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China’s Bitcoin Miners Now Control Less Than 50% Of Total BTC Hash Rate


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Huge opportunities may be opening up…..

New reports show that China’s Bitcoin Miners now control less than 50% of Bitcoin’s total hash rate. The Chinese government has apparently been very effective at cracking down on Bitcoin mining operations.

Sources also point out that The U.S. will likely be the biggest benefactor of this wealth transfer.

China’s Bitcoin miners once had a majority control of Bitcoin’s global hash rate by a pretty decent margin:

 

 

Ethereum World News reports that China’s dominance of the Bitcoin hash rate has dramatically shifted:

Bitcoin’s hash rate originating from China and its territories has dropped to less than 50% of the total global BTC network capacity. This milestone was identified by the team at Documenting Bitcoin who also pointed out that the miners in the United States are the largest beneficiaries of the Chinese government’s crackdown on mining activities.

From the data above, it can be observed that China had controlled roughly 70% of the Bitcoin network from late 2019 to early 2020. To note is that the hash rate controlled by China had dropped a bit in early 2018 when the government had started to crackdown on BTC mining in that year.

The hash rate originating from China soon recovered until China’s government started a new crackdown this year.

CNBC added:

China’s share of global bitcoin mining plunged this year while Kazakhstan rose to become the world’s third-largest player in the industry, according to research from Cambridge University.

The research, published Thursday by the Cambridge Centre for Alternative Finance, shows China accounted for less than half (46%) of the power used for bitcoin mining in April, down sharply from 75.5% in September 2019. That’s before authorities ordered a crackdown on the mining of cryptocurrencies.

Kazakhstan saw an almost sixfold increase in its share of global bitcoin mining in the same period, climbing to 8.2% from 1.4%. The U.S., meanwhile, rose to 16.8% from 4.1% to take the second top spot, while Russia and Iran were the fourth- and fifth-largest countries for bitcoin mining, respectively.

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