In just 15 months, public Bitcoin miners have increased their dominance by nearly sixfold

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In just 15 months, public Bitcoin miners have increased their dominance by nearly sixfold

In just 15 months, public Bitcoin miners have increased their dominance by nearly sixfold
Source: Decrypt
1649255636 06 Apr / 14:33

Public mining businesses now account for about 20% of Bitcoin's hash rate, up from just 3% in January 2021.

According to data from, the dominance of public Bitcoin miners over network hash rate has surged more than sixfold in the previous 15 months.

The "hash rate" is the rate at which Bitcoin miners generate potential answers for the next block of Bitcoin. Public miners, who account for 19 percent of the network's hash rate, have a 19 percent chance of solving new blocks right now.

However, as public miners gain more clout, this hasn’t always translated into a more secure network. According to, the entire network hash rate has been stable since February. This comes as a surge of Bitcoin miners stormed the network in 2021, pushing the hash rate above 203.5 exahashes per second (EH/s), despite China’s crypto ban. One quintillion hashes equal one exahash.

According to Arcane Research, a crypto industry research organization, supply chain concerns may impede miners’ ability to create new facilities or recover new devices.

Indeed, public miners have “consistently underperformed” current hash rate growth expectations, despite having a larger share of the business. According to Arcane, a more likely reason for their rising dominance is that many current private miners have just gone public in the last year. After being listed, it seems to have made significant contributions to public mining with a self-mining capacity of 8.2 EH/s.

Furthermore, because public miners have easier access to cash than private miners, they can expand operations faster, which they intend to do. Riot Blockchain, Bitfarms, and Argo Blockchain are among the 26 publicly traded Bitcoin mining businesses.

Despite a range-bound hash rate, network difficulty appears to have risen to an all-time high after a 4% tweak last week. As the hash rate changes, Bitcoin regularly adjusts the difficulty of block production, resulting in one block being formed every 10 minutes on average. Production has dropped to 5.93 blocks per hour following the last modification.

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