CBECI: China remains second in terms of bitcoin mining

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Despite the ban on cryptocurrencies in China, the country is still the second largest BTC miner, according to the Cambridge Bitcoin Energy Consumption Index.

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how informs The Cointelegraph publication, citing the CBECI report, now miners from the Middle Kingdom generate 21.1% of the total hashrate of the network of the first cryptocurrency. At the same time, last year the Chinese authorities banned both mining and circulation of digital currencies in the country.

Previously, it was China that was the leader of the mining market. In 2019, devices from the Middle Kingdom generated three-quarters of the total Bitcoin hashrate. After the ban, it was reported that mining was almost completely stopped in China. However, it seems that many companies continue to mine cryptocurrency illegally.

“Our data empirically supports claims by mining industry insiders that Bitcoin mining continues in China. Although mining volumes are far from previous levels, the Celestial Empire still generates about one-fifth of the entire Bitcoin hash rate,” said CBECI project leader Alexander Neumueller.

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Note that Russia is beginning to lose its positions. If earlier Russia occupied the third place in the ranking of countries in terms of mining volume, now it has dropped out of the top 3. Now miners from Russia generate about 4.7% of the total hashrate of the Bitcoin network. At the same time, the total hashrate of Russian miners decreased from 13.6 Eh/s in August last year to 8.6 Eh/s in January of this year.

The United States remains in first place with 37.8% of the total hashrate. China ranks second, and Kazakhstan ranks third with a score of 13.2%. At the same time, Kazakhstan also has a decreasing share in the total hashrate – from 18% last August to 13.2% in January. In the US, the states of Georgia, Texas and Kentucky make the largest contribution to the mining industry.

Earlier, a group of environmental activists from the United States demanded that ministries and departments take measures to oversee the mining of PoW-based cryptocurrencies.

Source: Bits

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