News Snapshot:
New Bitcoin (BTC) mining data from the Cambridge Centre for Alternative Finance (CCAF) has revealed that China has resurfaced as a leading mining hub. This resurgence comes after the country banned BTC mining in the past year, citing BTC’s Proof-of-Work (PoW) consensus mechanism, which is energy-intensive. According to CCAF, China’s ban on BTC mining saw the country’s hashrate drop to zero in July and August 2021. However, data from September 2021 to January 22 shows that China’s hashrate climbed to 30.47 EH/s in September. This resurgence made China the second-largest BTC miner, contributing 22.29% of the global hashrate. Explaining how...
