Despite The Crypto Crackdown, China Is The Second Largest Bitcoin Mining Country.
After the China prohibited all crypto operations last year, the country still has 21% of the worldwide Bitcoin hash rate.
According to a new study, the Chinese government has failed to shut down cryptocurrency operations as part of its crypto ban last year, and China has re-emerged as one of the world’s largest Bitcoin (BTC) mining centres.
According to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI), China became the second-largest Bitcoin hash rate provider in January 2022, months after the local authorities prohibited all crypto operations in the nation.
According to the data, Chinese bitcoin miners created 21.1% of the overall global BTC mining hash rate distribution in early 2022, trailing only the United States, which produced 37.8% of the total hash rate in January.
China was previously the world’s largest Bitcoin mining country, with more than 75% of the global BTC hash rate power in 2019. Following a series of crypto mining farm shutdowns throughout the country, the hash rate dropped to 0% in July and August 2021.
Despite the crypto prohibition in September 2021, the hash rate share soared to 22.3% in that month and never fell below 18% during the observation period.
According to CBECI project lead Alexander Neumueller, the new data is sufficient to show that Bitcoin mining is still active in China, stating:
“Our data empirically confirms the claims of industry insiders that Bitcoin mining is still ongoing within the country. Although mining in China is far from its former heights, the country still seems to host about one-fifth of the total hash rate.”
The new CBECI update provides more detailed information on the hashrate distribution in the largest Bitcoin mining market at the state level.
Georgia, Texas, and Kentucky are the three states with the highest hash rate, accounting for 32%, 11.2%, and 10.9%, respectively, according to the data. Together, these three states account for more than half of the total hash rate in the United States.
According to the data, states like New York, California, North Carolina, and Washington have significant mining activity.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Despite The Crypto Crackdown, China Is The Second Largest Bitcoin Mining Country.
After the China prohibited all crypto operations last year, the country still has 21% of the worldwide Bitcoin hash rate.
According to a new study, the Chinese government has failed to shut down cryptocurrency operations as part of its crypto ban last year, and China has re-emerged as one of the world’s largest Bitcoin (BTC) mining centres.
According to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI), China became the second-largest Bitcoin hash rate provider in January 2022, months after the local authorities prohibited all crypto operations in the nation.
According to the data, Chinese bitcoin miners created 21.1% of the overall global BTC mining hash rate distribution in early 2022, trailing only the United States, which produced 37.8% of the total hash rate in January.
China was previously the world’s largest Bitcoin mining country, with more than 75% of the global BTC hash rate power in 2019. Following a series of crypto mining farm shutdowns throughout the country, the hash rate dropped to 0% in July and August 2021.
Despite the crypto prohibition in September 2021, the hash rate share soared to 22.3% in that month and never fell below 18% during the observation period.
According to CBECI project lead Alexander Neumueller, the new data is sufficient to show that Bitcoin mining is still active in China, stating:
“Our data empirically confirms the claims of industry insiders that Bitcoin mining is still ongoing within the country. Although mining in China is far from its former heights, the country still seems to host about one-fifth of the total hash rate.”
The new CBECI update provides more detailed information on the hashrate distribution in the largest Bitcoin mining market at the state level.
Georgia, Texas, and Kentucky are the three states with the highest hash rate, accounting for 32%, 11.2%, and 10.9%, respectively, according to the data. Together, these three states account for more than half of the total hash rate in the United States.
According to the data, states like New York, California, North Carolina, and Washington have significant mining activity.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
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