{"id":1033,"date":"2021-10-14T11:08:22","date_gmt":"2021-10-14T10:08:22","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=1033"},"modified":"2021-10-14T11:08:24","modified_gmt":"2021-10-14T10:08:24","slug":"us-overtakes-china-largest-bitcoin-mining-center","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/10\/14\/us-overtakes-china-largest-bitcoin-mining-center\/","title":{"rendered":"BREAKING: U.S. Overtakes China as Largest Bitcoin Mining Center After Beijing Ban"},"content":{"rendered":"\n

The United States now accounts for the largest share of the world\u2019s Bitcoin mining. Chinese authorities banned the activity earlier this year causing miners to shut down operations and move overseas.<\/p>\n\n\n\n

China\u2019s share of the power of computers connected to the global Bitcoin network, known as the \u201chash rate,\u201d fell to zero by July. That\u2019s a sharp drop from 44% in May, according to data published Wednesday by the UK\u2019s Cambridge Centre for Alternative Finance. In 2019, the country accounted for three-quarters of the global hash rate.<\/p>\n\n\n\n

The data shows that the U.S. now accounts for 35.4% of global Bitcoin mining power (hash rate) as of the end of August.<\/p>\n\n\n\n

\"BREAKING:<\/figure>\n\n\n\n

The U.S. share of the global hash rate increased from 17% in April to 35% in August, while Kazakhstan rose to 18% in the same period.<\/p>\n\n\n\n

In May, China\u2019s State Council banned cryptocurrency mining and trading<\/a>, citing environmental and financial concerns. The decision prompted an exodus of miners in search of cheap energy and crypto-friendly politicians in other countries.<\/p>\n\n\n\n

Beijing has since gone further, labeling all crypto-related activities \u201cillegal\u201d last month<\/a>, extending its prohibition to include foreign operators.<\/p>\n\n\n\n