In Brief:
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.
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.
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
