China Still 2nd Largest Bitcoin Miner Despite Crypto Ban
Despite the crypto ban, China is the world's second-largest Bitcoin mining country, with approximately $13.5 billion in revenue in the first three quarters of 2018. Despite the Chinese government's prohibition on all crypto operations last year, China still accounts for 21% of the total global Bitcoin hash rate.
China has rejoined the crypto world as one of the worlds largest Bitcoin mining hubs, nearly a year after banning cryptocurrencies, according to a new report by the Cambridge Bitcoin Electricity Consumption Index (CBECI) and shared with Cointelegraph.
Despite the fact that the crypto ban was enacted in September 2021, the hash rate share grew to 22.3 percent in that month and did not fall below 18 percent for the duration of the study.
The new information is sufficient to establish that Bitcoin mining is still active in China and is not merely a hobby for a few miners.
Russia, who have previously been in the top 3 miners, have dropped
The top three countries by Bitcoin hash rate power have all seen their hash rate decline since August. Russia also saw a decline in their hash rate.
Kazakhstan, the world's third-largest BTC mining hub, sees a modest reduction in hash rate share, according to the latest data. Kazakhstan's contribution of the BTC hash rate fell from 18 percent in August to 13.2% in January.
Georgia, Texas and Kentucky lead BTC hash rate production in the US. The new CBECI update provides more specific insights about the biggest bitcoin mining market at the state level.
Mining is also taking place in the states of New York, California, North Carolina and Washington, according to a research.
The analysis is based on information acquired from four large mining pools: BTC.com, Poolin, ViaBTC, and Foundry.
Since the introduction of the mining map in 2019, the sample size for the examined mining pool data has varied between 32 percent and 38 percent of Bitcoin's total hashrate, according to the CBECI website.