The United States, the world's leading power, now leads the Bitcoin hash rate, with more than 42 EH/s of the network hash rate on its territory.
Following China's crackdown on Bitcoin miners and cryptocurrencies, the United States is now leading the charge. hash rate of the Bitcoin network globally. According to the data According to a study by the Centre for Alternative Finance at the University of Cambridge, the United States recorded a total of 42,6 exahashes per second (EH/s) of the Bitcoin hash rate in its territory in August, representing 35,2% of the total network power globally.
Source: CBECI
Today, the world's leading power has surpassed China as the global leader in Bitcoin mining and now controls more than a third of the mining industry's computing power. cryptocurrency, the largest and best-known cryptocurrency in the world. By the beginning of the year, China dominated more than 70% of the Bitcoin hash rate, while the United States only controlled 15%.
However, following the Chinese government’s crackdown on Bitcoin and cryptocurrencies, to the point of banning them altogether, many Bitcoin mining companies began to migrate to other regions, with the United States being one of the new preferred destinations for miners in recent months. BIT Mining and Poolin, two of the largest Bitcoin miners located in China, announced during the third quarter that they had already begun to move their facilities to the United States.
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Bitcoin Mining in the United States
In addition to migrating from China to the United States, many of the Bitcoin mining companies located in the North American country have also begun to considerably expand their operations, building new mining farms and integrating thousands of new hardware equipment for the development of this activity in the country.
This year, Argo Blockchain, Cipher Mining Technologies, and Good Works Acquisition began building new Bitcoin mining facilities in the United States, while other crypto mining companies such as Marathon Patent Group, Digital Currency Group (DCG), and Bitfarms placed large purchase orders for several thousand new mining rigs to expand their operational capacity on the Bitcoin network.
Recently, Cipher Mining reported The SEC has announced that it will invest up to $350 million to purchase some 56.000 new state-of-the-art Bitcoin mining equipment, which will be purchased from the manufacturer Bitfury. Also, Marathon Patent Group, one of the largest Bitcoin miners in the country, closed a purchase of 70.000 hardware units to expand its mining capacity on the BTC network. Digital Currency Group (DCG) invested $100 million to acquire new mining equipment and Bitfarms also made a significant investment to continue expanding its mining capacity within this network.
Bitcoin hash rate distribution
The Cambridge University mining map also shows that Kazakhstan is the second country with the highest dominance over the Bitcoin hash rate, with 21,9% of the cryptocurrency's mining located on its territory. The Russian Federation and Canada are the next countries with the highest share of BTC miners on their territory, with 13,6% and 11,5% of the network's hash power, respectively.
In its charts, CBECI clarifies that possible IP address redirection through the use of VPN can alter the data shown on its mining map, so there may be some margin of error in these.
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