United States Leading The Global Bitcoin Hash Rate
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So, as expected United States has emerged as the world's largest market for Bitcoin market, as per latest data from Cambridge Bitcoin Electricity Consumption Index (CBECI). United States now holds 35.4% of the global network hash rate.
This rise in share came in wake of China's ban on crypto mining earlier this year resulting in mass exodus of miners from the country, relocating to safe heavens like United States, Russia and Kazakhstan etc.
Kazakhstan and Russia followed the suit with increased share of 18.1% and 11%.
Prior to the ban in April 2021 China held lion's share in global mining market. Following the crackdown on mining industry the Chinees mining share started shrinking drastically, causing a slum in Bitcoin network total hash rate. But the Bitcoin's global network has rate have steadily recovering in past few months, indicating that the displaced Chinese mining hardware have been redeployed overseas.
Data from CBECI suggests zero percent China's mining share, however it is possible the covert mining operations are still running. Some new names have also emerged claiming significant share of mining market, like Canada (9.55%), Ireland (4.68%), Malaysia (4.59%), Germany (4.48%), and Iran (3.11%).
However, United States is now the biggest mining market share holder but it is still no where the monopoly the China once enjoyed. This indicates that the mining industry relocation has been more diverse, which is a actually healthy.
Posted Using LeoFinance Beta
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