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Before the crackdown, China’s Bitcoin mining advantage is declining

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.

(Image source: Cambridge Centre for Alternative Finance)

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.

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