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BlackRock bitcoin

In brief BlackRock has invested in Bitcoin mining firms Marathon and Riot Blockchain. Less competition among miners has led to daily revenues of $44 million.

BlackRock, the world’s largest asset manager with $9 trillion in assets under management (AUM,) has invested in U.S.-based Bitcoin mining firms Marathon Digital Holdings and Riot Blockchain.

According to a mandatory SEC filing dated June 30, BlackRock now holds 6.71% in Marathon Digital Holdings and 6.61% in Riot Blockchain.

The news comes amid a boom for Bitcoin miners. Firms based outside China are reaping the benefits of the recent crackdown on mining there, and seeing profits to the tune of $44 million a day, according to data aggregator YCharts. 

Bitcoin mining revenue per day over the past year. Source: YCharts. The new Bitcoin mining boom

According to some estimates, around 70% of all miners were based in China. That was until recently. 

After mining bans were introduced in the industry’s most popular states, up to 90% of Chinese miners left for more crypto-friendly climes, with the Bitcoin hash rate falling by 50%.

Now the hash rate is back on the rise and daily revenue has jumped a whopping 256.4% from one year ago. 

According to data from the Cambridge Centre for Alternative Finance, the U.S. alone now accounts for almost 17% of the global Bitcoin hashrate rate. Meanwhile, Russia and Kazakhstan also grew their share of mining capacity, reducing Chinese dominance to less than 46%. 

The countries where Bitcoin mining is thriving have two things in common, “mining cost advantages and ready access to funds (made available with institutional support,),” Nangeng Zhang, founder and CEO of mining equipment manufacturer Canaan, told Decrypt back in April. 

But mining profits are still short of the $80 million-a-day miners enjoyed in April this year, at the height of the Bitcoin boom, when the value of the cryptocurrency surpassed $63,000. Continue on decrypt.co

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