US dominates global Bitcoin hash rate distribution after China crackdown
Following sweeping crackdowns by China against Bitcoin mining activity, the United States has now emerged as the leading nation in terms of hash rate.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), Bitcoin (BTC) miners in the U.S. account for 35.4% of the total global BTC mining hash rate distribution.
The CBECI data also shows Kazakhstan (18%) and Russia (11%) as the next major Bitcoin mining centers outside the United States. These three nations have gained significant market share in the wake of China’s crypto mining ban.
Back in June, Cointelegraph reported that BTC.com, one of the largest Chinese Bitcoin miners, was relocating to Kazakhstan.
Perhaps of particular interest is the fact that CBECI data shows a 0% hash rate from China. However, it is possible that covert mining operations are still ongoing despite the ban.
The U.S. accounting for the greatest share of the global hash rate distribution likely completes the expected East-West miner migration following Beijing’s clampdown.
Apart from the China crackdown, North American crypto mining establishments have been upscaling their capacity with significant additions to their hardware capacity.
American miners such as Argo Blockchain, Riot Blockchain, Marathon and several orders have purchased large orders of mining rigs from major manufacturers such as Bitmain and MicroBT.
Related: Argo Blockchain secures $25M Bitcoin-backed loan from Galaxy Digital
Earlier in October, Cointelegraph reported that Riot Blockchain had tripled its production capacity in 2021, with 2,457 BTC mined during the period.
Places such as Texas and Ohio are also expected to play host to mega Bitcoin mining centers that will increase the production capacities of U.S. crypto miners even further.
As previously reported by Cointelegraph, BIT Mining recently inked a joint venture agreement with Viking Data Centers to build an 85-megawatt Bitcoin mining facility in Ohio.
The expansion of the U.S. Bitcoin mining space has also seen more companies pursuing a public listing on American stock exchange markets.