The mining ban in China has brought about a significant change in the mining landscape. The total hashrate of US miners is now 35.4% of the Bitcoin network hashrate.
According to the Cambridge University Bitcoin Energy Consumption Index, Chinese miners generated 44% of the total hashrate of the Bitcoin network in May. Then the authorities of the Celestial Empire introduced a ban on bitcoin mining in the country, and in July the share of Chinese miners dropped to zero. Note that illegal miners remain in the country, but it is rather difficult to assess their contribution to the overall hash rate.
Miners from the United States, Kazakhstan and Russia have benefited most from the ban on bitcoin mining in China. It is these countries that now occupy leading positions. They generate 35.4%, 18.1% and 11.2% of the hashrate of the bitcoin network, respectively. At the same time, American miners will continue to increase their capacities – the companies Argo Blockchain, Riot Blockchain and Marathon are awaiting the supply of new equipment.
Interestingly, at the end of 2019, Chinese miners occupied 75% of the market, but their share was gradually decreasing. The trend has become especially noticeable since October 2020, when in just a month the figure of miners from the Middle Kingdom decreased by 12%.
Recall that in August, The9 company from Shanghai signed an investment deal with its partner KazDigital on the construction of a large data center with a capacity of 100 MW in Kazakhstan to host ASIC miners.
Earlier it was reported that the total stocks of bitcoins in the wallets of mining companies from North America reached a record high of almost 18,000 BTC.
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