US has emerged as leader in bitcoin hashtray share

October 25, 2021

US has emerged as leader in bitcoin hashtray share

The United States has displaced China as the leader in bitcoin network processing capacity. Since May 2021, the US share of the total hashray has risen from 17.8% to 35.4% in August, data from the University of Cambridge's Centre for Alternative Finance (CCAF) shows.

Cambridge Bitcoin Electricity Consumption Index (CBECI) - Google Chrome
Amid a mass exodus of miners from the PRC, triggered by the crackdown on the industry launched in May, some other jurisdictions have also increased their hashray shares over the period.

In Kazakhstan it rose from 7.4% to 18.1% and in Canada from 4.7% to 9.6%.

It was these countries, along with the US, that experts cited as the main destinations for the migration of Chinese cryptocurrency mining capacity.

Russia's share increased to 11.2% from 7.2% in May.

According to the CCAF, China lost its bitcoin mining dominance back in March 2021, when its hash rate was less than half of the total for the first time.

In June, MicroStrategy CEO Michael Saylor, commenting on the crackdown on the industry in the PRC, called it a "trillion dollar mistake". He predicted that Beijing's measures would benefit North American miners.

Analysts estimated that eight US-listed miners alone accounted for 7.5 per cent of bitcoins received as block rewards in the third quarter. Compared to the April-June period as a whole, they increased production by 82%, while Marathon had a 91% increase.

Recall that in September, the People's Bank of China, along with nine agencies, issued a statement classifying cryptocurrency transactions as illegal financial activity.

Online commerce giant Alibaba then announced a ban on sales of cryptocurrency mining devices on its platform.

Bitmain, a major manufacturer of mining equipment, decided to stop selling to Chinese customers.

China's relevant agencies have begun exploring the possibility of prosecuting crypto trading and mining.
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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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