Shifting estimates of China’s Bitcoin mining presence come with the proviso that much capacity remains “unaccounted for.”
China controls much less Bitcoin (BTC) mining power than people think, according to a new survey.
Released on July 16 by asset manager Fidelity and crypto research firm BitOoda, the survey reveals that China is actually responsible for around 50% of Bitcoin mining — not 65%.
Much Chinese Bitcoin mining capacity “unaccounted for”
Analysts used what they describe as various sources, as well as “confidential conversations” with miners, who agreed to divulge information on aspects such as power cost on the condition that they remained anonymous.
“We were able to locate ~4.1GW of power across 153 mining sites, including 67 sites or ~3GW power capacity, with power price data provided upon condition of anonymity,” they summarized in an accompanying blog post.
BitOoda further found that 14% of mining now comes from the United States.