(Reuters) The U.S. is now ranked as the world’s largest bitcoin mining center after surpassing China following intensified Beijing crackdown.
China State Council announced tough regulations for Bitcoin mining and trading in May, causing miners to close down and move overseas.
The U.S. is ranked at the top with a 35.4% harsh rate followed by Kazakhstan and Russia, respectively.
China’s hash rate, which reached 75% in 2019, dropped to zero as of July from 44% in May.
Mining rig manufacturers have shifted focus to Central Asia and North America. Chinese miners have also relocated their mining equipment, albeit with tough logistics.
Bitcoin is mined using high-capability computers, which solve complex math equations. The process consumes a lot of electricity which has attracted the regulators’ attention.
BTCUSD is down -0.09%, ETHUSD is up +0.07%.
