Hong Kong: The United States has surpassed China to take into account the largest part of Bitcoin mining in the world, data published on Wednesday by Cambridge Center from Britain for alternative financial.
The numbers show the effects of hard action against Bitcoin and mining trading launched by the Chinese State Council, or cabinet, at the end of May, which destroyed the industry and caused miners to close stores or moved abroad.
The China section of the power of computers connected to the Global Bitcoin network, known as “hash rate”, has fallen to zero in July from 44% in May, and as many as 75% in 2019, data shows.
Miners elsewhere have been loosened, with mining rig manufacturers distract them to North America and Central Asia and larger Chinese miners also move, although this process is full of logistics difficulties.
As a result, the United States now contributed the largest mining distribution, around 35.4% of the global hash level at the end of August, followed by Kazakhstan and Russia, data shows.
Bitcoin is made or “mined” by a high-powered computer, usually in data centers in various parts of the world, which competes to complete complex mathematical puzzles in processes that utilize electricity intensively.
Russian energy costs Russia and the cool climate allows several companies to use the excess electricity to benefit from the price of Bitcoin’s surge earlier this year, but growing concerns about illegal mining.
In a letter to the government in Moscow at the end of September, Igor Kobzev, the Governor of the Russian Irkutsk region, referred to the “landslide growth” of the energy tariff, blamed the mining of underground cryptocurrency.
“(The situation) further deteriorated by a mining ban imposed by the Chinese authority and relocating a large number of equipment to the Irkutsk region,” Kobzev said in the letter, according to a report by Vedomosti every day on Wednesday.
Authorities elsewhere are more tolerant or even welcome Bitcoin mining, while Chinese authorities announce more difficult regulations for Bitcoin and trading mining last month.
“Our current focus is to accelerate the development of adequate mining agriculture in North America and Europe,” Representatives for Ebang Holdings International Mining Rig makers told Reuters after the last crackdown.
But industrial players are still bruised.
“As a veteran who witnessed the birth of the industry in China, I felt the situation today regrettable,” said Mao Shihang, founder of F2Pool, so the largest Bitcoin pool in the world, and Cobo Co-Founder, Crypto assets headquartered by Singapore.
Managers and custodians.
“China loses its part of computing power …
the industrial gravity center shifts to the United States,” he said, speaking before Cambridge data was published.