US solidifies its status as largest Bitcoin mining hub
US has increased its share of the Bitcoin mining market
The US now accounts for 37.84% of the global Bitcoin mining hashrate, according to new dates published by the Cambridge Center for Alternative Finance.
In October, the US took the top spot for the first time after China’s share of the global hashrate fell to virtually zero as a result of the Communist Party of China crackdown on energy-intensive industries.
FoundryUSA also eventually became the largest mining pool in the world.
Georgia is the largest mining hub in the US by a wide margin, accounting for over 30% of the country’s hashrate. It is followed by Texas (11.22%) and Kentucky (10.93%). In addition, New York and California, two deep blue states, are also responsible for a significant portion of mining activity (9.77% and $7.9%, respectively), despite many progressive Democrats opposing Bitcoin.
Surprisingly, the new CCAF report states that China has managed to re-emerge as one of the top players in the world with a 22.29% share of the global market. The data almost confirms that there is underground mining activity, with local miners successfully circumventing the draconian restrictions imposed by local authorities. According to the CCAF, Chinese miners rely on foreign proxy services to cover their tracks.
Meanwhile, Kazakhstan, which emerged as one of the top Bitcoin mining destinations, saw a major drop in its hashrate share, which has fallen to 13.22%.
Canada ranks fourth with a 6.48% share of Bitcoin’s global hashrate.