China’s bitcoin miners scoop up greater production power: Research

China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed a growing share that is likely to benefit the country’s miners.
Miners in China control 66% of global “hashrate”, a measure of the power of computers hooked up to the bitcoin network that dictates their ability to produce new coins, according to a report by digital asset manager CoinShares.
The Chinese share of hashrate, up from 60% in June, is the highest recorded by CoinShares since it began tracking hashrate nearly two years ago. The gains may be due to their greater deployment of more advanced mining gear, said Chris Bendiksen, the firm’s head of research.
Chinese companies such as Bitmain and MicroBT are among the world’s biggest manufacturers of bitcoin mining gear. Another, Canaan, launched a $90 million initial public offering in November, indicating investor hunger for exposure to miners.