The United States now has the largest share of the world’s bitcoin mining hash rate, according to new data compiled by the Cambridge Center for Alternative Finance (CCAF), which controls 35.4 percent of bitcoin mining operations, reports TheBlock on October 13, 2021.
A new bitcoin mining heavyweight
Globally distributed proof-of-work (PoW) mining operations have been an integral part of the Bitcoin network from the start, as these processes, which require the use of sophisticated ASIC machines to solve complex Bitcoin puzzles, provide infallible security Bitcoin has guaranteed for the past decade.
While China has always been at the forefront of PoW mining due to the availability of cheap power from coal, the country’s recent blanket ban on anything crypto-related has sparked a massive exodus of miners from the region, whatever else Nations gives the opportunity to take the limelight.
Per sources Close to the latest development, the latest data from the Cambridge Center for Alternative Finance (CCAF), an institution focused on studying financial instruments outside the traditional financial system, suggests that the United States is China’s bitcoin mining industry Have overshadowed market share.
America gives new hope to bitcoin miners
While Chinese Bitcoin mining companies do a gradual detour of their hash rate in the US in early May, the government’s official ban on all Bitcoin mining operations in late May sparked massive brain drain North America and other crypto-friendly jurisdictions including Kazakhstan.
Now, the CCAF estimates the US currently accounts for 35.4 percent of the world’s bitcoin mining operations, based on an analysis of 44 percent of the market’s hash rate.
The CCAF gathered its latest data from information from four leading Bitcoin mining pools: BTC.com, Poolin, ViaBTC and Foundry USA, which had a combined real-time hash rate of 62 exahashes per second (approximately 44 percent of the total hashing of Bitcoin). Energy).
A total of 42.7 exahashes from hashing power came from US mining companies, followed by Kazakhstan (18.1 percent mining market share), Canada (11.2 percent) and Russia (9.6 percent).
Although the CCAF has made it clear that there could be some errors in their results, as some users of these mining pools may be using VPNs that could obscure their real locations, it is very unlikely to be the case as Bitcoin miners always do working from China are at serious risk of being caught and severely punished by the communist government.
At press time, the difficulty in mining Bitcoin is 19,893 tons, a significant increase from the 13,673 tons region it crashed to in early August as seen on Blockchain.com.
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