Bitcoin Mining Map
The Cambridge Centre for Alternative Finance (CCAF) which is affiliated with the University of Cambridge has introduced a new bitcoin data tool known as the “Bitcoin Mining Map” for tracking global bitcoin mining power. According to a report on May 7, 2020, CCAF says that this Bitcoin mining tracking tool will assist users to get the location of different countries’ monthly shares of the global hash rate. Another notable thing about this Bitcoin mining data tool is that it gives users an opportunity to compare Chinese provinces by providing them with detailed data and information.
Bitcoin Mining Map shows that China still has the largest Bitcoin mining hash rate in the world, more than the United States and Russia. Out of the total global hash rate, China has a huge share of 65% while on the other hand, the United States and Russia are very far behind from China with 7.24% and 6.90% shares respectively. Kazakhstan, Malaysia, Iran, Canada, and Germany have their monthly shares of 6.17%, 4.33%, 3.82%, 0.82%, and 0.56% respectively as the below-given chart shows.
The Bitcoin Mining Map is based on the IP addresses
According to the Cambridge Centre for Alternative Finance (CCAF), the Bitcoin Mining Map is actually based on the IP addresses or in other words geographical-info of hashers. These IP addresses are directly connected with three major bitcoin mining pools which are BTC.com, Poolin, and ViaBTC, and collectively, these three refers to an estimated 37% of the Bitcoin total hash rate.
Furthermore, the CCAF report reveals that many miners try to hide their IP addresses with the help of virtual private networks (VPNs) which makes it difficult to identify their specific location. Such kind of activity can badly deform the total estimation of geographic distribution and can result in overestimation according to some experts from CCAF.
According to the research from CCAF, such kinds of practices are more common in the Zhejiang province of China. CCAF report says:
“To mitigate this effect, we have divided the hash rate of Zhejiang province proportionally among other Chinese provinces listed in the pool’s dataset.”