The United States Of America Becomes World Leader In BTC Mining After China Crackdown

The United States of America has now become the world’s leader in BTC mining subsequent to the recent crackdown on the industry in China, according to the Cambridge Centre for Alternative Finance. China’s share has successfully plummeted to zero, as per the Cambridge Centre for Alternative Finance.

The latest data published by Cambridge Centre for Alternative Finance displays that the United States accounts for over thirty five percent of the global hashrate, the world’s total computational power used for mining BTC, as of the culmination of August, more than doubling from sixteen percent at the end of April.

Russia and Kazakhstan followed the United States with shares of eighteen percent and eleven percent, respectively, up from approximately eight percent and seven percent in the month of April, as per the CCAF, which is part of the Cambridge Judge Business School.

According to the CCAF, China’s share has effectively plummeted to zero, subsequent to the government-mandated prohibition on digital asset mining in the nation.

While the instant effect of China’s crackdown was a thirty eight percent plummet in the global hashrate in the month of June, there was a twenty percent rebound in the months of July and August, proposing that Chinese BTC mining operators had successfully redeployed their equipment outside the nation.

Where China’s dominance of the bitcoin mining industry peaked at more than seventy five percent in the month of September 2019, the immediate trend proposes there will be no one comprehensible winner. The clampdown has driven organisations to see the requirement to lay out their operations around rather than consolidating in one location.