China’s Bitcoin (BTC) Take action drove the lucrative business out of the country and helped establish the U.S. as the heart of mining, data unveiled by the Cambridge Center for Alternative Finance.

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), which provides a real-time estimate of the total electricity consumption of the Bitcoin network, mining activity in China has dropped to zero.

Redeployment routes

The CBECI began collecting data in September 2019 when the Asian country’s share was 75%.

As a result of Beijing’s intensified efforts to contain the crypto market, China’s recorded share of Bitcoin mining has effectively dropped to zero, the Cambridge team noted.

Meanwhile, the US has emerged as the world’s new Bitcoin mining hub.

Based on the CBECI data, the country’s share of global mining increased from 16.8% in April 2021 to 35.4% in August.

After the US, Kazakhstan was the second country to attract the majority of newly deployed operations, currently at 18.1%, up from 8.2% in April 2021. before the exodus of bitcoin miners in China.

Russia is the third migration destination, the hashrate share of which has increased from 6.8% to 11.2%.

Country share crypto development

China’s miners exodus

CEBCI’s dataset empirically recorded seasonal hashrate migration within mainland China and observed how the country’s mining operations regularly shifted from the more stable coal regions such as Xinjiang, where they were based during the dry months, to areas with temporary overcapacity of cheap hydropower were, like Sichuan, during the rainy season.

Development of the Chinese provinces

“No data has been available since the government crackdown on the mining industry in June 2021 – and the migrations are likely a thing of the past,” the project said.

While the data suggests a complete wiping out of activity in China, the possibility remains that covert mining continues in the country as the project pointed to recent suspicious increases in hash rate in two EU countries.

“To the best of our knowledge, there is hardly any evidence of large mining operations in Germany or Ireland that would justify these figures. Their share is probably significantly excessive due to redirected IP addresses through the use of VPN or proxy services, ”according to the CBECI.

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