Study: Amid Mining Bans, China Still Commands World’s Second-Largest Share of Bitcoin Hashrate

New information stemming from the latest Cambridge Centre for Alternative Finance (CCAF) study connected bitcoin mining indicates that China inactive holds the 2nd presumption successful presumption of planetary hashrate. While China commands adjacent to 22% of Bitcoin’s planetary hashrate, the United States presently dominates with 37.69%, according to CCAF researchers.

China Is Still the World’s Second-Largest Concentration of Bitcoin Miners

The Cambridge Centre for Alternative Finance updated the organization’s bitcoin mining information and map successful bid to item 2022 hashrate statistics. In July 2021, Bitcoin.com News reported connected the CCAF’s information that showed China’s hashrate dropping by 46%.

At the time, China’s authorities enforced a prohibition connected bitcoin mining and a large woody of the country’s miners re-located. However, the latest CCAF stats amusement China’s hashrate is inactive precise salient arsenic the state is the second-largest person successful presumption of planetary hashpower dedicated to the Bitcoin (BTC) network.

The study’s authors judge the miners located successful China are apt leveraging virtual backstage networks (VPNs) to conceal their locations. The study indicates that China’s stock of the wide Bitcoin web hashrate was 21.11%.

CCAF’s information derives from the organization’s spouse mining pools Foundry, Poolin, Viabtc, and Btc.com. Moreover, immoderate of the hashrate stemming from China did not leverage VPNs and CCAF’s researchers judge those miners are comfy with their locations unhidden.

Unites States Dominates Bitcoin’s Global Hashrate by More Than 37%

CCAF’s study notes that a “non-trivial” quantity of Chinese miners whitethorn person thought the prohibition wasn’t a large deal. “It is probable that a non-trivial stock of Chinese miners rapidly adapted to the caller circumstances and continued operating covertly portion hiding their tracks utilizing overseas proxy services to deflect attraction and scrutiny.”

Following CCAF’s updated information successful July and October 2021, a CNBC report noted that unnamed sources told the newsman MacKenzie Sigalos that bitcoin miners were inactive located successful China. China’s hashrate is sizable compared to a large fig of different countries, however, the U.S. inactive dominates Bitcoin’s planetary hashrate by 37.69%.

CCAF’s information from past July showed the U.S. captured 16.8% of the planetary hashrate past year. If CCAF’s information is correct, that would mean the U.S. hashrate has climbed 124.34% since July 2021. Pool organisation metrics lucifer with CCAF’s information arsenic the mining excavation Foundry USA has captured 19.5% of the planetary hashrate during the past 3 months. 13,182 blocks were mined during the three-month play and Foundry USA recovered 2,566 of them.

What bash you deliberation astir the latest CCAF information that shows adjacent to 22% of the world’s Bitcoin hashrate inactive resides successful China? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.