Bitcoin News

China Controls Most Bitcoin Mining, US At 14%: Survey

A recent survey has denoted that China controls 14 percent of the Bitcoin mining while the United States is at 14 percent. China controls 50% of the mining, which in truth, is less that the 65% percent which was being anticipated.

The analysis was carried out by asset manager Fidelity and crypto research firm BitOoda. It is understood that they used various sources, which has been kept in confidentiality, to find out the information.

“We were able to locate ~4.1GW of power across 153 mining sites, including 67 sites or ~3GW power capacity, with power price data provided upon condition of anonymity,” they summarized in an accompanying blog post.

The analysis firm found out that 14 percent of mining was made in the United States.

“Our conversations lead us to believe that we have accounted for the majority of capacity in the US, Canada and Iceland, but only a small fraction in China and the ‘Rest of World’ category,” the blog post continued.

According to a Cointelegraph report, it was suspected that 65% involvement has made by China.

“We argue against conventional wisdom, which suggests that low power prices drive Hashrate growth during the flood season,” the blog post states.

“In our view, the flood or hydro season shifts the cost curve down for 6 months of the year, leading to lower sales of Bitcoin to fund operating expenses as miners accumulate capital to fund capacity growth.”

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