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Data released by the Centre for Alternative Finance Research at the University of Cambridge in the United Kingdom on Wednesday showed that the United States has surpassed China to become the world‘s largest bitcoin mining country. These data show that the impact of the State Council’s crackdown on domestic bitcoin transactions and mining at the end of May has caused major damage to the industry and caused miners to cease operations or move overseas. According to sources, a large amount of electricity is used in the Bitcoin mining process.
According to a Reuters report, the United States has surpassed China to become the world‘s largest Bitcoin mining center due to China’s repressive actions.
According to data released on Wednesday by the Centre for Alternative Finance Research at the University of Cambridge in the UK, China’s share of the computing power of computers connected to the global Bitcoin network, the so-called “hash rate,” has fallen from 44% in May to July. In 2019, it was as high as 75%.
Miners in other places have already filled vacancies in China. Mining equipment manufacturers have shifted their attention to North America and Central Asia. Larger miners in China are also shifting, although the process is full of logistics difficulties.
According to data, the United States currently has the largest share of mining in the world. As of the end of August, it accounted for about 35.4% of the global hash rate, followed by Kazakhstan and Russia.
Reuters said that Bitcoin was created or “mined” by computers with high computing power, usually in data centers in different parts of the world. These computers compete to solve complex mathematical problems and use a lot of electricity in the process.
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1 comment
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