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• China has become the second-largest bitcoin mining market, preceded by US
New data on global bitcoin mining released by the Cambridge Centre for Alternative Finance (CCAF) shows a resurgence in Chinese bitcoin mining activity, which had plunged to zero in July 2021, after the government’s crackdown on cryptocurrencies.
Research data from Cambridge shows that, by September 2021, China made up just over 22% of the total bitcoin mining market, second only to the US.
The Chinese government’s crackdown immediately resulted in a harsh decline in the total hash rate – the network’s aggregate computing power – in June 2021. However, the trend quickly reversed as miners began to relocate operations abroad, and by the end of the year, the total network hash rate had almost fully recovered to pre-ban levels.
The hash rate had plummeted to zero during July and August, but it surged back to 30.47 EH/s in September 2021.
A resurgence of bitcoin production in China has pushed the country to become the second-largest destination for people hoping to find new digital currency with two million bitcoins still left to be mined.
Source - University of Cambridge
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