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US Overtakes China in Bitcoin Mining

US has become the largest Bitcoin mining centre after overtaking China as China’s hash rate has fallen to zero. The data revealed by Britain’s Cambridge Centre for Alternative Finance, now US holds the largest share of the world’ mining. The data shows that mining and trading launched by China disrupted the industry forcing the miners and to shut down the shops and shift overseas.

China’s Hash Rate, its share of power connected to Bitcoin network has dropped down to zero. Its share was 77% in 2019 but came down to 44 percent in May.  Thus miners and traders across the world have taken up the slack and have shifted their focus to North America especially US. As a result US now holds the largest share of mining.  US’s share in mining is somewhere around 35.4%.  Kazakhstan and Russia follow the shareholding after US according to the data.

The Bitcoin is mined by computers having high-processing power. It is usually mined at data centers world over. The can solve complex mathematical challenges. The process consumes huge electricity.Russia benefitted more in  mining from its surplus electricity as it has low energy costs and has cool climate. But concerns around illegal Bitcoin mining are growing in the country.The Bitcoin mining data shows that China is losing share of its computing power and miners and traders are focusing on US on the path to make US dominant in computing power.

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