The United States is now the top destination for bitcoin miners in the world, according to new statistics from the University of Cambridge, breaking China’s grip on the industry after Beijing’s cryptocurrency crackdown sent miners to new locations.
According to the Cambridge Center for Alternative Finance, as of July, more than a third (35.4%) of bitcoin’s hash rate (a measure of the computing power of the mining network) was located in the US.
The figure is the highest ratio ever recorded for the US, up from about 21.8% in May and about 4.2% a year ago.
According to Hashrate data, Kazakhstan (18.1%), Russia (11.2%) and Canada (9.6%) were the other major destinations for bitcoin miners.
No (0%) hash rate was recorded in mainland China, the data showed, a dramatic turnaround for the long-time market leader that fell by about a third (34.3%) in May and nearly two-thirds in September 2020. was responsible for 67%. .
Miners swiftly exited China after authorities in Beijing cracked down on cryptocurrencies earlier this year.
Bitcoin mining is the process through which bitcoins are provided to computers that solve complex problems. These systems consume large amounts of energy, which is cheap and abundant in China, although often from dirty sources such as coal, which is contrary to China’s climate goals. Miners have been scrambling for a new home since Chinese officials announced crackdown on mining and trade and parts of the US TexasIt has proved to be an attractive location for miners seeking cheap, and often renewable-energy. The mass exodus from China has accelerated and increased this migration.
what to see
Tax provisions for cryptocurrency in the infrastructure bill could prompt miners to reconsider the US as a viable location. a Kazakh digging The tax is also due to come into effect in 2022.
bitcoin mining map (Cambridge Bitcoin Electricity Consumption Index)
Chinese bitcoin miners are back online around the world, resuming heavy competition with US counterparts (Businesshala)
Crypto provision in infrastructure bill could force bitcoin miners and blockchain companies to flee the US (Businesshala)
‘Green bitcoin mining’: big profits in clean crypto (Businesshala)