150 Interactions, 2 Today
The United States now accounts for more than one-third of all Bitcoin mining activity, with Kazakhstan and Russia also becoming important locations.
Following China’s sweeping crackdown on Bitcoin mining activity, the United States has now surpassed China as the leading nation in terms of hash rate.
Bitcoin (BTC) miners in the United States account for 35.4 percent of the total global BTC mining hash rate distribution, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI).
According to the CBECI data, Kazakhstan (18%) and Russia (11%), are the next major Bitcoin mining centres outside of the United States. Following China’s crypto mining ban, these three countries have gained significant market share.
BTC.com, one of the largest Chinese Bitcoin miners, was reported to be relocating to Kazakhstan in June.
Perhaps of particular interest is the fact that CBECI data shows a 0% hash rate from China. However, it is possible that covert mining operations are still ongoing despite the ban.
The U.S. accounting for the greatest share of the global hash rate distribution likely completes the expected East-West miner migration following Beijing’s clampdown.
Aside from the China crackdown, North American crypto mining operations have been increasing their capacity by significantly increasing their hardware capacity.
American miners such as Argo Blockchain, Riot Blockchain, Marathon, and others have placed large orders with major manufacturers such as Bitmain and MicroBT.
Riot Blockchain reported earlier this month that it had tripled its production capacity in 2021, with 2,457 BTC mined during that time.
Mega Bitcoin mining centres are also expected to be built in Texas and Ohio, increasing the production capacity of US crypto miners even further.
As previously reported, BIT Mining recently formed a joint venture with Viking Data Centers to construct an 85-megawatt Bitcoin mining facility in Ohio.
With the growth of the Bitcoin mining industry in the United States, more companies are pursuing a public listing on American stock exchange markets.