US Has Highest Bitcoin Hashrate After Chinese Miner Exodus

The share of BTC hashrate in the US has increased by more than 400% since 2020, with most of the increase seen in recent months

The United States is currently responsible for most of the hash rate on the Bitcoin network, overtaking China in the process, data shows.

In July of this year, 35,4% of the total computing power in the Bitcoin network came from the United States, according to the Cambridge Center for Alternative Finance. The total hashrate that secures Bitcoin from the United States has increased by 428% compared to the numbers recorded in September 2020, according to research.

That of CNBC citing data from Cambridge University, China’s crackdown on cryptocurrency mining and the exodus of Bitcoin miners in search of cheaper energy sources ended with most of the hash rate remaining in the US.

As the country attracts more and more mining companies that want to take advantage of the abundant energy sources, the reversal of China’s control of over 67% of the hash rate last September could lead to even more mining power migrating to America.

Bitcoin miners who settle in the US are likely to continue to be attracted by the lowest electricity prices and numerous renewable energy sources.

Texas is a leader in cheap electricity and an abundance of solar and wind energy, while Washington and New York are attractive because of their high hydropower generation.

Kazakhstan and Russia

While the share of computing power for Bitcoin mining in the US has increased from 4,2% in September 2020 to 21,8% in May 2021, the US is not the only country that welcomes the exit of miners from China.

Other top destinations for Bitcoin miners were Kazakhstan and Russia, which contributed 18.1% and 11.2%, respectively, in July. Canada has also seen a significant increase in miner activity, with 9.6% of the hash rate coming from this country.

The data also show that the share of hash rate in mainland China fell to zero in July, which illustrates the exodus of miners.

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