US Becomes Largest Mining Center For Bitcoin After China Crackdown

As of the end of August the United States accounted for 35.4% of the global hash rate, followed by Kazakhstan and Russia.
US Becomes Largest Mining Center For Bitcoin After China Crackdown

In Brief: 

  • The United state has become the world’s largest center for bitcoin mining.
  • As of the end of August the United States accounted for 35.4% of the global hash rate, followed by Kazakhstan and Russia.

The United States has become the world’s largest center for bitcoin mining after a crackdown in China. 

At the end of August, the United States accounted for 35.4% of the global hash rate, followed by Kazakhstan and Russia, according to a Cambridge Centre for Alternative Finance study published on Wednesday. That’s a 428% increase from September 2020. 

Previously, China was the leader in the term of hash rate. But, after Beijing’s crypto crackdown It had fallen to zero, the Cambridge researchers found.

Authorities elsewhere are more tolerant or even welcoming of bitcoin mining. Chinese authorities also announced tougher rules for bitcoin mining and trading. 

“As a veteran who witnessed the industry’s birth in China, I feel the situation today is lamentable,” said Mao Shihang, founder of F2Pool, once the world’s largest bitcoin mining pool and co-founder of Cobo.

“China is losing its share of computing power… the industry’s center of gravity is shifting to the United States,” he said, speaking before the Cambridge data was published.

Read Latest Bitcoin News

Related Posts
Total
0
Share