New data now shows that the United States now seats at the top of the world’s leader board of Bitcoin mining following China’s government crackdown on the crypto industry.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI) stats, the U.S. now accounts for 35.4% of the total global BTC mining hash rate.
The data also shows that Kazakhstan and Russia sit at the second and third positions of the largest Bitcoin miners, with both countries mining 18% and 11% of Bitcoin, respectively.
BTC.com, Poolin, ViaBTC, and Foundry were major sources of data for this research by CBECI.
In the last 24 hours, bitcoin is down by 3.25%, with a current price of $55,085.50 as at the time of writing this. Within 24 hours, bitcoin dropped to $54,111.70 low and $57,444.50 high. The trading volume of bitcoin in the last 24 hours is $1.70B. The current market capitalization of bitcoin is $1.04T. Currently, $18.84M bitcoins is in circulation.
Stats and Image from Coin Desk
China used to account for the lion’s share of Bitcoin’s global hash rate. However, after the Chinese government announced a ban on all crypto activities, including mining, China experienced a halt in Bitcoin mining and began to move to the significantly to the U.S. and other crypto-friendly countries as a safe haven.
Another factor responsible for the increase in hash rate in the U.S heavy investment in mining equipment by American miners following BTC’s recent price rally.