Public BTC Miners Dominance Surges Sixfold In A Year

Public BTC miners dominance surged by six times in one year and nearly 20% of the hash rate is produced by public mining companies, marking an increase of 3% from 2021 as we are reading more in today’s latest Bitcoin news.

The dominance of the public BTC miners over the network hash rate increased by six times in the past 15 months according to the data from Blockchain.com. The hash rate is the rate at which miners generate answers for constructing BTC blocks and comprises 19% of the network hash rate, the public BTC miners have a 19% probability of solving new blocks as of late.

As the public miners’ dominance grows, it hasn’t translated to a secure network essentially. Blockchain.com shows that the total network hash rate stagnated since February, and this comes after a swell of BTC miners flooded the network in 2021 and brought ht eh hash rate to a new high above 203.5 exahashes per second even after China banned crypto. Arcane research which is a crypto market research firm posits the supply chain issues could be stifling the miners’ ability to build even more facilities and new machines.

Despite the larger share of the industry, the public miners continually missed the hash rate growth targets. A more likely cause for the increased dominance is that most existing private miners simply became public in the past year. Bitfmars for example went public in 2021 and powered 1% of the BTC network at the time.
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Core Scientific one of North America’s biggest BTC miners which went public in January this year and boasted a self-mining capacity of 8.2 EH/s and it seemed to have made more contributions to public mining after getting listed.

The public miners’ increased access to capital also allows them to expand faster and at a higher rate. There are 26 publicly listed BTC mining companies like BitFarms, Riot Blockchain, and Argo Blockchain. Despite the range-bound hash rate, the network difficulty seems to have reached a new high after a 4% adjustment last week and BTC adjusts the difficulty regularly as hash rate fluctuates which means one block is created every 10 minutes on average. after the recent adjustment, the production dropped to 5.93 blocks per hour.