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Home » US overtakes China for the first time to become the world’s leading cryptocurrency mining company

US overtakes China for the first time to become the world’s leading cryptocurrency mining company

What just happened? For the first time, the United States has overtaken China to become the world leader in cryptocurrency mining. This follows months of the Asian nation’s crackdown on cryptocurrency, leading miners and mining companies to move to more welcoming places.

Despite the Chinese government’s obvious aversion to crypto, the country has long been responsible for the majority of the global bitcoin hash rate – in part because of its cheaper electricity – taking a 75% share in September 2019. But this year, China has pushed harder. on the industry like never before: a major crackdown in May resulted in the closure of their businesses by miners; authorities began closing other operations in June; and China recently declared all crypto transactions illegal.

According to figures released by the Cambridge Center for Alternative Finance, the new crackdown saw China’s share drop 60% in just a few months. Now he’s at zero.

Image credit: Cambridge Center for Alternative Finance

The loss of China is the gain of other countries. The United States’ share in the global BTC hashish eruption fell from 17% in April to a 35.4% share in July, the largest in the world. Kazakhstan, second, fell from 8% to 18%, while Russia, third, is at 11% after reaching 6.8% three months earlier. Canada is fourth with a 9.6% share, down from just 3% in April.

“The whole narrative of China controlling bitcoin is now completely destroyed,” Boaz Sobrado, a London-based fintech data analyst, told CNBC.

The migration of crypto miners from China has led to an increase in demand for electricity for the countries that host them. A single Bitcoin transaction, including the resources to mine the coin and verify the transaction, can total more than 1,700 kilowatt-hours (kWh). A mining company has bought a Pennsylvania power plant that produces enough electricity for 1,800 Bitcoin miners, with production increases slated to support more than 20,000 miners by 2022.

In other crypto news, Intel confirmed this week that its first series of Arc graphics cards, Alchemist, will not have an Nvidia LHR-style mining limiter. We’ve also heard that new software is able to bypass the Green Team Limiter through double crypto mining.

Growing interest in mining and rising coin values ​​are impacting the prices and availability of graphics cards, although rumors still say that Nvidia will launch more products in January, which seems odd. since people can’t even find or afford its current deals. But it’s expected that Ethereum’s shift from a Proof of Work (PoW) model to Proof of Stake (PoS) will help improve the situation.

Image credit: TimeShops

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