Bitcoin

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.

Source: CBECI

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.

.

.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

17 mins ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

2 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

3 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

6 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

9 hours ago

This website uses cookies.