Amidst China’s ongoing crusade against crypto mining and cryptocurrencies in general, the United States has now purportedly become the largest Bitcoin mining hub in the world. The US formally took the title away from China who had a vice grip on the sector for years now.
As per the reports, the US is now responsible for over 35% of the total Bitcoin mining share in the world. Just a year ago, the same recorded metric was only at 4.2%. This astounding jump in percentage share speaks volumes to the impact the recent mining bans in China brought on the industry as a whole – tilting the landscape almost entirely in favor of the US.
Before the bans and controversies surrounding crypto mining in China began, the China accounted for nearly 67% of the global Bitcoin mining. As of this year’s July, mining operations in mainland China had practically vanished as most miners have decided to leave the country altogether to avoid the heavy regulations set upon them.
While many miners have migrated to the US, others have also taken their businesses somewhere closer, such as Kazakhstan, which saw its mining share surge by more than 10%.