United States Overtakes China As Largest Bitcoin Mining Hub

According to latest research, the United States has overtaken China as the largest Bitcoin mining hub.

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China Emerges As Second-Largest Bitcoin Mining Hub Despite Ban 1

According to updated data from a Cambridge Center for Alternative Finance (CCAF) analysis, the United States has overtaken China as the world’s leading country for Bitcoin hash rate, despite its ban last year.

After the need for underground mining facilities in China following the ban in June 2021, concealed Chinese activities have increased to 21.11 percent of the global hash rate, reestablishing China as a significant mining hub globally. Kazakhstan maintains a respectable 13.22% hash rate, with Canada controlling 6.48 percent and Russia producing 4.66 percent.

According to CCAF data, the United States maintained its supremacy from September 2021 to January 2022, accounting for 37.84 percent of the total worldwide hash rate. Georgia (30.76%), Texas (11.22%), and Kentucky (11.22%) are the top three hash rate suppliers in the United States (10.93 percent ).

According to the research, the last time CCAF disclosed detailed bitcoin mining statistics was in October 2021, shortly after the Chinese prohibition, which culminated in a surprisingly steep decrease in hash rate, which peaked at 57.47 exahashes per second (EH/s) on June 27, 2021.

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In what appeared to be an overnight exodus, a swift and decisive migration occurred, and by December 2021, the hash rate had returned to former levels, attaining 193.64 EH/s on December 21, 2021). By February 2022, the worldwide Bitcoin hash rate had reached a new all-time high (ATH) of 248.11 EH/s, demonstrating the bitcoin ecosystem’s extraordinary resiliency in the face of overwhelming odds.

Concerning the Chinese ban and quick hash rate comeback, CCAF stated that it is possible that the significant core of Chinese miners did not leave at all, stating that “it is probable that a non-trivial share of Chinese miners quickly adapted to the new circumstances and continued operating covertly while hiding their tracks using foreign proxy services to deflect attention and scrutiny.”

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