Amid Mining Bans, China Still Commands World’s Second-Largest Share of Bitcoin Hashrate – According to new data from the Cambridge Centre for Alternative Finance (CCAF) research on bitcoin mining, China remains in second place in terms of global hashrate. According to CCAF researchers, while China controls nearly 22% of Bitcoin’s worldwide hashrate, the United States now controls 37.69%.
The Cambridge Centre for Alternative Finance updated their bitcoin mining data and map to include hashrate numbers for 2022. The CCAF data shows China’s hashrate declining by 46 percent in July 2021, according to a previous report.
The Chinese government had imposed a ban on bitcoin mining at the time, and many of the country’s miners had relocated. However, according to the most recent CCAF statistics, China’s hashrate remains strong, with the country ranking second in terms of global hashpower committed to the Bitcoin network.
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The authors of the study assume that Chinese miners are using virtual private networks (VPNs) to hide their identities. According to the data, China accounted for 21.11 percent of the global Bitcoin network hashrate.
The data used by CCAF comes from its partner mining pools Foundry, Viabtc, Poolin, and Btc.com. Furthermore, part of the hashrate coming from China did not use VPNs, and CCAF researchers think those miners were comfortable with their whereabouts being revealed.
According to the CCAF research, a “significant” number of Chinese miners may have believed the restriction was unimportant. “It’s likely that a significant number of Chinese miners swiftly adapted to the changing situation and continued to operate covertly, using international proxy services to distract attention and investigation.”
Unnamed sources told CNBC reporter MacKenzie Sigalos that bitcoin miners were still situated in China following CCAF’s updated data in July and October 2021. Although China’s hashrate is large in comparison to many other countries, the United States still maintains a 37.69 percent share of the global hashrate for Bitcoin.
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Amid Mining Bans, China Still Commands World’s Second-Largest Share of Bitcoin Hashrate – According to CCAF data from July of last year, the United States captured 16.8% of global hashrate. If the CCAF data is right, the hashrate in the United States has increased by 124.34 percent since July 2021.
The mining pool Foundry USA has captured 19.5 percent of global hashrate over the last three months, according to pool distribution metrics. Foundry USA discovered 2,566 of the 13,182 blocks mined throughout the three-month period.
