the cost curve gives an average cost of mining 1 BTC of around $ 5,000, with an upper limit of around $ 6,000. This estimate is cash operating expenses that does not include impairment or other mining hardware costs.”