USA Becomes the Biggest Bitcoin Mining Hub

by in Cryptocurrency News

Bitcoin mining USA

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.

Related: Crypto Mining Firm Bitmain Stops Shipping to China

In 2019, three-quarters of the world’s hashrate came from China.

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.