China is marching ahead as the worlds top bitcoin miner

According to research from digital asset manager CoinShares, China controls two-thirds of the cryptocurrency mining industry.

The firm believes the Chinese share of hashrate, up from 60% in June, is at the highest recorded by CoinShares since it began tracking hashrate around two years ago. The increase may be due to their greater deployment of more advanced mining gear, said Chris Bendkisen (Head of research at CoinShares).

Chinese companies like Bitmain and MicroBT are some of the world’s biggest manufacturers of bitcoin mining gear. Canaan (CAN.O), also recently listed a USD 90 million initial public offering in November, indicating investor hunger for exposure to miners.

The head of research at the firm stated:

“This is beneficial to the Chinese mining industry,” said Bendiksen. “If you are the first to increase your proportion of the hashrate, and you can do that before your competitors, that’s generally good.”