The U.S. Has Overtaken China As the Largest Miner of Bitcoin, Data Shows

China accounted for 75% of Bitcoin mining before it began cracking down on crypto.

Tech
4,022 Hypes 2 Comments

The U.S. has now overtaken China as the largest miner of Bitcoin, according to new data from the Cambridge Center for Alternative Finance.

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), the U.S.’ average monthly hashrate share — or computational power required to mine Bitcoin — as of July represented 35.4% of global Bitcoin mining efforts. Kazakhstan was second in average monthly hashrate share with 18.1% as of July, followed by Russia with 11.2% and Canada with 9.5%.

China previously represented the largest average monthly hashrate share at 34.2% in May of this year, according to CBECI. However, the government has steadily been cracking down on Bitcoin mining, effectively banning all cryptocurrency mining and trading in September. “Virtual currency-related business activities are illegal financial activities,” a statement from the People’s Bank of China read last month.

In 2019, China accounted for about 75% of the average monthly hashrate share, a significant portion of the world’s Bitcoin mining.

In other news, Coinbase wants the U.S. to establish a cryptocurrency regulator.

Read Full Article

What to Read Next

Bitcoin Tumbles Following China’s Crypto Crackdown
Tech

Bitcoin Tumbles Following China’s Crypto Crackdown

The price has fallen by more than $2,000 USD.

U.S. Justice Department To Sell $56 Million USD Worth of Cryptocurrency After Bitcoin Ponzi Scheme
Tech

U.S. Justice Department To Sell $56 Million USD Worth of Cryptocurrency After Bitcoin Ponzi Scheme

Selling off the amount it seized after the massive Ponzi scheme.

Crypto Firm Says Hundreds of U.S. Banks Will Offer Bitcoin Trading Later This Year
Tech

Crypto Firm Says Hundreds of U.S. Banks Will Offer Bitcoin Trading Later This Year

After seeing increased demand in the cryptocurrency.


U.S. Banking Organizations Want To Clarify Rules for Certain Crypto Activities
Tech

U.S. Banking Organizations Want To Clarify Rules for Certain Crypto Activities

Including whether or not some activities are legal.

HYPEBEAST Explored the Academy Museum of Motion Pictures
Art

HYPEBEAST Explored the Academy Museum of Motion Pictures

The premier destination on the history of filmmaking.

Apple Watch Series 7 Review: Bigger Screen, Incremental Upgrades
Tech 

Apple Watch Series 7 Review: Bigger Screen, Incremental Upgrades

The larger screen and faster charging are certainly improvements, but not groundbreaking.

Shoe Prices Are Getting More Expensive, According to New Data
Footwear 

Shoe Prices Are Getting More Expensive, According to New Data

Reportedly at the fastest rate of increase in the past 20 years.

Boca Raton Museum of Art Will Showcase an Immersive Exhibition on Machu Picchu
Art

Boca Raton Museum of Art Will Showcase an Immersive Exhibition on Machu Picchu

Including a collection of ultra-rare artifacts that have rarely been seen outside of Peru.

J Balvin, ZHU and Katy Perry Design Merchandise for "Pokémon 25: The Album"
Fashion 

J Balvin, ZHU and Katy Perry Design Merchandise for "Pokémon 25: The Album"

Presented by Pokemon
Introducing exclusive merchandise collections that celebrate the styles of each musician and Pokémon.


Check Out A-COLD-WALL*’s NC.2 High Boots
Footwear

Check Out A-COLD-WALL*’s NC.2 High Boots

Made from neoprene, leather and rubber.

Banksy’s Shredded Artwork Just Resold at Sotheby’s for $25.4M USD
Art

Banksy’s Shredded Artwork Just Resold at Sotheby’s for $25.4M USD

More than 18 times the amount that was initially paid in 2018.

Julie Curtiss “Nesting Dolls” Reflect on Femininity and the Cycle of Life
Art

Julie Curtiss “Nesting Dolls” Reflect on Femininity and the Cycle of Life

The artist’s sophomore collaboration with Case Studyo.

KRAKATAU’s FW21 Collection Is Inspired by Cryogenics
Fashion

KRAKATAU’s FW21 Collection Is Inspired by Cryogenics

Utilizing the thermal conductivity of carbon, the far-infrared radiation of coffee shells and more.

Official Images of the NBA x Nike Dunk Low EMB "Knicks"
Footwear

Official Images of the NBA x Nike Dunk Low EMB "Knicks"

Spike Lee would certainly appreciate these.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.