The US has been sweeping up shares of the bitcoin hashrate as miners exit China


Source: businessinsider.in businessinsider.in

Key Topics in this News Article:

News Snapshot:

Bitcoin mining uses vast amounts of electricity Olga Maltseva/Getty Images The US's share of the total bitcoin hashrate increased from 4.6% to 16.8% from September 2019 to April 2021. During the same time period, China's share of the hashrate declined from 75.5% to 46%, before mining restrictions were even imposed. Data show the ongoing migration of bitcoin mining out of China. New data from the Cambridge Centre for Alternative Finance (CCAF) shines a light on the state of the opaque bitcoin mining industry and puts empirical evidence behind the migration of the hashrate out of China. Bitcoin's hasrate is a...