{"id":299656,"date":"2021-07-15T13:59:19","date_gmt":"2021-07-15T10:59:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinas-bitcoin-hash-power-fell-before-the-crackdown-cambridge-data\/"},"modified":"2021-07-15T13:59:19","modified_gmt":"2021-07-15T10:59:19","slug":"chinas-bitcoin-hash-power-fell-before-the-crackdown-cambridge-data","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinas-bitcoin-hash-power-fell-before-the-crackdown-cambridge-data\/","title":{"rendered":"# China\u2019s Bitcoin hash power fell before the crackdown: Cambridge data"},"content":{"rendered":"

“# China\u2019s Bitcoin hash power fell before the crackdown: Cambridge data <\/strong>”
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China\u2019s crackdown on Bitcoin (BTC) mining due to energy consumption concerns is widely regarded as the trigger for the miners\u2019 exodus from Asia to Western countries. But new research by the Cambridge Centre for Alternative Finance suggests that the shift in mining power started before China\u2019s renewed scrutiny.<\/p>\n

Reuters reported<\/a>\u00a0that China\u2019s total computing power connected to the Bitcoin network, or hash rate, fell from 75.5% in September 2019 to 46% in April 2021, before the Asian country even officially announced the mining crackdown. <\/p>\n

During the same 18-month period, the United States quadrupled its share of the global Bitcoin hash rate from 4% to 16.8% to become the second-largest producer of Bitcoin. Another country often named a potential destination for miners\u2019 relocation, Kazakhstan, increased its share to 8% and became a primary Bitcoin producer.<\/p>\n

After experiencing massive power outages in the mining hub of Xinjiang in April, Chinese authorities started investigating the energy consumption involved in Bitcoin mining. Officials announced strict supervision of mining activities due to carbon concerns, triggering the relocation of several industrial miners out of China.<\/p>\n

Related:\u00a0Bitcoin mining ban an easy decision for China, says Bitmain EMEA partner<\/em><\/strong><\/p>\n

Calling China\u2019s mining ban a temporary inconvenience, iMining CEO Khurram Shroff said that the diversified location of mining facilities is great news<\/a> for the rest of the world. \u201cThe Toronto Stock Exchange recently listed the world\u2019s first Bitcoin ETF,\u201d he exemplified, \u201c[Canada] is already ahead of the curve, in terms of mainstreaming cryptocurrencies.\u201d<\/p>\n

Some experts see China\u2019s crackdown on Bitcoin mining as an easy decision. Bitmain\u2019s EMEA partner recently told Cointelegraph that the country is required to reduce its carbon footprint to get funding from the International Monetary Fund or the World Bank and Bitcoin mining was a convenient target to minimize energy consumption.<\/p>\n