According to the latest data published by the Cambridge Center for Alternative Finance (CCAF), the USA became the top destination for Bitcoin miners.
The data compiled by the CCAF shows that 35.4% of Bitcoin’s hash rate (analysed was 44% of the market's hash rate) is in the U.S.
As of August, firms that mine Bitcoin (BTC) -4.26% in the United States had a total of 42.7 exahashes per second (EH/s) of hash rate. Such a significant increase in mining Bitcoin by the U.S., is due to investments that are currently being taken by mining firms forced to search for a new home, after China’s recent crackdown on the crypto market in May that took most of Bitcoin’s miners offline.
The total market share of mining companies in the USA rose from 17% in May to 35%.
Over the third quarter this year, seven US publicly listed mining companies alone mined approximately 7.5% of the Bitcoin block rewards that were up for grabs. As of last month, these companies were holding over 20,000 BTC.
Not only the U.S gained from China’s crackdown on cryptocurrencies, according to The Block one of the top destinations for miners forced to leave China, next to the U.S., has become Kazahkstan. The Bitcoin’s hash rate in Kazahkstan doubled since the second quarter, which places this country on the second place, with a market share of 18.1%. On the third place is Russia with 11.2%. Just behind is Canada with 9.6%.
The analysis was based on the data provided by four Bitcoin mining pools: BTC.com, Poolin, ViaBTC and Foundry USA.
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*Percentage taken on 13.10.2021 at 12:35
*Image taken from https://cbeci.org/mining_map
*Zhao, Wolfie (13. October 2021). The Block Crypto: Latest data shows the US now leads with 35% of Bitcoin’s hash rate. Last viewed on 13.10.2021 on https://www.theblockcrypto.com/post/120372/us-lead-bitcoin-hash-rate-cambridge.
