China returns to the second largest bitcoin miners despite the mining ban!

Months after China banned digital currency mining, the country has once again risen to the second largest bitcoin miners. This means that, contrary to popular belief, bitcoin mining in China continues on a large scale.

To Report The new data show that the Chinese government has not been able to eliminate digital currency-related activities as part of its ban on digital assets last year, and the country has re-emerged as one of the largest bitcoin mining centers in the world.

According to the latest report from the University of Cambridge Bitcoin Consumption Index (CBECI) released on Tuesday, China is in second place since January 2022, months after the government banned all digital currency-related activities in the country. Has become a major provider of bitcoin network hash rates.

According to available data, Chinese miners since early 2022 have been able to account for about 21.1% of the total bitcoin mining hash distribution in the world. China ranks second after the United States, which accounts for 37.8% of the network’s hash rate.

China was once the world’s largest bitcoin miner, accounting for more than 75% of the Bitcoin network hashtag in 2019; But after the closure of digital currency mining farms in July and August 2021 (July and August 1400), the country’s share of the entire bitcoin network hash rate dropped to zero percent.

Despite a general ban on digital currencies in September 2021, China’s hashtag share rose to 22.3 percent that month and has not fallen below 18 percent since.

Alexander Neumueller, CBECI project manager at the University of Cambridge, told the Telegraph that the new data was enough to conclude that bitcoin mining was still active in China.

He further added:

Our data confirm that bitcoin mining continues in China. Although China’s extraction rate is far from its previous peak, it still appears to host about one-fifth of the world’s total hash rate.

Russia is off the list of the top three extractors

The latest CBECI data also show a slight decline in the share of Kazakhstan, the third largest bitcoin mining center in the world. Kazakhstan’s bitcoin hash share fell from 18% in August to 13.2% in January.

In addition, available data show that miners now extract up to 9% of the global bitcoin hash in unspecified locations. After these countries, Canada and Russia are the other major centers of bitcoin mining, accounting for 6.5 and 4.7 percent of the hash rate, respectively.

In addition to being removed from the list of the top three countries that provided bitcoin network hashtags, Russia saw its real hash rate decrease from 13.6 exacerbations per second in August to 8.6 exacerbations per second in January. ) have been.

The states of Georgia, Texas and Kentucky are leading the hash rate in the United States

New CBECI data provides more detailed information on the distribution of hash rates across the US states, the largest bitcoin mining hub.

These data show that Georgia, Texas and Kentucky are the three largest states in terms of hash rate distribution, accounting for 32, 11.2 and 10.9% of US hash rates, respectively. All three states together make up more than half of the total US hashtag.

The data also show significant activity by miners in states such as New York, California, North Carolina and Washington.

How is this data collected?

The CBECI index data is published as part of the Cambridge Digital Asset Program (CDAP), a research project hosted by the Cambridge Center for Alternative Finance.

The report is based on data obtained in collaboration with four major mining pools, BTC.com, Poolin, ViaBTC and Foundry. According to the CBECI website, since the publication of the mining map in 2019, the statistical sample size or share of the pools surveyed in this study has been between 32 and 38% of the total bitcoin network hash rate.

The head of the CBECI project said:

We are constantly looking for ways to improve our data to increase the validity of our estimates. The best way to do this is to welcome other pools involved in providing bitcoin network hashtags. So we encourage bitcoin mining pools to join us and work with us.