The United States has become the largest bitcoin mining center on China, according to a report published by the University of Cambridge . The North American country raised its ‘hashrate’ (or hash rate) from 16.8% in April to 35.4% at the end of August.
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What is the hashrate?
It is the combined total computational power, used to mine and process transactions on a blockchain that works with a proof-of-work system such as bitcoin or ethereum, it explains. Yahoo! Finance .
Against this backdrop, China’s hashrate has dropped to zero, according to the research. This as a consequence of the ban imposed by the government on cryptocurrencies.
“Declared mining operations in mainland China have effectively dropped to zero, from a peak of 75.53% of total Bitcoin mining in the world in September 2019 when this data was first recorded,” they explain .
Immediate effect of crackdown in China was a 38% fall in global network hashrate in June, but this fall was partially offset by a 20% “bounceback” in July & August. Declared mining operations in mainland China have effectively dropped to zero. pic.twitter.com/HOEvBAxHN5
– Cambridge Center for Alternative Finance CJBS (@CambridgeAltFin) October 13, 2021
The United States is followed by Kazakhstan with 18.1% hashrate and Russia with 11%. Also, behind the first three places are countries such as: Canada (9.55%), Ireland (4.68%), Malaysia (4.59%), Germany (4.48%), Iran (3.11 %) and Norway (0.58%).
