Cambridge University has gathered figures for the community to analyze the global distribution of Bitcoin mining. The new tool provides data on approximate geographic location and average hash rate percentage by country. Latin American countries, such as Venezuela, stand out in the top 10 of Bitcoin mining.
According to a May 6th publication by the Center for Alternative Finance at the University of Cambridge, the map uses data from 3 Bitcoin mining groups. Together, these groups represent 37% of the total Bitcoin hashrate. The researchers indicated that BTC.com, Poolin and ViaBTC kindly agreed to share information.
If you want to find out more details about the global distribution of Bitcoin mining, download the Born2Invest mobile app. Our companion app brings you the latest financial headlines from important economic sectors such as Crypto, Fintech, and Biotech.
Venezuela holds 0.42% of the total hashrate
Although only Venezuela is in the top 10 countries in terms of Bitcoin mining, other countries in the region are not far behind. However, together they are barely close to 1% of the total Bitcoin hashrate according to the map.
Venezuela holds 0.42% of the total hashrate. Although that figure has been higher between January and December. Paraguay continues with 0.29%. Other countries such as Mexico, Dominican Republic, Colombia, Argentina and others in Central America and the Caribbean offer figures that together represent more than 0.25%.
How to read the Bitcoin mining distribution map
The map indicates data according to the miners’ IP addresses provided by the groups. This preliminary look at the distribution of mining in Bitcoin covers a period from September 2019 to April 2020. In addition, it indicates that successive updates of the map may introduce changes to the model each month. In addition to that, each change will be recorded in a file for consultation.
The study includes a breakdown by province of mining activity in China because most of the data collected is from this Asian country. The researchers hope to introduce more detail in other mining regions in the future. For example: Siberia, Washington, New York, and Quebec.
As shown in the ranking, China has 65.08% of the total hashrate. Followed by the United States and Russia, which do not exceed 8% each.
According to the study, these figures may not be representative. The reason is that all 3 Bitcoin mining groups are based in China and only represent a little more than a third of the hashrate. However, they have servers in other regions to serve foreign clients. The reason is that the service would not be competitive with high latency in data transfer.
In a recent CoinShare study, Venezuela and Argentina were listed as the two Latin American countries with the largest presence in Bitcoin mining. Factors such as the price of electricity and the image that bitcoin has as a valuable refuge have contributed to this status.
Bitcoin’s hash rate has approached an all-time high in recent days. This means that the number of computers connecting to the network could be increasing. It’s just under a week before the third Bitcoin halving, which will cut the reward in half.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRIPTONOTICIAS, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Asabys Partners leads a round of $20 million in Sidekick
Asabys has recently led a successful round of financing in Sidekick, a company specialized in digital therapies. This round will...
IOTA to be used for infrastructure project in Japan
In Japan, maintenance and risk management of power plants are to be made more efficient through the use of artificial...
A historical milestone: Europe authorizes hemp with 0.3% THC
The EU Parliament has just approved to increase the THC content in industrial hemp. The new limit of 0.3% THC...
Housers launches a campaign to finance the loan tokenization project
The real estate lending crowdfunding platform Housers has just launched a crowdfunding campaign. The capital raised by Housers will be...
10 digital marketing tips to grow your local business
In this article, you will find 10 basic digital marketing tips that can help your brand have a fruitful online...
Biotech6 days ago
BioNTech: First data for the COVID-19 vaccine to be soon presented
Cannabis6 days ago
Canopy Growth expands beverage business in the USA with BioSteel
Crypto6 days ago
Bitcoin revolution by integration with PayPal
Business6 days ago
Why your business needs professional language translation services?