Data from Cambridge Centre for Alternative Finance has shown that the United States is now leading the world in Bitcoin mining race.
Cambridge Bitcoin Electricity Consumption Index reveals that the United States of America is the lion contributor to the Bitcoin mining hash-rate.
Followed by the U.S., are the nations of Kazakhstan and Russia respectively.
Cambridge Centre for Alternative Finance (CCAF), releases a data which indicates that China’s contribution to Bitcoin’s global mining hash-rate has completely gone down the ladder.
The United States becomes the World No.1 in Bitcoin Mining
Latest research data indicates that Bitcoin mining operations in China's mainland have abruptly dropped to zero, paving the way for the U.S. to become the largest contributor to Bitcoin mining.
The news was made known in the Cambridge Bitcoin Electricity Consumption Index (BECI), a bi-annual analytics report rating countries according to their share of the global hash-rate.
It was found that the U.S. accounts for 35.3% of the global hash-rate as of August, up from 17% at late April. The index reveals that the U.S. added 42.9exahashes per second (EH/s) of a global hash-rate of 120.52 EH/s in August 2021.
The data also reveals that Bitcoin mining operations has fully dwindled in China following the Chinese Communist Party’s harsh wreck-down on the sector. “Mining activities in mainland China have effectively dropped to zero,” the report said. In September 2019, China’s was dominant in global Bitcoin mining with 75.5% as per CCAF’s data.
While China has sought to put the crypto sector into extinction in recent months, many U.S. states have embraced the growth of the mining industry. Texas, Kentucky, New York, Wyoming, and others have offered tax exemptions and cheap utility rates in a bid to attract miners.
As interest in Bitcoin mining has soar in the States, sales for ASIC mining rigs have also surged. Bitmain, one of the leading ASIC manufacturers, today penned a deal with a New York firm to supply 10,000 of its flagship Ant-miner machines.
After China’s ban, the environmental impact of Bitcoin mining has been a hot topic of debate this year. In July, Bitcoin Mining Council claimed that mining is 56% sustainable, while many firms have begun looking into mining from nuclear energy and offering eco-friendly incentives. El Salvador has gone as far as using its volcanoes to mine Bitcoin after adopting the asset as legal tender. Despite China’s willing to close down the sector, it seems that many other parts of the world are taking a more open approach to legalize mining and cryptocurrency technology.