US Leads Bitcoin Hash Rate Contribution Following China Clampdown
As a result of China’s extensive clampdown on Bitcoin mining, the United States is currently the country with the highest hash rate. American bitcoin (BTC) miners represent 35.4% of worldwide bitcoin hashrate spread, as per the Cambridge Bitcoin Electricity Consumption Index (CBECI).
According to CBECI statistics, Kazakhstan accounts for 18% of all Bitcoin mining activity, with Russia accounting for 11%. Following China’s crypto mining prohibition, these three countries have acquired a substantial portion of the industry.Back in June, BTC.com, one of the big miners in China moved to Kazakhstan. CBECI data indicates that China has a 0% hash rate, which may be of special relevance.
Nevertheless, notwithstanding the prohibition, it’s likely that illegal mining is still taking place. Following Beijing’s crackdown, the anticipated East-West movement of bitcoin miners has likely come to an end, with the United States representing the largest share of worldwide hash rates.
North American cryptocurrency mining operations have increased their hardware capacity despite China’s ban on the industry. Large orders of mining rigs have been purchased by American miners including Argo Blockchain, Riot Blockchain, Marathon, and many others from big manufacturers like as Bitmain and MicroBT.
With 2,457 BTC mined thus far in October, Riot Blockchain has more than quadrupled its output capacity for 2021. Mega Bitcoin mining hubs are anticipated to spring up in states like Texas and Ohio, significantly increasing the country’s overall production capacity as a whole.
Significantly, of late, BIT Mining and Viking Data Centers signed a joint partnership deal to construct an Ohio Bitcoin mining center with a capacity of 85 megawatts. Increasingly, Bitcoin mining firms are looking to go public on the American stock exchange marketplaces as a result of this growth in the US market for Bitcoin mining.