A new interactive map launched by Cambridge Center for Alternative Finance (CCAF) is offering a unique glimpse at where Bitcoin is being created.
The CCAF Mining Map tracks the average monthly Bitcoin (BTC) hash rate by country using the IP addresses of miners who agreed to share their aggregate data. Hash rate is a measure of how many calculations the Bitcoin network can perform per second with a high hash rate reflecting increased activity.
Miners who shared their data represent 37% of BTC’s total hash rate over the period covering September of 2019 to April 2nd of this year. CCIF explains that by determining the IP addresses, researchers can map out where Bitcoin miners are located and how Bitcoin mining is distributed around the world.
However, the group warns that it needs more data to offer a complete picture of where BTC is being mined.
“This sample may not be fully representative for the following two reasons: first, it represents only a little more than a third of the total hashrate; and second, the data is provided by three Bitcoin mining pools that are all headquartered in China.”
CCAF says the data provides transparency and a better snapshot of the crypto industry which can help guide investors, policy and decision makers, researchers and the public.