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A recent report by TokenInsight noted that China is losing its dominance over the Bitcoin mining industry.
The report released by the cryptocurrency analytics company cited data from Cambridge University’s Centre for Alternative Finance. According to the data, the aggregate electricity usage of Bitcoin miners from China was 75.63 percent in September last year and it declined to 65.08 percent by April 2020.
During the same period, the data revealed that electricity consumption from Bitcoin miners in the United States rose from 4.06 percent to 7.24 percent. Similarly, it seems Bitcoin mining in Kazakhstan flourished as the country’s mining industry accounted for 1.42 percent of the hash rate in September 2019, and it became 6.17 percent by May 7, 2020.
In the words of Johnson Xu, chief analyst at TokenInsight, to Decrypt, China’s dominance over the Bitcoin mining industry will not stop declining. He said price fluctuations and Bitcoin halving affected a greater proportion of miners in the country as they had to shut down their rigs. The halving event hit the country’s mining industry very hard as the miners have a fair amount of older generation machines due to limited incentive to acquire the recent machines, he said.
Xu continued that miners are moving out of the country elsewhere because the mining landscape is not structured; miners have limited opportunities to access capital. While the cryptocurrency space was looking forward to the halving event, industry experts commented on its potential impact, including miners shutting down their rigs.
Xu said China is less attractive for Bitcoin miners due to other countries having structured and progressive legal framework and a rise in awareness of Bitcoin and cryptocurrency in other countries.
It seems China has started accepting cryptocurrency mining as an industry as the government took it off a list of industries to refuse. Two months ago, Sichuan provided a list containing mines to benefit from hydro-electric power.