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Seeking Alpha 2022-05-21 15:41:00

Bitcoin mining in China roars back even after last year's crypto ban

While China's government downright banned cryptocurrencies last year, the country now has re-emerged as the world's second largest bitcoin (BTC-USD) miner, with the U.S. remaining top dog, according to a report from the Cambridge Centre for Alternative Finance ("CCAF") released this week. Specifically, the U.S.'s bitcoin (BTC-USD) mining hub accounted for 37.84% of global hashrate (a measure of computing power -- the speed of mining), followed by China (21.11%), Kazakhstan (13.22%), Canada (6.48%) and Russia (4.66%), as per the report, which referenced data from September 2021 to January 2022. Keep in mind the total hashrate is hovering near all-time highs, meaning more bitcoin (BTC-USD) miners are getting involved with validating transactions on the Proof-of-Work blockchain, which ultimately improves the network's security. What was behind China's return to the top? After Beijing banned bitcoin mining in June 2021, the total hashrate cratered and China quickly lost its dominant stance, as its share of global mining

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