66% of Global Hash Rate is controlled by Chinese Miners

Hey ninjas, how’s the trading going? On the day, the majority of the top 20 cryptocurrencies are suffering losses. The largest cryptocurrency Bitcoin has depreciated further and is still reporting daily losses at press time. Bitcoin was initially trading at $7,246 at the start of the day but is currently trading at $7,188 and is reporting daily losses of 0.62%.

The Crypto hash rate is the amount of computing power required to validate Bitcoin transactions on the blockchain, the more power used the security.

According to a report by London-based digital asset manager CoinShares on the 11 of December, Chinese Bitcoin miners now control over 66% of the global hash rate, China’s Sichuan province alone accounts for over 50% of the global hash rate, other mining centers include the Yunnan province, Xinjiang province, and Inner Mongolia.

The report states that the Chinese share of the global hash rate surged in June 2019 from 60% and is the highest to ever be recorded since CoinShare began monitoring the measure in 2017. 

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