One more topic from crypto sphere around the globe that was brought to you by RoboticsOnline (reviewed here) platform. All things about Bitcoin in this or that way still affect all other coins and accordingly to hyip industry as we know it. Let’s check this kind of information too.
Here’s it is:
China re-emerges as the second-largest Bitcoin miner despite ban
- China has re-emerged as the second-largest Bitcoin miner
- The country now accounts for 21.1% of the Bitcoin mining hash rate
- After China banned crypto mining last year, the mining hash rate dropped to 0%
The Chinese government imposed a ban on cryptocurrency trading and mining last year. However, the ban is doing very little in taking cryptocurrency mining activities in the country, and China is currently the second-largest Bitcoin hash rate provider.
Before the 2021 ban, China was the largest Bitcoin miner, and top mining companies operated in the country. However, the ban forced many of these companies overseas, and the mining hash rate dropped drastically.
China is the second-largest Bitcoin miner
A new report has said that China has become one of the largest Bitcoin mining hubs globally. China accounted for the second-largest Bitcoin mining hash rate in January 2022, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI).
Bitcoin miners operating from China now account for 21.1% of the global Bitcoin mining hash rate at the beginning of this year. The United States currently holds the top position, accounting for 37.8% of the total mining hash rate as of January 2022.
In 2019, China dominated the Bitcoin mining sector. The country accounted for over 75% of the global Bitcoin mining hash rate. However, after the country announced a ban in May last year, the mining hash rate dropped to 0% between July and August 2021 after several crypto mining firms shut down their operations.
Despite the country reiterating the crypto ban in September last year, it seems to be doing very little to tame cryptocurrency activities in the country. The mining hash rate in China has increased to 22.3%, and within the analyzed period, the metric has not dropped below 18%.
Alexander Neumueller, a project lead at CBECI, commented on the development, saying, “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.”
Crypto mining activities globally
The report from CBECI also analyzed the Bitcoin mining activities in other countries. It noted that Kazakhstan’s share of the BTC hash rate had dropped from 18% in August to 13.2% in January. Kazakhstan is now the third-largest Bitcoin miner.
Canada and Russia are also mining hubs, and they account for 6.5% and 4.7% of the Bitcoin mining hash rate, respectively. Russia’s Bitcoin hash rate dropped from 13.6 EH/s in August to 8.6 EH/s in January.
The CBECI report also noted the distribution of Bitcoin mining activities in the US, currently the world’s largest BTC miner. The report shows that Georgia was the largest mining state in the US, with 32% of the hash rate. Texas and Kentucky accounted for 11.2% and 10.9%, respectively. Georgia, Texas and Kentucky account for over half of the total hash rate in the US.
The other states where Bitcoin mining activities are also high include California, New York, North Carolina and Washington. Data shows that these states have notable mining activity.
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