After China's ban on crypto mining, released in May, the USA became the leader of BTC mining. A study by the Cambridge Centre for Alternative Finance shows that the BTC mining hashrate of China dropped from 44% to 0% between May and July.
Meanwhile, the US share of the hashrate went up from 17% to 35% between April and August. From Sept. 2020, the US BTC hashrate share rose by around 428%.
The US states mainly offer a crypto-friendly environment and reduced energy costs to miners, which is the reason why many operators moved to the U.S. after leaving China.
Over Q3, 2021 US-based mining firms Riot, Marathon, Bitfarms, Hut8, Greenidge, Argo, and HIVE received a total of 7.5% of the overall BTC block rewards, worth more than $1.1 billion.
After the US,comes Kazakhstan as the biggest BTC miner. The country’s hashrate share now stands at around 18%. Russia ranks third by this indicator, with 11.2%. Bitcoin hashrate is the speed of mining, through which new coins enter into circulation.