A new report concluded that two-thirds of BTC‘s hash rate is controlled by Bitcoin miners in a single town outside of China’s main capital, Beijing.
According to the report by CoinSharesGroup, a blockchain project focuses on investment strategies for crypto assets, 54% of Bitcoin hash rate used globally is processed from Sichuan, China. CoinShares started tracking BTC hash rate in June 2017.
An executive from the cryptoasset investment strategies firm released this statement:
“Out of the remaining 35 percent of [global] miners, we estimate that 31 percent of global [hash rate] production is evenly split between Washington, New York, British Columbia, Alberta, Quebec, Newfoundland and Labrador, Iceland, Norway, Sweden, the Siberian Federal District of Russia, Kazakhstan, Georgia and Iran.”
The use of renewable energy for Bitcoin mining
The report also claimed that the majority of electricity utilize for Bitcoin mining derives from renewable energy. The exact figure stands at 75%, which is good news for the environment.
Shockingly, bitcoin miners are pace to pay a whooping $5.4 billion dollars for electricity use this year alone (2019). Some miners are reporting that cryptocurrency revenue is not keeping pace with energy costs.
The report continued,
“Overall, our findings reaffirm our view that Bitcoin mining is acting as a global electricity buyer of last resort and therefore tends to cluster around comparatively under-utilised renewables infrastructure.”
Bitcoin miners around the globe have reported exponential growth in Bitcoin hash rate since last year. They reported to have witnessed records breaking and all-time highs. CoinShares’ report attributed the growth to faster, more powerful and reliable mining chips.
Bitcoin miners favorite mining chips company
Bitmain, China’s most popular mining chips company released a new line of machines with new chips last year. Bitcoin miners have reportedly pleased with the chips inside.