bitcoinBTC/USD
$ 19,100.92
ethereumETH/USD
$ 1,333.40
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.457703
xrpXRP/USD
$ 0.487039
usd-coinUSDC/USD
$ 1.00
terra-lunaLUNC/USD
$ 0.000229

US Becomes the Biggest Destination for Bitcoin Miners Amid China’s Crypto Ban

Granit.M
US Becomes the Biggest Destination for Bitcoin Miners Amid China's Crypto Ban

US is back as a Bitcoin mining power, with over the third of BTC mining activity. Kazakhstan and Russia are the two other names to regain their place as important mining destinations.

The famous China ban on Bitcoin affected the industry and now the United States is the leading crypto force regarding hash rate.

35.4% of bitcoin’s hash rate belongs to BTC miners in the US, as reported by Cambridge Bitcoin Electricity Consumption Index. The CBECI data report that the other two leading Bitcoin mining centers are in Russia (11%) and Kazakhstan (18%).

BTC.com, one of the biggest Bitcoin miners in China, moved to Kazakhstan, reported Cointelegraph in June. As it is, China’s crypto crackdown made it possible for these three countries to increase their market share.

It is interesting to note that CBECI reports a 0% hash rate from China. This results from the ban, however, it is not entirely impossible that people are still going on there with secret mining operations.

Whether there are still miners left in China, the country couldn’t survive the crypto crackdown. It was already expected that afterward, America would take the crown for the highest hash rate distribution.

The China ban was only one factor for this, as crypto mining operations in North America are constantly improving, by increasing their hardware capacity.

Argo Blockchain, Riot Blockchain, and Marathon are only a few of the American miners that have ordered mining rigs from Bitmain and MicroBT, some of the best manufacturers.

Riot Blockchain, for instance, has tripled production this year, with 2,457 Bitcoin mined during 2021, according to Cointelegraph. Texas and Ohio will also be the places where Bitcoin mining establishments are likely to increase their production capacities.

Bit Mining has collaborated with Viking Data Centers to create an 85 megawatt Bitcoin mining space in Ohio. With the growth of the Bitcoin mining industry in the US, more and more businesses are considering a public listing on American stock exchanges.

Also Read: DeFi can Gain Some Advantages from the China Crackdown

 

Also read:

Related News

Cardano currently has more than 3,000 stake pooling and decentralization features

ETH PoS Approach Lags Compared to Cardano’s Says Charles Hoskinson

In an interview, Charles Hoskinson, the founder of Cardano stated that Cardano had a superior proof-of-stake (PoS) strategy over Ethereum, in light of the change in consensus mechanism from PoW to PoS.  Charles Hoskinson discussed the launch of Cardano, the upgrade to Vasil’s hard fork, the launch of Dapps, the LACE light wallet, decentralization, CBDC (Central Bank Digital Currency), as well as the metaverse. The IOG/Cardano Foundation team effectively initiated

Read More »
Immediately following the announcement, Bitcoin's (BTC) price wavered for a while before dropping along with American stocks.

75 Basis Point Rate Hike by the Fed Sends Cryptocurrencies on a Downward Spiral

The much-awaited Fed rate hike has finally been announced, and as predicted, it delivered a significant hit to the larger cryptocurrency market on September 21. 75 bps were added to the Fed’s policy rate, bringing it to a level of 3 – 3.25%. The ensuing rises constitute the central bank’s swiftest change in policy since the 1980s, and this statistic shows a significant rise from March of 2022 when the

Read More »
In a separate move, an impartial third party was already established to investigate the finances of Celsius.

Wrapped Assets to be Issued by Celsius to Compensate Users

According to a newly released voice memo, Celsius Network execs are considering repaying clients by issuing freshly wrapped assets to exchange on other networks. The co-founder and CEO of Celsius, Nuke Goldstein, seems to go into greater detail about the company’s plan to reimburse Earn consumers in the tape that Tiffany Fong published. The earlier leaked meeting audio is attributed to Celsius’s client and public person Fong. The Block claims

Read More »

My Coins

bitcoinBitcoin
$ 19,100.920.4%
ethereumEthereum
$ 1,333.400.69%
tetherTether
$ 1.000.04%
usd-coinUSD Coin
$ 1.000.04%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

[email protected]

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: [email protected]