United States tops China as biggest bitcoin mining hub – reports
America has become the biggest bitcoin mining hub with a 35.4% share after the regulatory crackdown in China. Meaning the United States has become the largest share of the world’s bitcoin mining. The crackdownd on bitcoin mining in China has dropped drastically to zero.
According to a report by University of Cambridge (Judge Business School), greater share of global Bitcoin network is now in the States followed by Kazakhstan and Russia. China barred cryptocurrency mining in June 2021, leading to a “38% drop in global network hashrate”.
“China have effectively dropped to zero from a high 75.53% of the world’s total bitcoin mining in September 2019” alone but things have changed now.
“The initial 38% drop in global hashrate in June was partially offsets by a 20% bounceback over July and August, suggesting that some mining equipment has been successfully redeployed overseas. Further, as of early October, the hashrate trajectory is indicating that all, or nearly all, of that June downturn would be fully recovered soon. If the August data updates are an indication for the future then that recovery will likely be further distributed predominantly between the largest share gainers, United States, Kazakhstan and the Russian Federation”
The report went on to name Canada, Malaysia, Germany, Ireland etc. to also have next largest share after the above mentioned countries.
“Outside of the top three, the next largest hashrate shares are Canada 9.55%, Ireland 4.68%, Malaysia 4.59% and Germany 4.48%, Iran 3.11 and Norway 0.58%”