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According to the latest statistics, the US has “overthrown” China to become the country with the highest Bitcoin mining hashrate in the world.
Data compiled by the Cambridge Center for Alternative Finance (CCAF) shows that the United States has become the world leader in Bitcoin (BTC) mining hashrate.
Based on the 44% hashrate of the entire BTC mining sector verified by CCAF, this unit estimates that by August 2021, the US is holding up to 42.7 EH/s hashrate, accounting for 35.4% of global mining activity. bridge. Following are the countries of Kazakhstan (18.1%), Russia (11.2%) and Canada (9.6%).
Meanwhile, China’s Bitcoin mining hashrate fell to zero after the government’s ban in May 2021, causing the country’s miners to shut down or massively move abroad.
The US overtook China as the world’s biggest source of bitcoin mining two months after Beijing banned crypto mining this year, new data has revealed: https://t.co/lWx3bq2Q26 pic.twitter.com/smaxJ6ipGW
— FT China (@ftchina) October 13, 2021
The hashrate momentum from China is also the main reason for the sharp increase in the hashrate of other countries. This can be clearly seen when compared to the hashrate of countries in May, with China still holding the throne with nearly 44% of the global hashrate, completely overwhelming the US (17.8%), Kazakhstan (7, 8). 4%), Russia (7.2%), and Canada (4.7%). In addition, many American mining companies are investing heavily in more equipment and expanding factories to serve mining activities.
Even so, according to data from mining pool BTC.com, mining pools originating in China still control the majority of the global hashrate. This shows that Chinese mining pools still have a say in the Bitcoin community, especially since their operations are no longer threatened by the Beijing government now that they have moved to other countries.
In Q3 2021, 7 US miners alone mined 7.5% of all Bitcoin block rewards issued. These companies are holding up to 20,000 BTC at the moment, and thanks to BTC’s value recovery from July to now, this amount helps bring a huge amount of profit.
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