After China has reigned for several consecutive years as the dominant bitcoin mining epicenter in the world, the United States has “taken the leading position in bitcoin mining,” according to new data from the University of Cambridge.
Data shows US, Kazakhstan and Russian Federation rule Bitcoin mining roost
In mid-July, researchers from the Cambridge Bitcoin Electricity Consumption Index (CBECI) project released new data from the website’s “Bitcoin Mining Map”, which had not been updated since April 2020. In this report Specifically, the CBECI researchers noted that the Chinese dominance of hashrate was much lower than in previous estimates. On October 13, CBECI researchers released updated data on all the countries involved in bitcoin mining and where most mining activity takes place these days.
“The latest update of the Cambridge Bitcoin Electricity Consumption Index (CBECI) confirmed the impact of the crackdown on Bitcoin mining in China,” the report explains. “[It shows] that most of the global Bitcoin network hashrate is now in the United States, followed by Kazakhstan and the Russian Federation. CBECI researchers added:
These new data (at the end of August 2021) show the United States with a global hashrate share of 35.4% (against 16.8% at the end of April), Kazakhstan with 18.1% (against 8.2%) and the Russian Federation with 11% (compared to 6.8%). This confirms the hashrate trajectory identified in the latest update (end of April 2021) which showed that these three countries were already gaining market share before the crackdown in China.
China’s crackdown “increased the geographic distribution of hashrate across the world”
Since June 28, 2021, the Bitcoin network hashrate has climbed 101.44% from 69 exahash per second (EH / s) to the current hash power measurement of 139 EH / s. Michel Rauchs, head of digital assets at the Cambridge Center for Alternative Finance, explained how the Chinese crackdown has helped fuel change in global bitcoin mining.
“The immediate effect of the government-imposed ban on crypto mining in China was a 38% drop in the hash rate of the global network in June 2021 – which roughly matches the hash share from China before the crackdown, suggesting that Chinese miners ceased their activities simultaneously, ”Rauchs said. suggested.
Besides the three new countries leading the hashpower race, the next biggest hashrate stocks are in countries like Canada (9.55%), Ireland (4.68%), Malaysia (4.59%). %), Germany (4.48%), Iran (3.11%), and Norway (0.58%). The CBECI report points out that while the United States obtained hashrate by fleeing Chinese miners, the crackdown has also “increased the geographic distribution of hashrate across the world.”
“It should be noted that the shares of Ireland and Germany are likely due to an increasing number of miners passing through these countries via VPNs or proxy servers, rather than a growing mining activity for which there is there is little or no evidence, ”explains the CBECI report. .
What’s also interesting is the fact that at least four of the current top five mining pools are originally from China, and many of them are now operating internationally and in unknown regions. F2pool, formerly known as ‘Discus Fish’, has started mining bitcoin (BTC) on May 5, 2013 and was initially based in China.
F2pool commands 26.76 EH / s in hash power and around 19.39% of the global hash rate today. Antpool, owned and operated by Bitmain, is also from China and is the second largest hash pool on October 13. Antpool captures 16.59% of the world’s hashrate with its 22.89 EH / s of hash power. There are also the main mining pools Viabtc and Poolin, which begs the question:
Where do these mining facilities and basins come from now?
What do you think of the recently released Cambridge Bitcoin Electricity Consumption Index (CBECI) mining map report? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, CBECI,
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.