Thursday, October 14th 2021
US Becomes Global Bitcoin Mining Leader
The United States has now become the leading country in cryptocurrency mining operations, following China's mining ban and subsequent exodus of its mining operators to less dangerous waters. According to figures published by the Cambridge Centre for Alternative Finance, US-based miners reached a 35.4% share in overall bitcoin hashrate in July this year - up 17% compared to April, and only a month after China's move to ban all domestic cryptocurrency mining operations. In the months since, China's Bitcoin hash rate control declined from 44% in May of this year down to 0% as early as July - a far cry from its September 2019 high, which saw the country hold around 75% of the global mining hashrate.
As is usually the case, one country's loss equates to another's "gain", and the same is true for mining operations following the China ban. The US may have become the biggest player in this particular court, but any country with cheap electricity that allows for profits increases is fair game. Countries like Kazakhstan went from 8% to 18% in the same period, claiming the current second spot in overall hashrate, while Russia has now claimed third place after reaching an 11% share - rising from 6.8% three months earlier. It remains to be seen whether these mining operation relocations will see the US face the same migratory phenomenons as China did back when mining wasn't banned: operators spent the dry season on regions like Xinjiang in late autumn, winter and spring, migrating to regions with significant temporary overcapacities in low-cost hydropower, like Sichuan, between May and October during the 'wet season'. The impact of this mining relocation to the US in its power delivery infrastructure (if any) remains to be fully understood.
Source:
via TechSpot
As is usually the case, one country's loss equates to another's "gain", and the same is true for mining operations following the China ban. The US may have become the biggest player in this particular court, but any country with cheap electricity that allows for profits increases is fair game. Countries like Kazakhstan went from 8% to 18% in the same period, claiming the current second spot in overall hashrate, while Russia has now claimed third place after reaching an 11% share - rising from 6.8% three months earlier. It remains to be seen whether these mining operation relocations will see the US face the same migratory phenomenons as China did back when mining wasn't banned: operators spent the dry season on regions like Xinjiang in late autumn, winter and spring, migrating to regions with significant temporary overcapacities in low-cost hydropower, like Sichuan, between May and October during the 'wet season'. The impact of this mining relocation to the US in its power delivery infrastructure (if any) remains to be fully understood.
43 Comments on US Becomes Global Bitcoin Mining Leader
Too bad it's not real mining for precious metals.
US Becomes Global Electricity Wasting Leader
I do wonder if the china miners are really locating to the states, or just moving one country to the left...:rolleyes:
in the quoted report, on the BBC, I read the areas where the mining moved to in Khazakstan are now experiencing power issues in the local communities. Swarm of locusts.Can I return this one for in-store credit?
Now that China is cracking down on the energy corruption (ex: random governor-level politician using local power-plants for his own BTC mining operations), that illegitimate use of electricity for mining has been cut out. There's also worries that China would crack down on BTC itself, moreso than the US Government anyway.
The price of electricity is king for mining, and the political winds are blowing more favorably in the USA.
A "better" use of the electricity would be to sell the power to other states, rather than to waste it on BTC IMO. But you know, free market and all that... this thing is going to happen unless regulators decide to clamp down on it.
That could change of course.
but im running off topic now. best i go before i get in trouble again LOL