Signs the Bitcoin hashrate is starting to move away from China
The U.S. is slowly increasing its share of the Bitcoin hashrate. Although the majority of Bitcoin mining is still based in China, there are signs it is beginning to shift elsewhere.Chun Wang, the co-founder of one of Bitcoin’s largest mining pools, F2Pool, reported that China represented less than half of its hash rate during April 2020. Wung noted it was the first time the pool had seen Chinese miners represent a minority of hash rate in its eight years of operation. "The shifting is real," he said. Here at @f2pool_official, in April 2021, the first month in our 8 years of operation, we....
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BTC China has announced that its new mining pool, which launched just five weeks ago and is exclusively Chinese, has already generated over $1.2m in bitcoin. The company said that as of 28th November, the pool had mined 3,325 BTC, or $1,226,758.75 according to the CoinDesk USD Bitcoin Price Index at the time of writing. Blockchain's Hashrate Distribution Chart ranks the BTC China pool 7th-largest overall, contributing around 13.9 PH/s, or 5% of the world's bitcoin hashing power. An estimation of hashrate distribution amongst the largest mining pools. Source: Blockchain. The firm says it....
While on the surface it seems officials from five provinces in China have been cracking down on bitcoin miners, no one is quite sure how much hashrate is moving, which pools are affected, or where these miners will end up. A number of mining pools have seen hashpower percentages decline and Bitcoin’s overall hashrate has regressed as well. On the other hand, as several known pools have lost hashrate, processing power from “unknown” pools has increased a great deal. Pool Percentages Decline, Overall Hashrate Dips Lower There have been reports stemming from officials in....
China has the largest concentration of bitcoin miners worldwide with estimates noting the country captures anywhere between 50-65% of the global hashrate. Xinjiang, the autonomous region of the People’s Republic of China, ostensibly accommodates 35% of the hashrate. This week a regional report from China and statements from the head of operations at Genesis Mining, indicate that Chinese miners are migrating from the area to Nordic countries like Sweden and Norway. Just recently, news.Bitcoin.com, reported on the electrical issues in China that bitcoin miners in the country are....
Hashrate has now recovered to early June levels indicating that miners are coming back online after China’s crackdown. The hashrate for the Bitcoin network has made a remarkable recovery since it crashed following China’s crypto mining clampdown earlier this year.The Bitcoin hashrate has now topped 150 Exahashes, or one quintillion hashes, per second according to data from analytics provider CryptoQuant.On Aug. 24, the metrics provider reported a hashrate of 152 EH/s which has tripled since it bottomed out this year on June 28 at 52 EH/s.BTC hashrate - CryptoQuantThe recovery of the BTC....
New data stemming from the latest Cambridge Centre for Alternative Finance (CCAF) report on bitcoin mining indicates that China still holds the second position in terms of global hashrate. While China commands close to 22% of Bitcoin’s global hashrate, the United States currently dominates with 37.69%, according to CCAF researchers.
China Is Still the World’s Second-Largest Concentration of Bitcoin Miners
The Cambridge Centre for Alternative Finance updated the organization’s bitcoin mining data and map in order to highlight 2022 hashrate statistics. In....