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China’s Bitcoin miners account for 66% of global hashrate
- Thursday | 12th December, 2019
LONDON (Reuters) – China’s Bitcoin miners now control two-thirds of the cryptocurrency network’s processing power, research showed on Wednesday, a growing share that is likely to benefit the country’s miners. The gains may be due to their greater deployment of more advanced mining gear, said Chris Bendkisen, the firm’s head of research. Chinese companies such as Bitmain and MicroBT are among the world’s biggest manufacturers of Bitcoin mining gear. At Bitcoin’s current price of around $7,200, miners produce Bitcoin worth around $4.7 billion every year. Bitcoin miners draw on huge amounts of computing power as they battle against others to solve complex mathematical equations to earn new coins.
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