Post-China Crackdown: US Surges as Global Bitcoin Hash Rate Leader
After China’s sweeping crackdown on Bitcoin mining, the United States is now leading the way on hash rate.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), Bitcoin (BTC) miners in the US account for 35.4% of the total global BTC mining hash rate distribution.
CBECI data also shows Kazakhstan (18%) and Russia (11%) to be the closest major BTC mining hubs outside of the US. These three countries have gained significant market share following China’s crypto mining ban.
Back in June, Cointelegraph reported that BTC.com, one of the largest BTC miners in China, was moving to Kazakhstan.
Perhaps of particular interest is the CBECI data showing a hash rate of 0% from China. However, it is possible that clandestine mining will continue despite the ban.
The United States makes up most of the global hash rate distribution, which is likely to complete the expected east-west migration of miners following Beijing’s action.
In addition to the Chinese raid, North American crypto mining facilities have expanded their capacity with significant expansions to their hardware capacity.
American miners such as Argo Blockchain, Riot Blockchain, Marathon and multiple contracts have attracted large orders of mining rigs from major manufacturers such as Bitmain and MicroBT.
Related: Argo Blockchain Secures $ 25M Bitcoin-Backed Loan From Galaxy Digital
In early October, Cointelegraph reported that Riot Blockchain tripled its production capacity in 2021 with 2,457 BTC mined during that time.
Places like Texas and Ohio are also expected to be home to giant Bitcoin mining hubs, which will further add to the production capacity of U.S. crypto miners.
As Cointelegraph previously reported, BIT Mining recently signed a joint venture agreement with Viking Data Center to build an 85 megawatt bitcoin mining facility in Ohio.
The expansion of the US Bitcoin mining sector has also resulted in many companies seeking public listing on US stock exchanges.