Bitcoin Mining Centralization Reaches Record Levels, Majority China

Chinese Bitcoin miners now control a record proportion of the network’s hashrate, according to new research. An estimated 65% of BTC mining now happens in China.

CoinShares, a digital asset investment fund, noted this high since the firm started monitoring the network in late 2017.

Research jointly published in October 2018 out of Princeton and Florida International University estimated that 74% of Bitcoin hashpower is managed by Chinese mining pools⁠, a service that allows miners to pool their resources to reduce the randomness in Bitcoin block reward payouts. However, these figures are a poor gauge of mining centralization because miners from any geographic location can participate in these pools. Read More...

#Mining #BTC #China