Bitcoin mining survives China’s ban, and only beats the US – DiarioBitcoin

Bitcoin mining survives China's ban, and only beats the US - DiarioBitcoin

Bitcoin mining survives China's ban, and only beats the US - DiarioBitcoin For DailyBitcoin Editor

From September 2021 to January this year, China’s contribution to the Bitcoin mining network was second only to that of the US.

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Last year, despite the ban on Bitcoin mining by China and the migration of many of the miners for this reason, the activity not only continues to exist, but is an important part of the world wide web.

According to a report from Cambridge Center for Alternative Finance (CCAF), published in turn by various media, China once again contributes a significant part of the mining operations of Bitcoin of the world despite last year’s ban.

From September 2021 to January 2022, China’s contribution to the Bitcoin mining network was second only to that of the US, according to the Bitcoin Electricity Consumption Index (CBECI) from CCAF, which maps mining activity around the world based on reported geolocation data. by associated groups.

In the map of the center of Cambridge it can be seen (the darkest colors represent the areas with the most mining) how, after the United States, China is the one with the darkest tone.

Map
Cambridge University Map

If we go to the interior of China, the region with the most mining is Sichuan, followed by Xinjiang.

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As for the United States, the state with the most mining is Georgia, followed by Texas, Kentucky and New York.

China and mining

Following the crackdown on mining Bitcoin in the Asian country last year, China’s share dropped to 0% in July and August 2021. However, the latest CCAF data show that the figure rose to 22.29% in September 2021 and fluctuated around 20% in October 2021-January 2022.

This suggests that surreptitious mining activity has been underway in China. “Access to off-grid electricity and geographically dispersed small-scale operations are among the main means used by underground miners to hide their operations from authorities and circumvent the ban,” CCAF said in a statement reproduced by Chinese media.

The sudden drop to 0% in July and August, followed by a rapid increase in the following months, suggests that the mining companies may have been operating covertly and hiding their locations while using foreign proxy services to avoid attention and scrutiny. .

Kazakhstan, for example, seemed to be one of the miners’ favorite destinations. The Central Asian country’s network share topped 18% in August last year, according to the CBECI.

By September, miners may have reassured themselves that foreign proxy services were having the desired effect and that they do not need to go to such lengths to hide their operations in China.

See also  China returns to the Bitcoin mining map, but clandestinely

Sources: University of Cambridge, Coindesk, Finbold, archive

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