The world’s leading cryptocurrency exchange, Binance, announced this Friday that it seeks to increase its hashrate on its farms in Russia and Central Asia. The firm wants to implement a node of its physical BitRiver server, which is the largest in the region and is located in Bransk, Russia.
According to the firm, users in that area of the planet who switch to Binance, can enjoy outstanding advantages. For example, they would have a better connection and direct route to their mining group.
For its part, Binance would gain access and exposure from customers who operate their ASICs with BitRiver. This server currently manages a load power of 70 MW of a total capacity of 100 MW.
Russia among the main mining centers of the world
The Russian Federation, according to the mining map of the Cambridge University Center for Alternative Finance, ranks third worldwide in Bitcoin hashrate. At 6.90%, Russia is only surpassed in power by the gigantic China and the United States, a country where there is solid growth in this business.
According to this same map, another important epicenter of mining is located in that region of Central Asia: Kazakhstan. This nation ranks fourth in the world after Russia and generates 6.17% of the total hashrate of the most important of cryptocurrencies.
The top ten of the countries with the highest hashrate power, is made up of other territories such as Germany, Norway, Iran, Malaysia and Canada. On the part of Latin America, Venezuela is also part of that top, with 0.42% of the total hashrate. This Latin American country has the characteristic of providing electric power service practically free of charge.
Binance seeks to consolidate its position by increasing its hashrate in Eurasia
Although the vast majority of Bitcoin mining weight companies are of Chinese origin, or are indirectly related to that nation. Binance can boast that it is one of the leading companies in handling the latest equipment.
Binance currently has a hashrate of about 100 Ph / s on the aforementioned BitRiver alone. It should be taken into account that, despite this high hash sum, it only represents 1% of the total existing on the entire planet.
Despite this, Binance’s strategy to improve its hashrate is based on an aggressive campaign. It would aim to absorb miners from different regions of the world in the same way as they are doing in Central Asia.
In this sense, Igor Runets, CEO of BitRiver, assured that “Binance pool offers an advantageous rate structure, which is highly competitive for miners at the institutional scale, who are our clients.”
Thus, according to Runets’ estimate, 50% of customers could switch to Binance in a short time. This would assist in the exchange’s strategy of improving its hashrate. Furthermore, these new clients would come from BTC.com, Bitmain’s main mining pool.
Data to consider
- Binance has a hashrate of 100 petahash per second (PT / s) on BitRiver. This represents 1% of Bitcoin’s total computing power worldwide.
- Russia and Central Asia combined, occupy 13% of Bitcoin’s hash power. China, meanwhile, remains the epicenter with 65%.
- According to Binance, their hashrate could quickly increase as miners migrate from BTC.com to their pool.
- Among the mining pools, the most powerful are those controlled by the giant ASIC manufacturing company Bitmain.
The information in this content has been extracted from reliable sources detailed below:
1- Professional handling of content by the authors of CriptoTendencia.
2- External sources: BitRiver.farm, cbeci.org and CoinDesk.com.