Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » China Is The World’s Second Largest Bitcoin Mining Country Even After The Crypto Ban

China Is The World’s Second Largest Bitcoin Mining Country Even After The Crypto Ban

Hania by Hania
May 21, 2022
in Bitcoin News, General News
Reading Time: 3 mins read
A A
0
China Is The World’s Second Largest Bitcoin Mining Country Even After The Crypto Ban
Share on FacebookShare on Twitter
ADVERTISEMENT

China still possesses 21% of the global Bitcoin hash rate, even after the banning of crypto activities in the country last year.

According to a new study, the Chinese government has failed to shut down crypto operations as part of its crypto ban last year, and China has arisen as one of the world’s largest Bitcoin (BTC) mining hubs.

According to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI) published with Cointelegraph on Tuesday, China has become the second-largest Bitcoin hash rate supplier in January 2022, months after the local authorities in the country outlawed any crypto activity.”

As per the findings, Chinese bitcoin miners generated 21.1 per cent of the overall global BTC mining hash rate distribution in early 2022, trailing only the United States, which generated 37.8 per cent of the entire hash rate in January.

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

China Was Previously The World’s Greatest Bitcoin Mining Country.

With more than 75% of the overall BTC hash rate power in 2019. The hash ratio dropped to 0% during July and August 2021, following a string of crypto mining farm closures across the country.

Even after the crypto shutdown in September 2021, the hash rate share climbed to 22.3 per cent in that month and has never dipped below 18 per cent throughout the study period.

China Is The World's Second-Largest Bitcoin Mining Country Even After The Crypto Ban
Source: CBECI: Share of country hash rate evolution.

The new data, according to CBECI project leader Alexander Neumueller, is adequate to ensure that Bitcoin mining is still functioning in China, as regards:”Our research analytically verifies industry sources’ claims of Bitcoin mining is indeed happening in the country,” the report states.

Whereas China’s mining sector is no more at its zenith, it still accounts for roughly one-fifth of the global hash rate.

Russia Is No Longer Among The Three Leading Mining Countries In The World.

According to the newest CBECI data, Kazakhstan, the third in the world Bitcoin mining centre, hash rate share has slightly decreased. Kazakhstan’s contribution of the BTC hash rate fell from 18 per cent in August to 13.2% in January.

Miners are now mining up to 9% of the worldwide BTC hash rate in unknown places, according to CBECI data. Now next two significant mining regions will be Canada and Russia, with 6.5 per cent and 4.7 per cent, respectively.

Other than dropping out of the top three nations in terms of BTC hash rate potential, Russia’s actual hash rate declined from 13.6 EH/s in August to 8.6 EH/s in January.

Georgia, Texas, and Kentucky are the top three states in the United States for BTC hash rate creation.

The recent CBECI report provides in-depth information on the hash rate distribution in the largest Bitcoin mining market at the state level.

Georgia, Texas, and Kentucky are the 3 states with the highest hash rate, accounting for 32 per cent, 11.2 per cent, and 10.9 per cent, respectively, according to the data. These three states jointly account for over half of the overall hash rate in the US.

New York, California, North Carolina, and Washington are among the states with substantial mining activity, according to the data. The CBECI framework integrates data from four mining pools.

CBECI is a research programme hosted by the Cambridge Centre for Alternative Finance that is part of the Cambridge Digital Assets Programme.

The data for the research was gathered in partnership with four large mining pools: BTC.com, Poolin, ViaBTC, and Foundry.

According to the CBECI website, the sample size for the investigated mining pool data has varied between 32 per cent and 38 per cent of Bitcoin’s total hash rate since the debut of the mining map in 2019.

“We’re actively exploring ways to strengthen our data and make our predictions more reliable.”We can best accomplish this by allowing more mining pools to contribute.

“We would invite other mining pools to get in touch and participate,” the CBECI project lead added.

Also Read: How to start mining in 2022

Tags: bitcoin newsCanadacrypto miningKazakhstanRussia
Share76Tweet47
ADVERTISEMENT
Previous Post

Spotify Is Said To Be Testing With NFT Galleries On Artists Profiles.

Next Post

Hacked Beeple Account Nets Worth $438k From Phishing Scam

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
ZKasino Scam: Suspect Arrested, $12.2M Confiscated by Dutch Authorities

Hacked Beeple Account Nets Worth $438k From Phishing Scam

Discussion about this post

Live Prices

You have not selected any currency to display

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    239 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    197 shares
    Share 79 Tweet 49
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • OKB Price Prediction 2023 – 2030: Will OKB reach $200?

    201 shares
    Share 80 Tweet 50
  • Litecoin (LTC) Price Prediction For 2023,2024, 2025 And 2030

    202 shares
    Share 81 Tweet 51
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.