The United States displaces China and concentrates 30% of Bitcoin mining

The United States displaces China and concentrates 30% of Bitcoin mining

The United States concentrates more than a third of Bitcoin mining in the world, displacing China as the territory that centralized this activity.

According to a new study Posted by el Cambridge Center for the Financial Alternative (CCAF), by the end of July 2021, 35.4% of the mining power or hash rate of the Bitcoin network was concentrated in the United States.

The causes are clear: China’s Bitcoin and cryptocurrency mining bans have caused a large migration of miners and companies, which have been settling in the US and other countries in recent months.

By May 2021, the report points out, the US hosted 17.2% of the hash rate, while China still hosted 44% of the Bitcoin hash rate in its territory.

Now the CCAF points out that this percentage fell to 0 in China, although some miners could remain in hiding. Also, Cambridge indicates that according to their methodology, there are variables that could make their estimates imprecise, although they recognize that there is a trend that is pushing Bitcoin mining back in that country.

By the end of August 2021, the US sustained a monthly average of 42.7 exahashes per second contributed to the Bitcoin network, according to the report. Other countries have also increased their average hash rate, such as Russia, Kazakhstan, Iran, Malaysia, Canada, Ireland, and Germany.

The United States displaces China and concentrates 30% of Bitcoin mining
The United States is now the country with the highest Bitcoin hash rate in the world. Source: CCAF

The report also indicates that, historically, a variation of the hash rate located between the provinces of China for several seasons a year.

See also  Bitcoin recovers its hashrate after several weeks of collapse

This variation, they point out, used to be attributed to the change of climatic seasons and the relocation of miners among the available energy alternatives. CriptoNoticias reported on this phenomenon in May 2021, during the local rainy season.

However, they point out that since June 2021, with the bans, data on the mobility of miners is no longer available and this migration according to the seasonal period is already a thing of the past, as the activity is prohibited and is virtually non-existent in China.

The United States displaces China and concentrates 30% of Bitcoin mining
There are no longer any Bitcoin miners left in any of China’s provinces, according to CCAF. Source: CCAF

Bitcoin mining receives unanimous approval in the United States

CriptoNoticias has reported how in the US, Bitcoin miners have been equipped with sustainable energy alternatives, such as residual natural gas, mineral coal and nuclear energy.

During the last months, a whole movement has developed that involves various industries, companies and has even generated the verbal approval of some politicians such as Senator Ted Cruz and the president of the Securities and Exchange Commission (SEC) Gary Gensler.

80% of Bitcoin miners in the world use renewable energy, according to recent studies.

We collect these and other information in Noti Hash, the Bitcoin mining newsletter of CriptoNoticias, now in its fifth edition.

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