China’s bitcoin miners now dominate global market, they control two-thirds of the crypto network’s processing power, according to latest researches.
To be more exact, miners in China control 66% of global “hashrate”.
What are the reasons of such domination?
These figures may be due to their greater deployment of more advanced mining gear, cheap electricity and affordable resources. Last year has been a relatively good year for miners in general, because total revenue was around $5.4 billion but China has always played a major role for bitcoin miners.
Who are the biggest players?
Chinese companies such as Bitmain and MicroBT are among the world’s biggest manufacturers of cryptocurrency. Another, Canaan (CAN.O), launched a $90 million initial public offering in November, indicating investor hunger for exposure to miners.
China has cracked down on crypto exchanges and fundraising in recent years, even as it develops its own digital currency. After looking at banning crypto mining, Beijing last month indicated it would not do so. Some analysts interpreted the move as indicating tolerance of the sector.
How to mine
Mining by solving special mathematical puzzles is a way to get bitcoins. If you are a crypto enthusiast and looking opportunities to mine, the first thing to do is to find a location where you could put all power to work, an existing building and big space for a few hundred high-speed computer servers, heavy-duty cooling system to keep them from melting down as they churned out the trillions of calculations necessary to mine bitcoin. Above all, you needed a location that could handle a lot of electricity—a quarter of a megawatt, maybe, or even a half a megawatt, enough to light up a couple hundred homes. There are some mining pools you can join but they ask entry fees that makes your profit less.
What expect from 2020?
2020 is going to be fruitful year for cryptocurrency, we are looking forward to the launch of China’s Central Bank Digital Currency, news surrounding Facebook Libra’s launch, the progression of Ethereum 2.0, and many more. What do you think about China’s role in global market? If you have your question, please write it below, I would be glad to answer your questions or to introduce your project to my team at Astorts Group to be evaluated.
Alessandro Rocco Pietrocola is an entrepreneur based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting.