China’s bitcoin miners have greater production power: research | News

China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed on Wednesday. And a growing share that is likely to benefit the country’s miners.

Miners in China control 66 percent of the power of all computers around the world that are hooked up to the bitcoin network, according to a report by digital asset manager CoinShares. That power is known as the “hashrate,” and it dictates a computer’s ability to produce new coins.

More:

The Chinese share of hashrate, up from 60 percent in June, is the highest recorded by CoinShares since it began tracking hashrate nearly two years ago. The gains may be due to China’s greater deployment of more advanced mining gear, said Chris Bendiksen, the firm’s head of research.

Chinese companies such as Bitmain and MicroBT are among the world’s biggest manufacturers of bitcoin mining gear. Another, Canaan, launched a $90m initial public offering in November, indicating investor hunger for exposure to miners.

At…