US Leads Global Bitcoin Hash Rate Distribution Following China Repression

Following radical Chinese crackdown on bitcoin mining, the United States is now the top country in terms of hash rates. The US currently accounts for over a third of total bitcoin mining, with Kazakhstan and Russia also emerging as major countries, Cointelegraph reported.

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), bitcoin miners (BTC) in the US account for 35.4% of the total global distribution of BTC mining hash rates.

CBECI data also shows that Kazakhstan (18%) and Russia (11%) are the next major Bitcoin mining centers outside the US. These three countries have gained significant market share after the cryptocurrency mining ban in China.

Back in June, it was reported that, one of the largest Chinese bitcoin miners, was moving to Kazakhstan.

Perhaps of particular interest is the fact that the CBECI data shows that the hash rate from China is 0%. However, it is possible that undercover mining businesses are still running despite the ban.

The US, which accounts for the largest share of the global hash rate distribution, is likely to complete the expected East-West migration of miners following the suppression in China.

In addition to the crackdown in China, North American cryptocurrency mining companies are ramping up their capacities, significantly expanding the capabilities of their equipment.

American miners such as Argo Blockchain, Riot Blockchain, Marathon, and several others have placed large orders for mining rigs from major manufacturers such as Bitmain and MicroBT.

Earlier in October, it was reported that Riot Blockchain had tripled its production capacity in 2021, mining 2,457 BTC during this period.

Bitcoin mining megacities are expected to emerge in places like Texas and Ohio, further increasing the production capacity of American crypto miners.

As previously reported, BIT Mining recently signed a joint venture agreement with Viking Data Centers to build an 85-megawatt bitcoin mining facility in Ohio.

The expansion of bitcoin mining in the US has also led more companies to seek public listing on US stock exchanges.

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