For the uninitiated, Hashrate is a measure of the total computational power being used by a proof-of-work cryptocurrency network to process transactions in a blockchain. The report elaborated the following details in the report:
- According to the report, the current Bitcoin’s hashrate share of publicly listed miners has increased to approximately 19 percent now from 3 percent in January 2021.
- The Arcane’s 19 percent metric shows that out of the 222 (Exhash)EH/s in global hashrate today, 42.18 EH/s is operated by publicly listed mining companies.
- Hive Blockchain Technologies, Cleanspark,
Riot Blockchain, Marathon Digital Holdings, Bitfarms, and Hut 8 Mining are some of these publicly-listed bitcoin mining operations.
- Mellerud explains in the report that majority of public miners are based in North America and because of having greater access to capital, they can expand their mining fleet faster than many private companies.
- An example is Texas-based blockchain infrastructure provider, Core Scientific, with a self mining capacity of 8.2 EH/s went public in January 2022, after merging with Power & Digital Infrastructure Acquisition.
- The research report gave the inference that the US and Canada’s share of the total hashrate would likely increase, since these publicly listed companies aspire to expand and grow their capacity faster than the entire network.
- In another Arcane research report, Mellerud argued that in order to increase their Bitcoin production, miners have to expand hashrate much more rapidly than the whole network, Bitcoin.com reported.
The current Bitcoin hashrate is 199.36EH/s representing the global Bitcoin network hashrate with a mining difficulty of 28.59 T at block height 730,820 according to the coinwarz.com data.
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