According to findings stemming from a report published by Arcane Research, Bitcoin’s hashrate is steadily going public as an increasing share is deployed by publicly listed companies. Current data shows that the publicly listed miners’ share of Bitcoin’s hashrate is roughly 19% today, up 3% since January 2021.
Bitcoin miners that are publicly listed keep growing, the public market expands capacity faster than any other bitcoin miner
Bitcoin mining has grown a great deal during the last few years as the crypto asset’s hashrate reached all-time highs this year. Presently, the network’s hashrate is coasting along at 222.18 exahash per second (EH/s), or two hundred twenty-two quintillion hashes per second.
Arcane Research has published a report explaining that public-listed mining companies account for 19% of today’s hashrate. Publicly listed mining companies include Hive Blockchain Technologies and Riot Blockchain.
Jaran Mellerud, Arcane Research author, explains that although 19% of hashrate is owned by public-listed Bitcoin mining companies (source: Arcane Research), the data has increased 3% in the past year. Mellerud reveals that there were only 26 publicly-listed bitcoin miners back in January 2021.
Mellerud adds that most of the public miners are located in North America and because they have greater access to capital, they “can expand their mining fleets faster than most private companies.”
Arcane’s researcher also notes that public-listed mining companies expand their capacity faster than the rest of the market. In another report from Arcane, Mellerud says “to increase their bitcoin production, miners should expand hashrate faster than the whole network.”
The researcher concludes that since these companies hope to grow capacity faster than the whole network, “the U.S. and Canada’s share of the total hashrate will likely increase.” Using Arcane’s 19% metric shows that out of the 222 EH/s in global hashrate today, 42.18 EH/s is managed by publicly listed mining firms.
Are you satisfied with the Arcane Research reports on publicly traded mining companies? Comment below and let us know how you feel about the subject.
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