Its been less than six months since China’s May 2021 crackdown on bitcoin mining, resulting in the greatest shakeup in the network’s history.
According to Cambridge University’s Center for Alternative Finance (CFAF), since May, the US has pulled into first place for bitcoin mining with 35% of the global hashrate, while China has gone from 45% to zero.
Although Kazakhstan is currently in second place with 18% of the network’s mining, the small country is running out of energy and has asked that the mining sector reduce their consumption to a total of 100MW, giving each farm 1MW over two years.`
That leaves Russia coming up fast with 11% of the network’s hashing, up from 7%, and likely to bypass Kazakhstan at some point as its northern region of Siberia has abundant amounts of stranded hydroelectric power, much like the now abandoned mining area of Xinjiang, China.
