China's share in bitcoin hashrate began to decline long before the crackdown on miners began.
Currently, the PRC is still ranked first in the ranking of countries in terms of the amount of computing power generated in the bitcoin network.
However, the trend for the weakening of the share of the Celestial Empire was outlined last year. In November, Arcane Research published a study stating that Kazakhstan and Iran had significantly strengthened their positions.
In 2021, these states continued to increase their capacities. As a result, Kazakhstan was among the top three bitcoin miners. It is second only to China and the United States.
The share of China in the BTC hash fell below 46%, while in September 2019 it exceeded 75%, Cambridge analysts emphasized. The share of the United States increased to 16.8%, and Kazakhstan's - to 8.2%. The fourth and fifth places were shared by Russia and Iran.
As Bloomberg clarifies, Kazakhstan is a powerful energy power. It was this factor that prompted many miners to migrate to the republic from China, where power outages began for companies engaged in crypto mining.
Coal and gas stations in Kazakhstan generate over 22 GW of electricity.
Recently it became known that the giants Canaan and BIT Mining have launched their first mining farms in the former Soviet republic. Both companies promise to increase bitcoin capacity by the end of this year.