The United States has emerged as the world leader in bitcoin mining following the new crackdown on the industry in China, the Cambridge Center for Alternative Finance (CCAF) said.
- Latest CCAF data shows the United States accounted for 35.4% of the global hashrate – the total global computing power used to mine bitcoin – at the end of August, more than double the 16.8% at the end of the month April.
- Kazakhstan and Russia followed the United States with shares of 18.1% and 11%, respectively, up from 8.2% and 6.8% in April, according to the CCAF, which is part of the Cambridge Judge Business. School.
- China’s share “effectively fell to zero,” according to the CCAF, following the government-imposed ban on crypto mining in the country.
- While the immediate effect of the Chinese crackdown was a 38% drop in the global hashrate in June, there was a 20% rebound in July and August, suggesting that Chinese bitcoin mining operations had successfully redeployed their assets. equipment abroad.
- Where China’s dominance over the bitcoin mining industry peaked at over 75% in September 2019, the immediate trend suggests there will be no clear winner. The crackdown has caused companies to see the need to spread their operations rather than centralize them in one place.
Read more: Go West, Bitcoin! Unboxing the great hashrate migration