- China’s crypto mining drops to zero with nothing.
- The U.S is now the top crypto miner in the world.
- China shares significant mining overseas.
The way China has restricted itself with crypto has had huge impacts upon the whole crypto industry. The rules and regulations imposed have cornered and made several cryptos and crypto exchanges completely helpless. In spite of all this the Bitcoin (BTC) ban has worsened the situation profusely.
Amidst all this the worst is the crypto mining industry. With China absolutely nullifying itself from crypto mining, several other countries top the charts in terms of crypto minings.
U.S -The New Mining Leader
With the complete backing of China, now the complete mining industry is left with other countries. In spite of this, the U.S now becomes the world’s largest crypto miner as well as BTC miner in the world.
Accordingly, the Cambridge Centre for Alternative Finance (CCAF) states that now the U.S is the largest BTC miner in the world. Now, the total BTC mining from the U.S accounts to about 35.4% in terms of hashrate of the total BTC mined by August.
Moreover, within just a span of 4 months, the U.S went all the way to 35.4% from 16.7%.
Furthermore, the CCAF lists Kazakhstan as next to the U.S with 18.1%, followed by Russia with about 11% of global BTC mined.
In addition, the CCAF terms that all this is solely due to the BTC mining ban of China. Also, they add that BTC mining share from China is now absolutely down to zero.
China’s Mining History
Upon the crypto and BTC mining ban into effect, China’s share of BTC mining hashrate fell drastically from 38%.
Moreover, it is to be noted that China was the largest BTC miner in the world. Also, in the year 2019, China’s share of BTC mining approximates to 75% overall. However, with the crypto and BTC mining ban into action, China is now literally out of the game.
Despite all these negatives surrounding the Chinese crypto industry, the months of July and August, China’s share of BTC mining hashrate spiked a little to 20%.
Accordingly, all these were from the mining equipment and facilities which were shifted out to other countries from China.
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