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Nearly a year since the Chinese government initiated a nationwide crackdown on BTC mining, the nation is again a thriving center for mining operations. Albeit this time, secretly. The Cambridge Digital Assets Program (CDAP) provided this information in their latest research.
China Hosts One-Fifth of the Global BTC Hash Rate
The CDAP revealed that underground miners within China are responsible for about 21% of the total Bitcoin hash rate globally. Before the ban, the East Asian nation had been the world’s largest mining hub. The sheer volume of local miners meant China had hosted over 75% of the Bitcoin network’s total hash rate.
Between July and August last year, this value crashed to 0%, given the mass miner exodus that followed the ban. The network hash rate expectedly declined within this period, settling at 57 EH/S for a time. However, the displaced miners regained their footing in other nations such as Kazakhstan and the United States. America currently stands as the largest Bitcoin mining nation hosting 38% of the network hash rate.
Surprising Recovery in China
Despite the almost impossible environment for crypto mining, residents had resumed mining operations, though covertly. From an estimated hash rate share of 0% in July, China’s BTC hashpower share showed surprising increase two months later. By September, China already commanded 23.3% of Bitcoin’s total computational power. Although, this figure would dwindle to 20% in January.
While the ban saw the US double its mining figures, there is evidence that China might be regaining some of its lost shares. The CDAP placed China right behind the States in terms of Bitcoin mining. According to their research, it is yet the world’s second-largest mining hub.
Other Mining Data From the CDAP
The Cambridge Digital Assets Program operates beneath the Cambridge Center for Alternative Finance (CCAF). The center has held sway in the crypto community since the Bitcoin Mining Map release. They obtained the data for their report through collaborative research with four major mining pools.
These includeBTC.com, Poolin, ViaBTC, and Foundry. Data from the program also shed light on the state of mining operations in other notable hubs.
Kazakhstan reportedly saw its hash rate share fall from 18% last year to 13.2% in January. Canada and Russia have been among the top mining nations; however, the latter recently recorded a decline. Additionally, the CDAP shared that unspecified regions account for up to 9% of the global hash rate.
Other significant information from the report includes internal mining data for the US. Georgia, Texas, and Kentucky alone host over half of the nation’s total figure, 31%, 11%, and 11%, respectively. New York is a noteworthy mention at 9.77%.
The CDAP has shared plans for a model to give rough values of the Bitcoin network’s greenhouse gas emissions. With the ban, part of China’s goal was to set it on the path to being carbon-free by 2060. Traces of mining plants does not stop China’s efforts in getting %100 recyclable power of course. Only recently, Norway expressed concerns that the crypto mining industry exploits much of its green power.