According to the UK’s Cambridge Centre for Alternative Finance, the United States is now the largest country in Bitcoin (BTC), surpassing China. Reuters reports that these figures are not surprising considering recent crackdowns by the Chinese government on crypto-related activities.
According to the Cambridge Centre for Alternative Finance, China’s current hashrate dropped to zero by July. It was 44% in May and 75% in 2019. The study shows that miners are turning their attention to North America as 35.4% of global hash rates as of August. Russia and Kazakhstan follow. Ebang International Holdings, a mining rig manufacturer, stated to Reuters that their current focus is on accelerating the construction compliant mining farms in North America or Europe.
Because of its regulatory frameworks that favor crypto mining, Chinese miners have moved their operations to Central Asia. The study found that the immediate impact of China’s ban on crypto-mining was a 38% drop of global network hash rates in June 2021. This corresponds roughly with China’s share of hash rates before the clampdown. It suggests that Chinese miners have ceased operations simultaneously.
bestadmin
