China's bitcoin miners now control two-thirds of the crypto-network's processing power, research showed on Wednesday, a growing share that is likely to benefit the country's miners.

Miners in China control 66 percent of the global "hashrate," a measure of the power of computers hooked up to the bitcoin network that dictates their ability to produce new coins, according to a report by digital asset manager CoinShares.

The Chinese share of hashrate, up from 60 percent in June, is the highest recorded by CoinShares since it began tracking hashrate nearly two years ago. The gains may be due to their greater deployment of more advanced mining gear, said Chris Bendiksen, the firm's head of research.