Chinese Bitcoin (BTC) miners are now responsible for controlling as much as 66% of global hash rate, a new report claims.

Communist china's Sichuan province is bookkeeping for over half the global hash charge per unit, according to a study by London-based digital nugget manager CoinShares, Reuters reports Dec. 11.

Hash rate is a measure referring to the overall calculating power involved in validating transactions on the Bitcoin blockchain. As reported, more than power suggests greater network security as well as interest in the profitability potential of mining Bitcoin.

The highest recorded hash rate since 2022

Co-ordinate to the report, the Chinese share of hash rate has surged from 60% in June 2022 and is the highest recorded past CoinShares since the firm started monitoring the measure in 2022.

While Sichuan province reportedly accounts for over 50% of the global hash rate, other leading crypto mining centers in China include the provinces of Yunnan, Xinjiang and Inner Mongolia, the report notes. Other hubs include sites in the U.s.a., Russia and Republic of kazakhstan, CoinShares reportedly wrote.

New fasten could exist acquired by using more sophisticated mining hardware

Chris Bendiksen, head of research at CoinShares, suggested that the recent surge in China's hash rate is likely to be a result of applying more avant-garde mining hardware. He noted in the written report:

"This is beneficial to the Chinese mining industry [...] If you are the first to increment your proportion of the hashrate, and you can do that earlier your competitors, that's generally good."

Bitmain plainly monopolizes Cathay's crypto market

As recently reported by Cointelegraph, Bitmain and Canaan Creative are the pinnacle mining chip suppliers in Prc. Meanwhile, Bitmain appears on track to monopolize China's crypto mining market place equally some reports claim that the company accounts for 75% market share of the crypto hardware market worldwide.

According to documents filed on Nov. 20, Canaan raised $90 million in its initial public offering, which reportedly amounted to 75% less than expected.

Another major Bitcoin mining hardware manufacturer, MicroBT, is allegedly facing an intellectual property infringement dispute with Bitmain, as MicroBT's founder was reported to be held past Shenzhen Constabulary to assist in an investigation.