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Venezuela among the 10 countries with the largest presence in Bitcoin mining

In a recent CoinShare study, Venezuela and Argentina were listed as the two Latin American countries with the largest presence in Bitcoin mining. Venezuela holds 0.42% of the total hashrate. As shown in the ranking, China has 65.08% of the total hashrate. It is followed by the United States and Russia, which do not exceed 8% each. Bitcoin’s hashrate has approached an all-time high in recent days.

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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.

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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.

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(Featured image by photographersupreme via Pixabay)

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Suzanne Mitchell juggles the busy life of a full-time mom and entrepreneur while also being a writer-at-large for several business publications. Her work mostly covers the financial sector, including traditional and alternative investing. She shares reports and analyses on the real estate, fintech and cryptocurrency markets. She also likes to write about the health and biotech industry, in particular its intersection with clean water and cannabis. It is one of her goals to always share things of interest to women who want to make their mark in the world.