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According to the latest data from the Cambridge Center for Alternative Finance (CCAF), China is the second largest Bitcoin mining hub after the US. Despite the government’s ban, underground mining activities continue.
China regains the leading position
China used to be the largest Bitcoin mining country in the world in 2019 when BTC hash rate accounted for 75%.
The Chinese government has a deep prejudice on Bitcoin. They believe that mining wastes energy and affects the environment. Meanwhile, the Government must continuously strive to fulfill the national carbon neutrality goals.
In 2021, the country enacted a comprehensive ban on the operation of Bitcoin “miners”, imposing restrictions on banking services related to cryptocurrencies. Since then, the world’s largest mining pools have also given up and blocked Chinese IPs.
The ban resulted in the hashrate dropping to a bottom at 57.47 exahashes per second (EH/s) on June 27, 2021. The world cryptocurrency market was also rearranged, the US rose up. Leading the way, China “evaporated” from the map.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), China’s hash rate is currently 21.11%. The country has regained its status as a major worldwide mining hub. This raises the suspicion that the miners in this country have sneaked back into operation.
In order to hide the government, the miners used the external grid and performed mining on a small scale and geographically scattered. From what has been recorded, it can be concluded that Bitcoin mining still exists in China.
Hashrate in some countries
Since China lost its lead in September 2021, CCAF data shows the US leading with 37.84% of the total global hash rate. As of January 2021, the top three states in terms of hash rate are Georgia (30.76%), Texas (11.22%) and Kentucky (10.93%).
Kazakhstan, the world’s third largest Bitcoin mining hub and an ideal destination for miners. Data from the CBECI (Cambridge Power Consumption Index), shows that the drop in hash rate in the country fell from 18% in August 2021 to 13.2% in January 2022.
Russia is excluded from the list of top 3 mining pools in the world. Mining in Canada grew at a modest rate, with a slight increase in hash rate but a decrease in market share from 9.55% to 6.48%.
The CCAF is currently working on a new model to estimate the network’s greenhouse gas emissions on an ongoing basis.
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