As China reappeared as one of the largest Bitcoins in the world, the Chinese government was unable to shut down cryptocurrencies as part of last year’s crypto ban (BTC) According to a new report, Mining Hub.
As of January 2022, a few months after the local government, China became the second largest Bitcoin hash rate provider. Banned all cryptographic operations Domestically, according to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI) shared with Cointelegraph on May 17th.
According to data, China’s Bitcoin miners accounted for 21.1% of the global BTC mining hash rate distribution as of early 2022, following the United States, which produced 37.8% of total hash rates as of January. ..
China was once the world’s largest Bitcoin mining country with local BTC hash rate power More than 75% in 2019..Hash rate Plump to 0% in July and August 2021,next Shutdown of a series of crypto mining farms In the country.
Despite the cryptocurrency ban in September 2021, the share of the hash rate surged to 22.3% that month and did not fall below 18% during the analysis period.
CBECI project leader Alexander Neumueller told Cointelegraph that the new data is sufficient to conclude that Bitcoin mining is still alive in China.
“Our data empirically confirms industry insiders’ claims that Bitcoin mining is still underway in the country. China’s mining industry is far from its predecessor, but China is still. It seems to host about one-fifth of the total hash rate. “
Russia drops out of the top three miners
The latest CBECI update also shows a slight drop in hashrate share in Kazakhstan, the world’s third largest BTC mining hub. Kazakhstan’s BTC hash rate share fell from 18% in August to 13.2% in January.
CBECI data also shows that miners are mining 9% of the global BTC hash rate in undefined locations. Canada and Russia are the next major mining hubs, accounting for 6.5% and 4.7%, respectively.
Russia has also confirmed that in addition to dropping out of the three major powers due to BTC hash rate power, the actual hash rate has dropped from 13.6 EH / s in August to 8.6 EH / s in January.
Georgia, Texas and Kentucky Lead BTC Hashrate Production in the U.S.
The new CBECI update provides more specific insights into the hash rate distribution of the largest Bitcoin mining market at the state level.
Related: Bitcoin network hash rate hits record high amid price fluctuations
The data show that Georgia, Texas, and Kentucky make up the three largest states in terms of hashrate, accounting for 32%, 11.2%, and 10.9%, respectively. All three states together make up more than half of the hash rate for the entire United States.
Data suggest that notable mining activity is also found in states such as New York, California, North Carolina, and Washington.
Methodology: CBECI uses data from 4 mining pools
CBECI will be released under the umbrella of the research initiative Cambridge Digital Assets Programme. Sponsored by Cambridge Alternative Finance Center..
This report is based on data obtained in collaboration with four major mining pools: BTC.com, Polin, ViaBTC and Foundry. According to the CBECI website, the sample size of the analyzed mining pool data is Various Between 32% and 38% of Bitcoin’s total hash rate since the release of the mining map in 2019.
“We are continually looking for ways to improve our data to make our quotes more reliable. The best way to do this is to welcome additional contribution mining pools. Therefore, we encourage you to contact and participate in other mining pools, “said the CBECI project leader.
