US seizes bitcoin mining company after Chinese restriction

The United States has become the world leader in bitcoin mining following a new restriction imposed by China on the sector, according to the Cambridge Center for Alternative Finance (CCAF).

Latest CCAF data spectacle The United States accounts for 35.4% of the world’s hashrate – the total computing power used to mine bitcoin – at the end of August, more than double the 16.8% at the end of 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.

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According to the CCAF, China’s quota “has been reduced to zero” following the ban on cryptocurrency mining imposed by the government of that country.

While the immediate effect of China’s ban was a 38% drop in the global hash rate in June, there was a 20% spike in July and August, suggesting that Chinese bitcoin mining operations have successfully redistributed your teams abroad.

After China’s dominance in bitcoin mining peaked at over 75% in September 2019, the latest trend suggests there will be no clear winner. The country’s bans have led companies to spread their operations instead of centralizing them in one place.

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