As the halving on the Bitcoin (BTC) blockchain approaches, competition between Chinese and American cryptocurrency miners may intensify.
Most of the hash rate on the Bitcoin network is controlled by Chinese miner Antpool and US Foundry. These two manage a total of 53.4% of the hash rate between themselves.
Antpool has started to widen the gap between itself and its rival in the last few weeks. “China is aggressively mining Bitcoin ETF before it is approved,” said CryptoQuant analyst Bradley Park. said.
“As the Bitcoin halving approaches, I expect competition between China and the US to increase in terms of productivity of mining devices.” Park said, “Because with the increase in electricity costs and the difficulty of mining, the cost of mining one unit of Bitcoin will probably increase.” he commented.
According to the comments of Metalpha analyst Lucy Hu, with the approach of the halving, the dominance of mining devices such as Antminer S21 in the market will increase.
“We expect miners to sell or borrow just enough Bitcoin to keep things going before a Bitcoin ETF is approved,” Hu said. he said and said:
“Since the halving will double production costs, the most beneficial thing for miners will be to use the most up-to-date machines to reduce costs and gain more market share.”