Cryptocurrency

Public Bitcoin miners are expanding their hashrate share

Zegex

Bitcoin hashrate share of public miners has grown steadily over the last year, with a significant surge. Hashrate index.

In the wake of the huge sums of money from the 2021 bull market, many of these miners have invested heavily in mining rigs, thereby expanding and ramping up their operations. According to reports, this development has led to a continuous increase in Bitcoin hashrate.

Prior to the massive investment by these public miners, hash rates were typically lower than those of private miners. A year ago, public miners recorded a total hash rate of 15 EH/s, while private miners recorded a total capacity of 134 EH/s, making up his 90% of the network.

hash rate
Bitcoin hashrate share comparison between public and private miners | Source: Miner Public Information, Hashrate Index

Public miners catching up with private miners

Public miners invested heavily in expansion, while private miners did not have access to funds and could not. Due to this development, private miners are currently growing at a lower rate than public miners.

It’s worth noting that over the past year, public miner capacity has grown by a whopping 295%, while private miners have only grown by 58%. As a result, according to current data, public miners are taking over a larger and larger share of the Bitcoin mining network. Amazingly, the public miner is currently enjoying a hashrate of 58 EH/s, followed by his private hashrate of 177 EH/s.

Private miners are far ahead of public miners, but new reports show that hashrate share of public miners continues to grow. For example, in January Core Scientific, a well-known public mining company, recorded a surge at that hashrate. Moreover, according to a recent study, that level continues to rise at around 25%.

Public miners, on the other hand, will continue to grow at least through mid-2023. This is because we have thousands of rigs, many of which are not yet plugged in. This will allow these public miners to continue expanding their capacity, facilitating rapid growth in hashrate share.

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