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Cryptoknowmics 2022-05-19 10:35:33

China Now the Second-Biggest Bitcoin Miner Despite Govt Ban



Following the mining ban in China last year, the country has seen a sudden surge in activity and has “re-emerged” as the second-largest Bitcoin mining hub. Re-emerging as a Major Bitcoin Mining Hub According to data from the Cambridge Centre for Alternative Finance (CCAF), China has re-emerged as a major bitcoin mining hub, despite the country’s complete ban on it a year ago. The country’s ban on BTC mining had its hashrate drop to zero in July and August 2021. However, data from September 2021 to January shows that the 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. “This strongly suggests that significant underground mining activity has formed in the country, which empirically confirms what industry insiders have long been assuming,” CCAF wrote in the report. US Remains the Top BTC Mining Hub Following China’s Bitcoin mining ban, the US quickly became the leading BTC mining hub, ready to host Chinese miners who flew from the country. Kazakhstan continues to hold a respectable hash rate of 13.22%, while Canada controls 6.48% and Russia produces 4.66%. Additionally, individual BTC miners that use virtual private networks (VPNs) to hide their locations further obfuscate this data. Nonetheless, the researchers said the use of VPNs would have a moderate impact on the accuracy of the analysis.The post China Now the Second-Biggest Bitc...


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