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Despite the full-scale pressure of the Chinese authorities on the cryptocurrency mining market, the country still accounts for up to 20% of the bitcoin hashrate.
China can still account for up to 20% of the bitcoin hashrate. This is reported by CNBC, citing sources. Although Beijing has expelled most of the miners from the country, China still hosts up to 20% of the world’s mining capacity.
This is far from the peak of 65% -75% of the global market, but even this figure is significantly higher than the official estimate of the University of Cambridge. Recall, according to the university, the current share of China is 0%. The USA took the first place (35.4% of the hash rate), Kazakhstan took the second place with 18.1% of the hash rate, and the third – Russia with 11%.
According to the Chinese cybersecurity company Qihoo 360, gray cryptocurrency mining continues to exist in China. In November, the group calculated that the country has an average of 109,000 active IP addresses for mining cryptocurrencies every day. Most of these addresses are in Guangdong, Jiangsu, Zhejiang and Shandong provinces, according to the report.
According to the head of the mining company Marathon Digital, Fred Thiel, Beijing is hunting miners for two reasons:
- To clean up competitors before the launch of the digital yuan;
- For complete control over financial activity in the country.
Earlier it became known that the hash rate of the bitcoin network not only recovered to its previous values, but also approached new highs. Cryptocurrency hash rates dropped 65% in late June as China stepped up anti-mining measures. Farms and Bitcoin mining rigs were shut down and awaited migration from China to more hospitable jurisdictions.
Read about what Russians think about the conditions for mining in the country in the first comprehensive study of the cryptocurrency industry in Russia.
Hashrate is the computing power of the network. The higher the value, the more secure the network. According to BitInfoCharts, at the time of publication, the average hash rate for bitcoin is 173.4 Eh / s.
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