Drop of the hash rate in China began before the state ban on mining
The Cambridge Center for Alternative Finance (CCAF) conducted a new study, which found that the part of Bitcoin mining in China fell from a marvelous 75.5% in September 2019 to 46% in April 2021.
Thus, we can conclude that the massive drop in hash rate in the territory of the Middle Kingdom occurred before the repressive measures taken by the authorities concerning miners. At the same time, the hash rate of Bitcoin mining in the USA, on the contrary, quadrupled from 4% to 16.8%. The second most attractive place for migrant miners in Kazakhstan, with 8%. Even despite the growing concern among local miners about the mining tax, which threatens them with losses. Iran and Russia were also in the top five with the share of the total hash rate of 4.6% and 6.8%.
In their research, analysts applied the Cambridge Major Cryptocurrency Electricity Consumption Index (CBECI). It is based on statistics obtained from the four largest mining pools: Foundry, BTC.com, ViaBTC, and Poolin.
Qinghai, Yunnan, and Anhui were the most recent provinces to ban any activity related to the mining of digital currencies. Such major market players as Inner Mongolia and Xinjiang have long since dropped out of the game amid a total ban.
Which country will become the next mining epicenter is a question that worries many representatives of the crypto industry. After all, this can have a huge impact both on the economy of a particular state and on the entire industry as a whole. Experts agree so far that North America and Central Asia will be the most pleasant “environment” for migrating miners.
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