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:
Trending: Hong Kong Is Cracking Down On Crypto
Chinese Bitcoin (BTC) miners are now responsible for controlling as much as 66% of global hash rate. Sichuan province accounts for over 50% of the global hash rate. Other leading mining centers in China include the provinces of Yunnan, Xinjiang and Inner Mongolia #liquiditex #lex pic.twitter.com/zEUs14ATgB
— Liquiditex (@liquiditex) December 12, 2019
why isn't this a problem again? i hear that 4 miners in china contain over 50% of the hash rate. how is this decentralized? #Bitcoin pic.twitter.com/o0GGo9txfw
— Steven Lee (@jammasterlee) April 22, 2021
We’re in a #crypto “space-race” between China and the USA. Hash rate must move away from an overbearing government.
This is about opportunities in states like Texas and viability with crypto, NOT criminality.
Also, Chinese miners are #HODLing their #Bitcoin.
— Ben Armstrong (@Bitboy_Crypto) July 16, 2021
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.
#Bitcoin mining is becoming more geographically distributed—China now has less than 50% of the total hash rate, with the United States being the largest beneficiary. Like the open Internet, a wealth transfer from East to West. pic.twitter.com/ho5Rr3nnmq
— Documenting Bitcoin 📄 (@DocumentingBTC) July 16, 2021
#Bitcoin Mean Hash Rate has already recovered to mid-2020 levels following the purge on miners by communist China.
This resilience is very encouraging.
Price remains in short-term panic mode, but will eventually turn the corner as well.
Study the network, not the daily prices. pic.twitter.com/EBh4joUlyx
— Dr. Jeff Ross (@VailshireCap) July 16, 2021
🔦 Why is now a good time to mine #cryptocurrencies?
Bitcoin's hash rate has fallen by more than 50%, and most of the miners are busy relocating out of #China. However, experts persistently call the current time "the best time to start #mining". What is the reason? pic.twitter.com/WOAKRe5oaN
— BitCluster (@bit_cluster) July 13, 2021
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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