66% of the total Bitcoin hashrate is controlled by China

66% of the total Bitcoin hashrate is controlled by China - China bitcoin legal commodity66% of the entire hasco of the Bitcoin network is held by miners in China, according to a recent report. China-controlled hashrate at the time of writing this article has been at its highest point in the past two years, according to a popular monitoring resource.

China controls 66% of the Bitcoin hashrate

According to a recent report published by Reuters, China is the most important player in Bitcoin mining. The country now controls 66% of the network's hashate and is at its highest point in the past two years, according to the popular monitoring resource CoinShares.

Chris Bendkisen, head of research at CoinShares, spoke on the issue, who stressed that the wave is largely due to a greater deployment of more advanced mining equipment. Chris also added:

“This is beneficial for the Chinese mining industry. [...] If you are the first to increase your hashrate rate and you can do it before your competitors, it is generally good. "

Bitcoin hashrate distribution

The news may come in a somewhat natural way, given that Bitcoin's biggest mining operations, including Bitmain, MicroBT and Canaan, are the industry leaders.

Another interesting thing to note is that the mining pools managed by Bitmain control about 22,6% of the hashrate of the entire network.

However, the positivity derives from the fact that there is no single actor with control close to 50%, which shows the maturity of the network and its decentralized nature in general.

In November, the president of China, Xi Jinping, urged the country to make further efforts to implement and integrate blockchain-based technology. However, the general regulatory climate remains uncertain, as previous reports have revealed that the country considers Bitcoin mining to be wasteful and would have tried to ban it, building more on the "Blockchain Not Bitcoin" narrative.

Bitcoin has no chance of becoming a reliable currency

Meanwhile, Shark Tank star and Dallas Mavericks owner Mark Cuban has said that Bitcoin, the flagship cryptocurrency, has "no chance" of becoming a reliable currency.

In an email addressed to Forbes, the billionaire pointed out that he does not believe that BTC can become a reliable currency because the blockchain will fail.

Cuban added that since there are hundreds of other cryptocurrencies on the market, people are wondering why investing in BTC if not everything else? The billionaire was a well-known BTC critic, calling bitcoin a bubble in 2017 (as not).

In a video of Wired recently posted on YouTube, Mark Cuban notes that he would prefer to have bananas rather than bitcoins, since the cryptocurrency "is only worth what someone will pay for its value". Comparing BTC with baseball cards, he said that at least with cards he can look to see their favorite players.