Crypto The US overtake China as the world’s largest Bitcoin producer

[minenovo]

The Chinese authorities may have been cracking down on the cryptocurrency industry for quite a while now, but the industry is clearly not down for the count. If anything, it has seen a clear resurgence, with the United States emerging as the biggest producer of Bitcoin in the world.

As a result of the devastating crackdown in China many Bitcoin miners simply moved overseas.

The Chinese Hash Rate, which is the the total amount of computing power used to mine bitcoins and process transactions as a percent of the global Bitcoin Network has essentially dropped down from 44% in May to zero in July this year. In 2019 that rate was 75%!

After all that happened the Chinese miners headed mainly to North America and Central Asia. Mining rig manufacturers also headed for those markets.

This massive shift in the industry resulted in a surge in mining Bitcoin in the USA. By the end of August the US accounted for 35.4% of the Hash Rate, followed by Kazakhstan and Russia. Previously, the Bitcoin Hash Rate in the US was just 17%.
Source
Personally, I had little doubt that the industry would recuperate after China cracked down on it so hard, but I never imagined it would happen this fast.

 

[btaliat]

This is not a surprise because it is expected to happen. Ever since China has regulated the trade in bitcoins and other crypto coins, than when there has been decline in the activites of crypto in China. This even gave some Chinese miners to leave their country to be mining somewhere else

 

[minenovo]

I believe these days the Chinese Bitcoin Hash Rate is basically zero, the authorities completely destroyed the industry there.