China, US Make Up 50%, 14% of Bitcoin Mining Respectively: Report

China accounts for 50% of world Bitcoin mining capacity, according to a new report by crypto research company Bitooda.

Also, the report issued on 15 July, estimates that the US share of the world hash rate at 14%.

Bitooda said that it reviewed several public sources, including “Confidential conversations” with miners, rig manufactures, and dealers.

 Bitooda is a New York-based digital asset fintech company, founded in 2017.

Conflicting data on bitcoin mining

Notably, the latest estimates sharply contradict with previous data that China is the world leading power in Bitcoin mining.

For example, the University of Cambridge’s Bitcoin Mining Map shows that China constitutes 65% of world Bitcoin mining.

The data are related to the period from September 2019 to April 2020, according to Bitcoin.com.

Moreover, Bitcoin Mining Map puts the share of the US at just 7.24%.  

Legitimate doubts

As per the Bitooda study, Russia and Kazakhstan account for 8% each. Canada ranks fifth with 7%, Iceland 2%, and the rest of the world 3%, Bitcoin.com said.

However, the study admits that it accounted for only a small fraction of capacity in China and the “rest of the world” category.

In turn, this raises legitimate doubts about the validity of the new data.

Kazakhstan: an aspirant power

In the meantime, Kazakhstan shows increasing ambitions in the field of crypto mining.

Recent reports expect that investments in Kazakh local crypto mining will double by the end of this year, Cointelegraph reported.

Some analysts believe that the Central Asian country aspires to overtake Russia and the US in crypto mining.

In June, Kazakhstan passed a bill legalising mining which lured miners into the country especially with cheap electricity rates. As of December 2019, the price of electricity was $0.041 per kilowatt-hour for households and $0.049 for businesses, Cointelegraph explained.

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Marwa Sabry 10 Articles
A Journalist and translator with keen interest in exploring new innovative forms of economy.