Cryptocurrencies, the US surpasses China in bitcoin mining
The United States becomes the largest bitcoin mining center as China continues its regulatory crackdown
The US has overtaken China for the largest share of bitcoin mining in the world.
This is what emerges from data released Wednesday by Britain's Cambridge Center for Alternative Finance, as reported by Reuters .
A third of the hasrate – the computing power needed to create bitcoin – is found in the United States, according to the British institute, a 428% increase since September 2020.
Bitcoin is created or "mined" in fact by high-powered computers usually in data centers in different parts of the world, in a process that makes an intensive use of electricity.
Twelve months ago, China was the market leader in terms of hashrate. However, the crackdown by Beijing regulators over cryptocurrencies in the spring took half of the world's bitcoin miners offline overnight.
Therefore, mining rig manufacturers shift their focus to North America and Central Asia.
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BITCOIN MINING IN CHINA DECREASES
According to the Cambridge Center for Alternative Finance, China's share of the power of computers connected to the global bitcoin network, known as the "hash rate," dropped to zero in July from 44% in May and 75% in 2019.
The country accounted for three-quarters of the global hashrate in 2019, recalls the Financial Times .
THE LIVES TOUR OF BEIJING
Chinese authorities recently announced even stricter rules for bitcoin mining and trading. Unlike other countries, where the authorities are more tolerant or even favorable to bitcoin mining.
FIRST THE USA
As CNBC summarizes, miners have begun to flee China en masse, heading for the cheapest energy sources on the planet. Many of them ended up in America.
In July, according to the Cambridge Center for Alternative Finance, 35.4% of the bitcoin hashrate is in the United States. This is a 428% increase compared to September 2020.
Next we find Kazakhstan and Russia.
THE COMMENT OF THE OPERATORS
Finally, the ban on bitcoin mining in China has led to the "great mining migration," Sam Tabar, chief strategy officer of Bit Digital, a New York-based bitcoin miner, told Ft . The company has suspended its operations in China, in liquidation since October 2020, after the ban.
"As a veteran who witnessed the birth of the industry in China, I believe the situation today is deplorable," Mao Shihang, founder of F2Pool, once the world's largest bitcoin mining pool, told Reuters .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/criptovalute-gli-usa-sorpassano-la-cina-in-estrazione-di-bitcoin/ on Thu, 14 Oct 2021 06:39:33 +0000.