News Snapshot:
The US has overtaken China as the most popular location for bitcoin mining following a prolonged cryptocurrency crackdown by Beijing, according to academic research. The percentage of bitcoin mining conducted in China “effectively dropped to zero” by the end of August 2021, according to figures compiled by the Cambridge Centre for Alternative Finance (CCAF). Bitcoin mining is the process in which new virtual coins are created on the distributed ledger. This is done using powerful computers solving complex mathematical problems. Miners’ systems are also essential to maintaining the ledger. In return for maintaining the bitcoin network, miners receive a small...
