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That is, about 66% of Bitcoin producers are unknown.
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Among the well-known companies are Bitfarms, Argo, CleanSpark, Core Scientific, among others.
Only 31.6% of bitcoin production can be attributed to mining companies that are publicly traded and disclose their mining performance monthly. If public companies that release their reports once every three months are included, the percentage of bitcoin mined in the open rises to 34%.
In other words, It is not clearly known who “extracts” 66% of the bitcoin issued in the world, according to a medium that offers data on mining.
The identity of these producers is shrouded in mystery, although there is no doubt about the countries from which they run their operations thanks to the data on the distribution of the Bitcoin hashrate. Most of the world’s mining power is concentrated in the United States. Then, in China, Kazakhstan, Canada and Russia, whether or not it comes from unknown entities.
The reasons why these producers are not known vary. The main one was the mining ban in China, which permanently changed the landscape of Bitcoin mining and continues to make its effects felt in the industry years later.
It was a ban that occurred in a country that has acted consistently as the hashrate producer largest in the world. The ban did not make BTC mining disappear in the countrybut it did make it a more secret and clandestine activity.
If instead of banning it, China had moved forward with moderate regulations on Bitcoin, possibly at least half of the world’s most important bitcoin producers would be known today.
Then, tax regulations and policies vary between countries; Even where there are no obvious prohibitions, clandestine habits can take hold. Too strict regulations or too high taxes, for example, discourage public execution of mining activities.
Something else explains the tendency of bitcoin producers to operate silently: the predilection for anonymity and privacy that is typical of the bitcoiner philosophy since its beginnings.
Who are the public companies responsible for 34% of production?
Although the percentage of unknown miners participating in the network is high, paradoxically the bitcoin mining industry It has never been so transparent in its history.
According to the mining media, only 16.7% could be attributed to known entities in 2022, so the amount of bitcoin issued by public companies has doubled.
The list includes companies such as Argo Blockchain (ARBK), Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), Core Scientific (CORZ), HIVE Digital (HIVE), Hut 8 Mining (HUT), MARA Holdings (MARA), Riot Platforms (RIOT) or Terawulf (WULF), several of which CriptoNoticias has reported on.
As CriptoNoticias reported, entities that mine bitcoin can benefit from the transition to public companies. For example, through its stock market listing, thanks to which investors can obtain participation in companies and produce profitability in the market.
Shares of mining companies have proven to be able to adapt to the price of bitcoin, although they should not be confused or equated with the crypto asset.
As MicroStrategy stock recently demonstrated, the fundamental properties of bitcoin that positively affect the price are due to its technology and its network, something that stocks, which are only financial and governance products, do not have.
