China has an important place in Bitcoin mining. Chinese BTC miners are responsible for 66 percent of the hash rate.
Why is China important in Bitcoin mining?
Bitcoin hash rate (computing power) dominance is now in the hands of China. China’s Sichuan province is the country’s leader in Bitcoin mining. This region alone holds 50 percent of the world’s hash rate.. A study in this direction was conducted by CoinShares.
According to the news of Reuters, Sichuan province is followed by Yunnan, Xinjiang (Uyghur region) and Inner Mongolia provinces in hash rate production.. These are the regions that make significant contributions to the global hash rate.
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What is Bitcoin hash rate? ?
Hash rate, or hash power, is a unit of measure that indicates the computational power of networks such as blockchain. This computing power is used in the process of validating transactions performed on the network.. Hash rate is controlled by miners. Of course, a high hash rate in a miner’s hand means a high profit from it.. If the network has a high hash rate, then we can say that the mining activity is also high.. Of course, in the opposite case, it can be thought that miners slow down the work.
According to the report of CoinShares, China’s contribution to the global hash rate has increased by 60 percent in the last five months.. Hash rate has reached its highest value since CoinShares was founded in 2017.. The largest mining centers outside of China are located in the USA, Russia and Kazakhstan.
Experts report that the increase in the hash rate in China is related to the change in mining hardware used in these regions. Chris Bendiksen of CoinShares states that China is seeing the “fruit” of this by using more advanced mining hardware.. According to him, the country’s success in mining hardware is reflected in its superiority in this field.
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