Arcane Research’s findings show that Bitcoin’s hashrate is becoming more public due to the increasing number of publicly traded companies using it. The current data show that the share of Bitcoin’s havehrate owned by publicly listed miners is around 19%, an increase of 3% since January 2021.
Bitcoin miners publicly listed continue to grow, public miners expand capacity much faster than the overall marketBitcoin mining has seen a tremendous increase in the past few years, as this year’s crypto asset’s hashrate hit all-time highs. The network’s current hashrate is cruising along at 222.18 Exahash per Second (EH/s), which is two hundred twenty-two Quintillion hashes every second.
Arcane Research has published a report explaining that 19% of today’s hashrate is owned by publicly-listed mining companies. Among them are Riot Blockchain Technologies, Cleanspark and Riot Blockchain as well as Bitfarms and Hut 8 Mining.
Jaran Mellerud, Arcane Research author, explains that although 19% of the hashrate can be controlled by publicly-listed Bitcoin mining firms (source: Arcane Research), the data has increased 3% since January 2021. Mellerud reveals that there are now 26 publicly-listed bitcoin miners, despite the fact that there were only a few of them in January 2021.
Mellerud added that the majority of public miners are located North America. Because they have more access to capital, they can expand their mining fleets quicker than most private companies.
Arcane’s researcher also reveals that publicly-listed mining operations grow their capacity at a much faster rate than the overall market. Another Report Mellerud, Arcane says that miners need to increase bitcoin production faster than the entire network in order to do so.
According to the researcher, these companies are likely to increase their capacity faster than the rest of the network. Arcane’s 19% metric reveals that 42.18 EH/s of global hashrate’s 222 EH/s, currently available, is managed by publicly-listed mining firms.