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China is experiencing an unprecedented challenge to its status as an undisputed crypto mining sector lodestar.
New research data indicates that the United States has become the world’s largest bitcoin mining hub, overtaking China for the very first time. This comes as China’s contribution to the bitcoin mining hashing power declines significantly following the government’s ban imposed earlier this year.
The U.S Takes The Lead
A year ago, China was the hashrate leader — without a doubt. The situation has, however, changed dramatically in recent months.
According to data from Cambridge Centre for Alternative Finance (CCAF), bitcoin mining activities in China have slumped essentially to zero, following the exit of the majority of miners from the nation after Beijing regulators imposed a harsh clampdown on crypto mining.
The immediate impact of the ban was a 38% fall in the global hash rate — a term that refers to the computing power of miners — in June 2021. This corresponded to China’s share of the global hash rate prior to the country’s ramp-up of repression of decentralized cryptocurrencies
Source : zycrypto.com
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