China immerses again at the top of Mining Hub a year after the blanket prohibition

17. Mai 2022

Krypto News Österreich

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New research results of the University of Cambridge indicate that China is again a dominant jurisdiction for Bitcoin mining
China's government banned the crypto mining operation across the country in June 2021 and referred to environmental concerns

New data on the worldwide Bitcoin mining, which was published on Tuesday by Cambridge Center for Alternative Finance (CCAF), indicate that China has become one of the world's leading centers for Bitcoin mining.

The Research with the mining-pools btc.com, Poolin, Vababtc and Foundry have been preserved, shows that China is now in second place after the Chinese government has acted against important domestic operations.

China has become an important mining center again and leads the most with a mining capacity of 21.1 %, followed by Kazakhstan (13.22 %), Canada (6.48 %) and Russia (4.66 %). With a share of 37.84 %, the United States has established themselves as the market leader.

Data on the entire global hash rate of Bitcoin-the aggregated computing power of the network-were recorded for the period September 2021 to January 2022.

The latest examinations of the CCAF indicate that an increase in the hash rate in China is the result of secret operations-which led to a sudden increase to 30.47 Exahashes per second (EH/S) in September 2021.

"Access to the network -independent current and geographically scattered, small companies are among the most important means used by sub -deaf people to hide their businesses from the authorities and to avoid the ban," states the study.

In May last year, the Chinese State Council of the People's Republic of China, an administrative organization at cabinet level, began to instruct various provinces across the country, to prepare for the mining company.

A month later, the former mining hotspot Qinghai, a province in the north of the country, closed one of the first jurisdiction all of its crypto mining operations. Other provinces followed the example of the Provision of the China Communist Party citing environmental concerns.

Shortly afterwards, China's total share of the global Bitcoin Hash power fell to almost 0 %-a statistics that reflected the Exodus of large mining companies that were previously based in the country and were looking for cheaper jurisdiction.

"The impact of Chinese resolutions is an increased geographical distribution of the hashrate all over the world, which can be seen as a positive development for network security and the decentralized principles of Bitcoin", wrote Michel Rauchs, Digital Assets Lead at the CCAF in a note in October.

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The post China dives again at the top of Mining Hub a Year after Blanket Ban is not a financial advice.