Over the same period of time, the U.S. became the second-biggest producer of Bitcoin in the world.
New research suggests that China’s share of global Bitcoin production slumped dramatically even before the country unveiled its latest crypto crackdown.
According to the Cambridge Centre for Alternative Finance, China’s share of the “hash rate” had fallen to 46% by April 2021, compared with 75.5% in September 2019.
Hash rate refers to the collective power of computers that are connected to the global Bitcoin network and involved in mining, the energy intensive process that validates transactions and results in new cryptocurrency being created.
Over the same period of time, the U.S. became the second-biggest producer of Bitcoin in the world, with its share of the hash rate surging to 4% to 16.8% in just 18 months.
Kazakhstan, Russia and Iran also dominate the rankings, with some of these nations offering a cheap source of electricity for miners to use. However, the likes of Iran have sought to impose restriction on this activity amid fears that it was causing blackouts in the country’s cities.