Despite China’s ongoing ban on cryptocurrency trading and mining, the country continues to dominate the Bitcoin network, controlling 55% of the global hashrate, according to data shared by Ki Young Ju, CEO of CryptoQuant.
What Happened: This information is corroborated by Bitbo's mining data, which shows China's sustained influence over Bitcoin BTC/USD mining pools.
In contrast, U.S.-based mining companies manage approximately 40% of the global Bitcoin hashrate, signaling a significant but still smaller share of the market.
Ju’s tweet highlighted the growing presence of U.S. mining pools, which primarily cater to large-scale institutional miners across North America.
Meanwhile, Chinese pools support relatively smaller miners throughout Asia, maintaining their dominance in the sector despite the country's stringent regulatory stance against cryptocurrency.
“Bitcoin hashrate dominance is shifting to U.S. mining companies.” founder and CEO of CryptoQuant Ki Young Ju said.
He noted that while Chinese mining pools operate over half of the network, U.S. pools are rapidly catching up, primarily catering to institutional miners within America.
According to Bitbo data, miner revenue in August totaled $827.56 million, marking a decline of over 10.5% from July’s $927.35 million. However, this figure represents a 5% increase compared to August 2023.
August 2024 saw the lowest monthly revenue for Bitcoin miners since September 2023, when earnings were $727.79 million, with Bitcoin trading near $25,000 throughout the month.
Additionally, the amount of Bitcoin mined in August slightly decreased, from approximately 14,725 BTC in July to 13,843 BTC.
What’s Next: These developments will be closely watched ahead of Benzinga's Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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