Dominance of China in Magic Bitcoin Mining

The dominance of China in Magic Bitcoin Mining

2019 has been a relatively good year for miners, generating $5.4 billion in total revenue. But, according to the year-end report of CoinShares, one country has dominated bitcoin mining throughout the year more than any other.

The research paper entitled "The Bitcoin Mining Network", which explores trends, average creation costs, electricity consumption and sources in bitcoin mining, discovered that nearly 65 percent of bitcoin hash rate originates from China.

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"Regardless of the reasons, the effect is that the current Chinese hash rate ratio is likely higher than in June 2019. While we expect this ratio to fall again as latest-generation hardware further makes its way into the non-Chinese market, at the time of writing, as much as 65% of Bitcoin hash power resides within China – the highest we’ve seen since we began our network monitoring in late 2017," the report read.

For many years, China has consistently been a major market for bitcoin miners due to its cheap electricity and affordable resources. Companies like Bitmain, F2Pool, and Canaan that account for a large portion of the Bitcoin to INR network's hash rate are all based in China.

Distribution of the Bitcoin network's hash rate (Source: Blockchain.com)

Blockchain.com

However, in April, the National Development and Reform Commission (NDRC) of China included bitcoin mining on a list of industries it plans to phase out over time. The unexpected move of the Chinese government left mining companies wondering about the future of China's mining sector.

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In a strange turn of events, following Chinese President Xi Jinping's call for increased efforts in blockchain development, China essentially unbanned bitcoin mining in the last quarter of 2019.

Since then, China's magic (Bitcoin INR) mining sector has prospered. Eventually, it recovered from slow several months in mid-2019 to establish dominance over the cryptocurrency mining industry once again.

Whether much of the (Bitcoin INR) network's hash rate coming from China is necessarily negative or positive depends on perspective. But, as a purely permissionless and decentralized network, it is always favorable to have a more geographically distributed hash rate.

On the hardware side, the dominance of Bitmain has started to subside, which opens the space up for increased competition. Companies like Hut8, Bitfury, and Canaan are competing to take the top spot in the bitcoin mining sector.

"Since our last report in June 2019, we estimate that Bitmain’s market share by hash rate has fallen from ~70% to ~66%. To add context, Bitmain’s own estimates (via Frost and Sullivan) claim that as recently as in 2017, their market share was around 75%," said the CoinShares research team.

Hence, while the dominance of China in magic bitcoin mining has increased, in the hardware department, the industry has begun to see a more competitive environment.

The expansion of major mining facilities to other major mountainous areas such as Washington, British Columbia, and Norway also serve as signs that the geographical distribution of bitcoin hash rate will improve over time, as the sector evolves.

"Among these regions, we find the major mining centers of Washington and New York States in the United States; British Columbia, Alberta, Newfoundland & Labrador, and Quebec Provinces of Canada; Iceland; Northern Scandinavia (Norway and Sweden); The Caucasus (Georgia and Armenia); the Siberian Federal District of Russia; Yunnan – and most importantly of all regions, Sichuan – provinces of China," CoinShares researchers wrote.

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Bitcoin Mining India

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Bitcoin Price in India

That goes India's cryptocurrency marketplace. The Reserve Bank of India prohibited banks from allowing people to transfer money from their bank accounts into Bitcoin pockets. India is not a great market for crypto, therefore Bitcoin Price in India was down and not due to the RBI's announcement.

Digital currencies such as Bitcoin, Ethereum, and Monroe find themselves in a gray region in India. In December 2017, the Indian government cracked down to the cryptocurrency marketplace. Before this 12 weeks, in a move that would interest large tax benefits, taxmen issued admissions to more than 5 lakh individuals working in cryptocurrency.

In April 2018 that the Reserve Bank of India (RBI) put a ban on banks by dealing with organizations connected with cryptocurrencies. The government, also, has issued periodic warnings regarding the perils of performing business on electronic currencies. But to this stage regulators have averted in establishing them an illegal or authorized position.

In the long run of cryptocurrencies, finance minister Arun Jaitley on November 30 said that proposals are being worked at. "The authorities' location is clear, we don't admit this as approved foreign currency as of now," Jaitley said when asked whether the government has obtained any decision on cryptocurrency.

Bitcoin Price in India (Coin Name Code)

• Bitcoin:                ₹ 690,000
• Ripple:                 ₹ 18
• Ethereum:           ₹ 17,865
• Litecoin:              ₹ 5,000
• Bitcoin Cash:      ₹ 26,180
• Dash:                   ₹ 8,003
• Qtum:                   ₹ 214
• OmiseGo:            ₹ 79
• Golem:                 ₹ 4
• Monero:               ₹ 6,500

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