Publicly-Listed Mining Companies Dominate Global Bitcoin Hashrate – crypto.news

The bitcoin (BTC) mining hashrate of publicly-listed mining companies has surged multiple folds in the past year. Fresh research reports suggest that these firms now account for nearly one-fifth of the total global bitcoin hashrate.

Publicly-Listed Bitcoin Miners Dominate 

According to a report published by Arcane Research, publicly listed mining companies now control 19% of Bitcoin’s total hash rate, a significant jump from the meager three percent they managed as of last January.

For the uninitiated, hashrate simply means the total computing power used by a miner’s computing tool to confirm and legitimize Bitcoin transactions. 

According to the researchers, the total number of publicly-listed mining companies has continually increased since the beginning of last year. 

While only a handful of publicly listed bitcoin mining firms existed in early 2021, there are now a total of 26 different public entities involved in the highly lucrative Bitcoin mining business.

Notably, the report  explains that the growth of these companies over the past year has been largely due to their access to capital, massive leverage that has afforded them the privilege to expand their operations faster than private firms 

Furthermore, the research expresses great optimism about the expansion of publicly listed companies in the foreseeable future. 

Bitcoin Mining Regulations

While Bitcoin and other cryptocurrencies continue to see massive adoption across the world, proof-of-work (PoW) mining has come under serious criticism from regulators in various jurisdictions.

The European Parliament’s Economic and Monetary Affairs Committee in March legislated on a bill designed to limit the use of  proof of work (POW) cryptos such as bitcoin (BTC)

The bill, entitled Market in Crypto Assets (MICA), if passed would have banned Bitcoin mining in Europe. Fortunately, it got kicked out entirely as the legislation failed to gather enough support from MPs.

China, which until recently was regarded as the Bitcoin mining heavyweight of the world, has entirely outlawed crypto mining, triggering a mass exodus of miners 

Before the stifling regulations,  China accounted for about 65 percent of the global Bitcoin mining hashrate as of the spring of 2020.

 However, due to the migration of miners into other Asian countries and the United States, China lost its crypto mining control, with the hash rate of  Xinjiang and Sichuan crashing to 36% and 10% respectively last July, according to the Cambridge Center for Alternative Finance.

Now, countries in Europe and America have taken over the bitcoin mining mantle of leadership. Presently, 44.95 percent of the global hashrate comes from miners in North America.

Bitcoin mining firms in the U.S and around the world are now making serious efforts to maximize their mining potential.

Hive Blockchain in March, 2022, signed  a partnership deal with Intel, to acquire the latter’s Bonanza Mine ASIC chips, in a bid to significantly boost its hashrate. 

Furthermore, Hive Blockchain also signed a letter of intent  with Compute North, with the sole aim of using the latter’s renewable energy to power its Texas Crypto mining facility.

In the same vein, crypto.news reported earlier in March 2022, that bitcoin mining giant, Bitmain, is building a new highly sophisticated and energy efficient bitcoin (BTC) mining machine.

Source: https://crypto.news/publicly-mining-companies-global-bitcoin-hashrate/