Chinese miners control over 22% of bitcoin hashrate

by in Cryptocurrency News

China

In May 2021, the Chinese authorities began to force miners out of the country. As a result, the computing power of the Bitcoin network collapsed to a minimum since 2019.

If before China was the world leader in terms of bitcoin capacity, now American miners control the lion's share of the BTC hashrate. According to some researchers, Kazakhstan and Russia have ousted China from the list of major miners.

However, the Cambridge Center for Alternative Finance (CCAF) found that despite the crackdown on mining companies, China still controls more than 22% of the hashrate.

According to the South China Morning Post, citing a CCAF report, Chinese miners generate up to 22.29% of bitcoin power. In the spring, this figure increased, as in the fall-winter, China accounted for just under 20% of the BTC hashrate.

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Against the backdrop of the fight against miners, many Chinese citizens and enterprises began to switch to secret cryptocurrency mining. Moreover, they are engaged in mining using foreign proxy services.

CCAF analysts recognized the strengthening of Kazakhstan's positions. Its share in the bitcoin hash rate exceeded 18% in early autumn.

According to Blockchain.com, the BTC hashrate reached 228,511 exahash per second (EH/s) in early May. Then the activity of the miners began to decline.

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As of May 17, the computing power of the network is about 219.4 EH/s.