Rewards received by bitcoin miners form a major chunk of the salaries paid across major proof of work (PoW) blockchains, according to Yassine Elmandjra, a cryptocurrency analyst from ARK Invest.
For all of bitcoin’s promise of being the world’s first decentralized, peer-to-peer cryptocurrency, 65 percent of the total hash power resides in China, according to a recent report by CoinShares Research.