China at the forefront: 66% of the global hashrates come from the Middle Kingdom

As the end of 2019 approaches, Coinshares Research has released its semi-annual mining report that contains informative research and observations about the Bitcoin mining industry. Since Coinshare’s last report in June, BTC’s hashrate has increased by 50 exahashes per second (EH / s) and the company believes that China has the largest share of the global hasrate.

With crypto market prices appearing to be slumping, you’d think the BTC miners would slow down. However, this has not been the case this year, and despite the turbulent markets, BTC’s hashrate has risen sharply. On December 12, Coinshares Research unveiled some new statistics on the current state of bitcoin mining and a lot has changed since the last report. Of all consensus processes, the proof-of-work (PoW) miners from BTC dominated both security expenditure and total revenue. In addition, the computing power of the network has increased by 50EH / s since the company’s last half-yearly mining report.

Bitcoin Mining Trends Research notes that the increase in the hash rate is due to a combination of stronger BTC prices since the lows of the $ 3,000 mark and next-generation Bitcoin miners. Coinshares says the next generation mining equipment produced by Microbt, Bitmain, Canaan and Ebang “produces up to five times the hashrate per unit than its generation predecessors”. Between November 2018 and June 2019, Coinshares Research saw capital transfers and bankruptcies in the mining industry, but there has been “expansion” in the past two quarters.