China is responsible for 50% of Bitcoin’s mining, followed by the U.S. with 14% and Russia with 8%

China is responsible for 50% of Bitcoin’s mining, followed by the U.S. with 14% and Russia with 8%

A global digital asset financial technology & services platform BitOoda comes up with an extensive analysis that focuses on Bitcoin mining.

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17 Jul 2020 , 16:57 @ Matey Salt

China is responsible for 50% of Bitcoin’s mining, followed by the U.S. with 14% and Russia with 8%

A global digital asset financial technology & services platform BitOoda comes up with an extensive analysis that focuses on Bitcoin mining.

One of the most interesting findings is the geographical distribution according to mining activity:

Geographic distribution of surveyed mining capacity vs. Estimated 9.6GW total capacity

As you can see in the chart above, China defended first position with a sufficient lead and controls about 50% of the total mining capacity. Second place belongs to the USA with 14%, and in third place we have up to three countries with 8%. The biggest surprise for us is the fact that countries like Iran and Kazakhstan have the same position as sovereign Russia and also overtook Canada, which is in 4th place with 7%.

As BitOoda claims:

We used a variety of public sources, as well as confidential conversations with miners, rig manufacturers and dealers, to assess where Bitcoin mining capacity is located and how much miners pay for power.

Other interesting findings include the fact that 50% of Bitcoin mining capacity pays 3c or less per kWh, which means a significant decline in recent years. According to unofficial evidence was in 2018 the average price around 6c / kWh. BitOoda thinks that those miners whose incomes have been declining have either moved to lower cost regions or shut down.

Read also: Riot Blockchain will enrich its arsenal with 3,040 Pro Miners from Bitmain

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    Matey Salt

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