US claims Bitcoin mining throne after Chinese crackdown
- Bitcoin mining industry sees more than 35% of hash-power from the United States
- Kazakhstan and Russia are other nations that follows US in hashrate shares
- China’s share has effectively dropped to zero, following the prohibitions on digital asset firms and mining operations
Bitcoin mining industry has shifted from China to other nations seeking regulatory clarity. China, the country that dominated the industry with most of the hash powers, has lost its dominance amid the crypto crackdown. Several BTC miners migrated from the nation to more greener locations with regulatory clarity. Notably, Cambridge Centre of Alternative Finance (CCAF), which is the part of the Cambridge Judge Business School noted in its recent study that China’s share in the crypto mining sector has dropped to zero. On the other hand, it is also observed that where China loses its dominance, the United States is becoming the world’s leader in the BTC mining industry.
US takes the Bitcoin mining sector’s crown
The CCAF study has revealed that the United States has become pioneers in the Bitcoin mining sector. According to the report, the United States is currently accounting for more than 35% of the global total computational power that is used to mine cryptocurrency. Notably, following the data we have observed that at the end of April, the nation was dominating with just more than 16%,. Since then, until the end of August 2021, the United States has more than doubled its dominance to such extent.
Kazakhstan and Russia are following US
When it comes to Bitcoin mining, miners seek for locations that are greener or have cool climatic conditions. Noting the fact, several miners also migrated towards Kazakhstan and Russia. Hence, besides the United States, CCAF’s study observed that Kazakhstan and Russia are other nations dominating the industry with shares of more than 18% and 11% respectively.
It is noteworthy, that when the US doubled its dominance, Kazakhstan saw an incline by more than 8%, whereas, Russia saw an increment of more than 6.5% over the same time period.
China lost its dominance
Where other nations began to gain dominance in the Bitcoin mining industry, China has lost it all. The study from CCAF has shown that China’s share has effectively dropped to zero, following the prohibitions on digital asset firms and mining operations. Notably, in April, when the government announced to impose bans, there was an immediate effect of more than 38% drop in global hashrate share. However, later in July and August, there was a 20% rebound observed. Indeed, the aforementioned data suggested that the miners had successfully redeployed their rigs overseas. Since 2019, it is incredible to witness that China’s Bitcoin mining hashrate share declined from more than 75% to zero.
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