The US becomes the largest Bitcoin mining center in the world

November 26, 2021 By admin 0

According to data from the Cambridge financial selection center, the US has overtaken China for the highest share of Bitcoin mining market share in the world.

China’s ban on Bitcoin mining and trading activities has had a huge impact on the sector, forcing miners to close mining centers or move abroad. China’s total hashrate (an indicator of mining capacity) fell to 0% in July, while in May it was 44% and in 2019 it was 75%.

Mining activity in many other countries continued to stagnate as equipment manufacturers shifted to North America and Central Asia. Meanwhile, a series of large mining companies in China have had to leave and are having difficulty moving.

As a result, the US rose to the top of the market share with a hashrate of 35.4% in August. Kazakhstan and Russia followed.

Bitcoin mining is based on high-powered computer systems and consumes a lot of electricity. Many governments still accept and even support this practice, while the Chinese authorities introduced stricter regulations on Bitcoin mining and trading last month.