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U.S. as the dominant global player and China in second despite the country’s ban last year

bitcoin miners China cryptocurrency investing

A Cambridge report exploring bitcoin mining shows that the United States is the world's largest player and China the second despite the country's ban last year.

The U.S. has ascended as the worldwide predominant nation lodging Bitcoin hash rate while China has gotten speed to trail in second notwithstanding its restriction from last year, new information from a Cambridge Center for Alternative Finance (CCAF) report shows.

Following the need for underground mining facilities in China following the June 2021 ban, China's covert operations increased to 21.11% of the global hash rate, returning China to its position as a mining hub major world. Kazakhstan continues to hold a respectable hash rate of 13.22%, while Canada controls 6.48% and Russia produces 4.66%.

From September 2021 to January 2022, CCAF information shows a proceeded with ascend in strength for the U.S. driving 37.84% of the all out worldwide hash rate. The biggest American hash rate suppliers are Georgia (30.76%), Texas (11.22%), and Kentucky (10.93%).

The last time CCAF published detailed data on bitcoin mining was in October 2021, right after the Chinese ban that caused the hash rate to drop surprisingly sharply, hitting a low of 57.47 exahash. per second (EH/s) on June 27, 2021, according to the report.

A speedy and definitive relocation occurred in seemingly a short-term mass migration and by December 2021 the hash rate had increased back to past levels, coming to 193.64 EH/s on December 21, 2021). By February 2022, another record-breaking high (ATH) of 248.11 EH/s of worldwide Bitcoin hash rate was accomplished, displaying the extraordinary flexibility of the bitcoin biological system despite misfortune.

Regarding the Chinese ban and the sudden recovery in the hash rate, the CCAF noted that it may not be true that China's major mining center has indeed disappeared, stating that "it is likely that some significant number of Chinese miners has disappeared". quickly adapted to the new circumstances and continued to operate covertly hiding their tracks using foreign proxy services to divert attention and control.


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