Cambridge Data: The United States has replaced China as the primary region for Bitcoin network hash rate
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI) data, the United States has surpassed China to become the region with the highest Bitcoin hash rate globally, followed by Kazakhstan and Russia, which also confirms the impact of China's strong regulatory crackdown on miners.
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According to the Cambridge Bitcoin Electricity Consumption Index CBECI data, the United States has surpassed China as the region with the highest Bitcoin hash rate in the world, followed by Kazakhstan and Russia, which also confirms the impact of China's strong crackdown on miners.
The latest data, updated in August 2021, shows that the U.S. hash rate share has increased from 16.8% at the end of April to 35.4%; Kazakhstan has grown from 8.2% to 18.1%; and Russia has increased from 6.8% to 11%. The institution believes that the hash rates of these three countries were already growing before the mining ban in China. In May of this year, several provinces in China issued bans, causing mining operations to cease and relocate, resulting in a significant 38% drop in overall hash rate and the growth of hash rate shares in other countries.
Historical data on Bitcoin network energy consumption:
The institution, in collaboration with mining pools BTC.com, Poolin, ViaBTC, and Foundry, confirmed that since China's hash rate share peaked at 75.53% in 2019, local mining operations in China have ceased. However, there has been a 20% recovery in global hash rate in July and August. The institution believes this is due to successful migration of mining equipment from China to overseas locations, and it is expected to gradually recover, spreading across the aforementioned three countries.
Bitcoin hash rate distribution by country:
