The US Is Now the Biggest Bitcoin Mining Center after China’s Crackdown

A study from the UK Cambridge Centre for Alternative Finance revealed that the United States is now a heavyweight country in the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) mining industry, surpassing China. According to Reuters, the figures are not surprising, considering the recent Chinese government’s crackdown on the crypto sector.

China’s current Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term had plummeted to zero levels by July from 44% in May to 75% in 2019, said the Cambridge Centre for Alternative Finance. That said, the study confirms how the miners are shifting their eyes towards North America, as the US accounts for 35.4% of the global hash rate as of the end of August, followed by Kazakhstan and Russia. “Our current focus is accelerating the construction of compliant mining farms in North America and Europe,” a representative for the mining rig maker, Ebang International Holdings told Reuters.

Chinese miners are moving their operations to Central Asia countries due to its crypto mining-friendly environment in terms of regulatory frameworks. “The immediate effect of the government-mandated ban on crypto mining in China was a 38% drop in global network hash rate in June 2021, which corresponds roughly to China’s share of the hash rate before the clampdown, suggesting that Chinese miners ceased operations simultaneously,” the study noted.

Overal Global Hash Rate Share Metrics

The next country on the ranking is Canada with 9.55%, which is followed by Ireland with 4.68%, Malaysia accounting for 4.59%, Germany with a 4.48% global hash rate share, Iran with 3.11% and Norway with 0.58%. However, the study highlighted that countries like Germany and Ireland are included in the list because miners often rely on the usage of virtual private networks (VPNs).

In September, the ‘Notice on Further Preventing and Disposing of the Risk of Hype in Virtual Currency Trading’ unveiled by the Chinese government noted that all companies offering token issuance, trading, derivatives and order matching for digital assets are prohibited. Furthermore, it noted that staff of overseas crypto exchanges operating in the country, including those who work for customer support departments, will be subject to investigations.