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Report: China, USA and Hong Kong Miners Control 70% Of the Market

18 June 2019 12:52, UTC
Report: China, USA and Hong Kong Miners Control 70% Of the Market

Mining pools became the basis of a cryptocurrency ecosystem. Given that they possess enormous influence in the industry, countries such as China, the United States and Russia are competing to host the world's largest pools on their territories. The recently released report on the 50 largest mining pools in the world demonstrates the current alignment of powers.

As can be seen from the table below, China, the USA and Hong Kong account for 70% of the 50 largest mining pools in the world. And although China currently controls almost half of annual value produced, recent measures by the Chinese government are pushing new players and market leaders to catch up.

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China's leadership is backed by the world's largest mining pool BTC.com, which produces an economic value of $3 mln a day. Nevertheless, some experts suggest that the reduction of global players such as China may put the United States in a leading position and lead to centralization of crypto mining, which ultimately means manipulating transaction fees and the price of cryptocurrencies.

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The report says that mining is generally developing. However, many believe that the key to market stability will be determined by bitcoin halving, which will have a significant impact on the cost of the cryptocurrency.

Image courtesy of Asia crypto today



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