US becomes largest Bitcoin mining centre
Following China's crackdown
The United States has overtaken China as the world’s largest bitcoin mining nation after crypto crackdown in China.
Expected to happen
Yesterday Britain’s Cambridge Centre for Alternative Finance discovered that the US now accounts for the largest share of Bitcoin mining in the world, a record previously owned by China.
Taken the lead
China’s share of the power of computers connected to the global bitcoin network, known as the “hash rate,” fell to zero by July from 44 percent in May, and as much as 75 percent in 2019, the data displayed. As of the end of August, the US accounted for 35.4 percent of the global hash rate, a 427 percent increase from last September, followed by Kazakhstan and Russia.
Moving to the US
Thankfully the US is heading towards more environment-friendly methods to mine Bitcoin and other cryptocurrencies, but Kazakhstan’s growth as a mining hub is thanks to welcoming 87% of the country’s electricity generated from fossil fuels, and coal accounting for more than 70 percent of generation. When China cracked down on cryptocurrency mining, the US and Kazakhstan welcomed miners to move their operations overseas, so the massive growth is no surprise.
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