Although the Chinese government openly attacked cryptocurrency operations in the country in an outright crypto ban, recent data shows that China has re-emerged as one of the world’s largest Bitcoin (BTC) mining hubs.
A new report from the Cambridge Bitcoin Electricity Consumption Index (CBECI) shows that Chinese Bitcoin miners were the second largest group accounting for 21.1% of the total global BTC mining hash rate distribution in early 2022. The United States, producing 37.8% of the total hash rate as of January, topped the list.
Bitcoin miners in China accounted for 21.1% of the total global BTC mining hash rate distribution as of early 2022, following only the United States, which produced 37.8% of the total hash rate as of January, according to the data.
Prior to China’s crackdown on crypto in 2021, the country once was the world’’s largest Bitcoin mining country, good for more than 75% of all hash rate in 2019.
Although in July and August, Chinese hash rate dropped to zero, in September it surged to 22.3% and since has not dropped below 18%.
Notably, the country which experienced an influx of Chinese Bitcoin mining activity following the ban, Kazakhstan, saw its BTC hash rate share dropped from 18% in August to 13.2% this January.
The CBECI report shows that 9% of global BTC hash rate comes from undefined locations. Canada and Russia account for 6.5% and 4.7% of global hash rate, respectively.
With the United States being the largest contributor to the Bitcoin network, data shows that three states, Georgia, Texas and Kentucky combined make up for over half of overall hash rate in the country. Respectively they account for 32%, 11.2% and 10.9%.
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Source: Igaming
