As the end of 2019 approaches, Coinshares Research has published its bi-annual mining report that contains informative research and observations about the bitcoin mining industry. Since Coinshare’s last report published in June, BTC’s hashrate grew by 50 exahash per second (EH/s) and the firm believes a decent portion of the power stems from China.
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China Captures 65% of BTC’s Processing Power, Province of Sichuan Commands 54%
With crypto market prices seemingly in a slump, one would think that BTC miners would slow down. However, this hasn’t been the case this year, and despite the turbulent markets, BTC’s hashrate has grown monstrous. On December 12, Coinshares Research revealed some new statistics on the state of bitcoin mining today and a lot has changed since the last report. Of all the consensus algorithms, BTC’s proof-of-work (PoW) miners dominated by both security spend and total revenue. Moreover, the network’s processing power jumped by 50EH/s since the…