The United States overtook China to acquire the largest share of bitcoin mining in the world, as the numbers illustrate the impact of the Chinese government campaign against bitcoin trading and mining launched by the Government Council in June under the pretext of eliminating financial risks, which devastated the industry in the country and led to the closure of crypto-mining farms and their relocation outside China. Read more [Bitcoin Declines After The Chinese Anti-Mining Campaign].
China’s share of computing power connected to the global Bitcoin network, or the so-called “coin hash rate”, fell to 0% in July, after it was 44% in May and 75% in 2019, which was reflected on miners in other countries, as mining rigs have directed their focus to North America and Central Asia.
Noting that the giant Chinese mining farms have moved their business as well, but their move outside the country is fraught with logistical difficulties, and as a result, the United States has the largest mining share in the world, representing 35.4% of the Bitcoin hash network as of the end of August, followed by Kazakhstan, followed by Russia, in third place. The ability of the US states to attract mining rigs and miners was recently mentioned, the most important of which are New York and Texas. Read More [New York and Texas Attract Bitcoin Mining].
Bitcoin is formed or “mined” through high-powered computers that are usually located in data centers in several regions around the world, where these computers compete to solve complex mathematical equations by consuming a huge amount of electricity, in general, the authorities are tolerant and sometimes even supportive and welcoming of bitcoin mining, while the Chinese authorities announced stricter laws on bitcoin mining and trading last month. Read More [China’s Central Bank Fights Cryptocurrency].