New Report Shows China Dominates Bitcoin Mining, Is This a Sign of Worry?

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domestic gpu cripto mining rig on wall with selective focus. Getty 2019 has been a relatively good year for miners , generating $5.4 billion in total revenue. But, according to the year-end report of CoinShares, one country has dominated bitcoin mining throughout the year more than any other. The research paper entitled “The Bitcoin Mining Network”, which explores trends, average creation costs, electricity consumption and sources in bitcoin mining, discovered that nearly 65 percent of bitcoin hashrate originates from China. “Regardless of the reasons, the effect is that the current Chinese hashrate ratio is likely higher than in June 2019....