News - These three cryptominers account for 76 percent of Bitcoin hashrate

By Ted Maas

These three cryptominers account for 76 percent of Bitcoin hashrate

Bitcoin (BTC)

Bitcoin is decentralized. However, most of the computing power in the network comes from just three mining models. This is evident from a recent analysis report.

According to research by Coinmetrics, three models from Bitmain (specializing in mining hardware) are responsible for more than three-quarters of the total hashrate on the Bitcoin network. These three mining rig models are the Antminer S19j Pro, the Antminer S19 XP and the Antminer S19.

The leader is the Antminer S19j Pro, which accounts for 34.3 percent of the hashrate on the network. The S19 model accounts for 28.1 percent. The introduction of the new models has improved energy efficiency by 60 percent since July 2018, the company says. However, due to the constant increase in hashrate, the network's power consumption has increased since then.

hashrate btc

The study found that the Bitcoin network consumes 13.4 gigawatts (GW) of electricity. 13 percent less than the Cambridge University Centre of Alternative Finance's index.

The mining equipment market is dominated by the two major vendors Bitmain and MicroBT. But other manufacturers are slowly but surely entering the market. Even Twitter founder Jack Dorsey announced he would develop his own devices to counteract the centralization of Bitcoin mining ASIC supply.

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