Chinese with his oppressive attitude Bitcoin miningHe had hoped that the coin would be decentralized, but the data showed that many Bitcoin miners remained in China despite bans. continues to operateshows what.
The Cambridge Center for Alternative Finance (CCAF), which has released new data on the global hash rate distribution of Bitcoin mining, revealed that such activities continue in the country even after the government suppressed mining activities last year.
Ranked 2nd in the World!
Stating that a large number of miners were connected back to the network by September 2021, the Center states that China is the 2nd best Bitcoin mining center as of January 2022.
USAChina has the second largest share, 21.11%, against 37.8% dominance of . The country was home to about half the world’s Bitcoin mining hashrate before banning mining activity last summer.
It Was Once a World Giant!
China was once the largest Bitcoin mining country in the world, with local BTC hash rate strength accounting for more than 75% in 2019. According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), China’s share of the hash rate fell to 0% in July and August 2021.
There are two possible explanations for this: Either the miners working despite the ban made a sudden and massive comeback, or the miners who continued to work in these two months managed to hide their places.
It’s unclear how many China-based miners went out of business in July and August, according to Alexander Neumueller, project leader in CBECI’s Digital Assets Team. “However, miners in China are now more comfortable re-sharing their location.” says.
Which Countries Are In The Front Line?
According to anonymous sources, in December it was reported that around 20% of all Bitcoin miners in the world are in China.
However, currently the industry leader is the USA with 37.84%. While China is the leading country, it has become a popular destination for miners after China’s ban. Kazakhistanhas forced some companies out of the country in recent months. According to CCAF data, total mining activity fell to 24.79 EH/s in January 2022, causing the country’s market share to fall to 13.22% from 18.31% in October 2021.
Russia Lost Top 3 Country Titles
Losing its position among the three largest countries with BTC hash rate power RussiaIt was noted that the hash rate in August decreased to 8.6 EH/s in January, while it was 13.6 EH/s.