Cambridge Centre for Alternative Finance (CCAF) disclose China’s dominance of the global Bitcoin mining industry began to decline in most of the country’s provinces and even before Start to close Mining business earlier this year.
CCAF stated that the major update of the Cambridge Bitcoin Electricity Consumption Index (CBECI) indicated that “before the recent crackdown, China’s share of the global hash rate (the total computing power of the server farms participating in the Bitcoin consensus process) had been significant. It’s been down for a while. About Bitcoin mining.”
updated Canadian Chamber of Commerce and Industry “It shows that China’s share of total Bitcoin mining power has dropped from 75.5% in September 2019 to 46% in April 2021,” CCAF said, although it is still the largest contributor to the hash rate of cryptocurrencies. During the same period, the United States’ contribution to the Internet increased from 4.1% to 16.8%, ranking second.
China’s reduced contribution to Bitcoin’s hash rate may alleviate some concerns about losing the country’s mining operations, but 46% is still an important force for cryptocurrency, if it still takes at least years Network recovery From its sudden disappearance.
CCAF stated that the updated CBECI also detailed the liquidity of China’s mining operations for the first time. It is said that miners across the country work in Xinjiang during the dry season and then move to Sichuan Province during the rainy season to use the cheap hydroelectric power generated there.
CCAF stated that “the gains from the United States and Kazakhstan may be an indicator of where these businesses may be headed, but the next data update to reflect the impact of China’s mining ban will shed more light on the direction of computing power.” Read : Even the new CBECI cannot predict the future of Chinese miners.