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The United States has become the global epicenter for cryptocurrency (Bitcoin) mining following the mass migration of miners from China due to the clampdown by the Chinese government.
The Chinese government took a hostile stance against the cryptocurrency industry to control financial risk in the region. China became the cradle of Bitcoin and crypto mining in 2009 thanks to its cheap electricity from coal and hydro plants.
The United States Constitute 35.4% of Global Hash Rate
At the end of August, the United States accounted for 35.4% of the global hash rate, according to a Cambridge Centre for Alternative Finance study published yesterday. This figure represents a >100% increase from the number recorded in April.
That said, China’s aim to rid itself of crypto activities has yielded significant results for the region, following the intensification of curbing efforts by Beijing since May 2021. According to recent data from Cambridge Centre for Alternative Finance researchers, the Asian nation’s share of crypto mining has dropped to zero. For context, this figure touched 75% in September 2019. As of April this year, this figure had plummeted to 46%.
While illegal mining operations might still occur in China today, private (legal) mining activities have migrated to other friendlier jurisdictions, like the United States. Also, recent spikes in hash rate from Ireland and Germany likely got triggered by miners using VPNs or proxy servers, according to Cambridge researchers.
With more miners finding settlements in friendlier countries with cheap electricity, cryptocurrencies are on the verge of reclaiming precious highs. At press time, Bitcoin is roughly 12% from its $65,000 ATH, while Ethereum (ETH/USD) is only 15% from its $4,370 all-time high.
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