US Overtakes China in Bitcoin Mining, Raising Hashrate to 35%

October 15, 2021, 10:45 AM AEST - 3 days ago

The US has overtaken China for the first time by becoming the number one country with the biggest bitcoin hashrate, as per new data from Cambridge University.

China’s Hashrate Share Has ‘Dropped to Zero’

According to the latest report of the CCAF (Cambridge Centre for Alternative Finance), the US now has a 35.4 percent market share of the bitcoin hashrate – the computing power needed to mine bitcoin. Kazahkstan holds second place with 18.1 percent, followed by Russia and Canada with 11.2 and 9.6 percent, respectively.

Source: Cambridge Bitcoin Electricity Consumption Index

This information was provided to the CCAF by four of the biggest bitcoin mining pools: BTC.com, Poolin, ViaBTC, and Foundry USA. Miners also revealed to the the CCAF that China’s share has “effectively dropped to zero”, which was the primary goal of the Chinese government in the first place.

China’s Mining Crackdown Pushes Miners Overseas

But China’s crypto crackdown turned out to be beneficial for bitcoin after all, as it made bitcoin mining more decentralised, considering China accounted for roughly 65 percent of the total BTC hashrate in 2021. Back in September 2019, China’s dominance peaked at over 75 percent, even after numerous FUD attempts from the government.

As Crypto News Australia reported in January, the BTC network hashrate hit an all-time high of 148.727 million terahashes per second as bitcoin edged closer to the US$40,000 barrier.

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