The Bitcoin Mining process is the cost as we know, a lot of Hardware and energy resources. Especially when it comes to the profitability, so the cost of electricity has a crucial role. That is one reason why many operators of Bitcoin mining in China, have settled. For a long time this business was not seen the field in China and stand on a list of industries that should be banned. Only a month ago, Mining has been removed from this list, which has led to some relief in some Bitcoin Fans. A new statistic of the “CoinShares” now shows as “centralized” Mining in China actually is.
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According to the asset management Coinshares-based Bitcoin Mining operators in China, with a share of 66% of the global Hashing Power. In June it was “only” 60%. Thus, a renewed increase in the share shows up and is the highest since the beginning of the statistics, 2 years ago, in 2017.Chris Bendiksen, the “Head of Research” of Coinshares sees the reason for the increase in a competitive advantage of the Chinese Miner on the Hardware. The processors will be more powerful and so more Hashing Power available.
This is an advantage for the Chinese Mining industry. If you are the First to increase its share of the Hashrate, and before their competitors can do, that is, in General, good.
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4.7 billion USD industry currently
With a current price of 7,200 USD, the Bitcoin Mining is an industry which annually produces Bitcoin to the value of 4.7 billion USD””.The most important Mining regions are located according to CoinShares in the Chinese provinces of Yunnan, Xinjiang, Inner Mongolia and Sichuan, the latter constituting more than half the global Hashrate. Other centers are distributed by the United States to Russia and Kazakhstan.Chinese companies such as Bitmain and MicroBT are one of the world’s largest manufacturers of Bitcoin Mining equipment. Another, Canaan (CAN.O) launched in November an IPO in the amount of 90 million dollars, thus demonstrating the interest of investors to investments in the Mining industry.How do you see the development of Bitcoin Mining, specifically in China?Come on in to our Telegram Chat and talk with the experts and the Community!
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