According to the latest research by the Cambridge Centre for Alternative Finance (CCAF), China’s overall computing power used for the Bitcoin (BTC) network, AKA the “hash rate,” is already on a steep decline even before the country’s ongoing crackdown against BTC mining was set in full swing. CCAF’s research report states that China’s contribution to BTC mining plummeted to as low as 46% this past April 2021 from 75.5% in September 2019 – indicating that its hash rate is already on the way down months before the ongoing crackdown.
During the same period, while China’s BTC hash rate share was on a decline, other territories began to thrive. The United States, in particular, successfully quadrupled its global BTAC has rate share – from a mere 4% to 16.8% – becoming the second-largest producer of BTC, only behind China. Notably, Kazakhstan’s share also skyrocketed at that time, becoming a primary BTC producer after managing to improve its hash rate share from 1.4% to about 8%.
It is only safe to assume that China’s hash rate would still be on the way down, especially now that miners are beginning to leave the country due to its intensifying efforts to suppress crypto mining. Some even believe that once the latest crackdown commences, China would practically be surrendering its entire hash rate as more miners are now convinced that moving out of the country would be the best for them. Where exactly they would go, however, remains a mystery.