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US becomes top Bitcoin Mining hub following China’s crackdown

After China’s endless crackdown on the crypto industry, the United States of America has become the world’s leading bitcoin mining hub. 

According to data from the Cambridge Centre for Alternative Finance (CCAF), miners in the US accounted for 34.5% of the global hash rate at the end of August. That’s more than a hundred percent increase from the 18.6% recorded at the end of April.

Kazakhstan (18.1%)  and Russia (11%) occupy the second and third positions.

Country Hash Rate
?? United States 35.4%
?? Russia18.1%
?? Kazakhstan 11%
?? Canada9.55%
?? Ireland 4.68%
?? Malaysia 4.59%
?? Germany4.48%
?? Iran3.11%
?? Norway0.58%
Cambridge Bitcoin Electricity Consumption Index (CBECI) table.

North American and European countries occupy the top five positions on the Cambridge Bitcoin Electricity Consumption Index (CBECI) chart.

Surprisingly, China’s bitcoin mining hash rate has been reduced to zero percent, the CCAF study reveals. In 2019, China accounted for 75% of the global hash rate.

Newsbsc reported the emergence of Europe as the world’s largest cryptocurrency economy, and it’s no surprise that the continent is well represented on the CBECI list.

NEXT: Binance to blacklist Chinese Yuan and users in Mainland China

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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