The US’ BTC hashrate share increased by more than 400% since 2020—with most of the increase seen over the past few months
The United States currently accounts for most of the hashrate on the Bitcoin network and has, in the process, toppled China, data has shown.
As of July this year, 35.4% of total computing power on the Bitcoin network originated from the US, per the Cambridge Centre for Alternative Finance. The total hashrate securing Bitcoin from the United States was up 428% on figures recorded in September 2020, research details showed.
According to the data from Cambridge University cited by CNBC, China’s crackdown on cryptocurrency mining and the exodus of Bitcoin miners looking for cheaper energy sources ended with most of the hashrate in the US.
As the country attracts more and more miners seeking to exploit abundant energy sources, the reversal from China’s control of over 67% of the hashrate last September could see even more mining power move to America.
Bitcoin miners moving to the US are likely to continue being attracted by some of the lowest electricity prices and plenty of renewable energy sources.
Texas leads in terms of cheap power and abundance of solar and wind power, while Washington and New York are attractive due to their high levels of hydropower generation.
Kazakhstan and Russia
While the US has seen the proportion of computational power for Bitcoin mining grow from 4.2% in September 2020 and 21.8% in May 2021, it’s not the only country to welcome miners exiting China.
Other top destinations for Bitcoin miners have been Kazakhstan and Russia, accounting for 18.1% and 11.2% respectively as of July. Canada has also seen a significant jump in miner operations with 9.6% of hashrate contributed from the country.
The data also showed that mainland China’s hashrate proportion for July dropped to zero, highlighting the migration of miners.