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The total hash rate of the BTC network keeps rising among all types of miners:

  • Bitcoin network's total hash rate increased from 211 EH/s (June 2022) to 375 EH/s (May 2023), a 78% rise.

  • From the beginning of 2023, public miners' hash rate growth has been constant at the rate of about 6% per month.

  • The hash rate of non-public miners has increased overproportionally.

Since December, the hash rate share of public miners dropped from 31% to 25%:

  • Public miners' hash rate grew 89% from June 2022 (50.1 EH/s) to May 2023 (94.8 EH/s).

  • Non-public miners' hash rate witnessed a 75% increase from June 2022 (160.5 EH/s) to May 2023 (280.3 EH/s).

  • Public miners' share in total hash rate has decreased since December 2022

We have identified 3 reasons that could be underlying the rise of the private mining firms...

  • The Moscow Times reports that Russia has risen to become the second largest contributor to Bitcoin mining, suggesting that the growth in hash rate could be attributed to anonymous Russian miners

  • Meanwhile, in the US, private mining entities such as Genesis Digital Assets are experiencing significant growth

  • The dominance of unidentified pools in Bitcoin's hash rate has seen a seven-fold increase since January 2023, indicating potential influence from a significant private miner anywhere globally.


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