China loses control of BTC mining, Kazakhstan rises in rankings

The Chinese crackdown on crypto mining has had a dramatic impact on the heshreyt inflow from the Bitcoin network. A recent study by the Cambridge Alternative Finance Centre (CCAF) found that China had experienced a decline in bitcoin mining even before the latest crackdown began. April May saw China’s mining share drop by nearly 30% before real pressures and closures of major mining farms began, according to the data.

April September 2019, the share of bitcoin production in China has fallen from 75.5% in April 2021 to 46%, CCAF data showed. The rate could be reduced after an intense crackdown on crypto mining in May, which led to the country’s biggest mining hubs, such as Sichuan, Inner Mongolia and Xinjiang, imposing a full ban on crypto mining. Some reports say 90% of bitcoin mining operations in China were shut down by July.

~ 90% of # bitcoin mining capacity in China is currently closed.

– Bitcoin archive (@BTC_Archive) July 9, 2021

Another factor proving that much of bitcoin mining in China is now closed is a small impact on the strength of karma due to the ongoing flood situation in China. Each year, flooding in mining farms has caused a sharp decline in the network’s heshreyty, but due to the result of miners this season, not enough mining farms are working to affect the bitcoin network.

Severe flooding occurred in China’s Sichuan province in July 2021 due to heavy rainfall, and more than 100,000 people were evacuated.

This would usually be something that would affect # Bitcoin hashraites, but there was no notable impact this year. Looks like the # miners are really gone.ılu3

– VenturefoundΞr (@venturefounder), July 13, 2021

Some of China’s biggest mining companies have been forced to close their operations and move to other countries. North America, Russia and Kazakhstan are becoming an increasingly popular choice for these migrant miners.

Kazakhstan is now the third largest contributor to the bitcoin network
Result биткоина km

Join the Discussion

  • BrokerEUR/USD
    IG 0.6pips (fixed) margin: 3.33%
  • Back to top