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Tuesday, June 18, 2024

US overtakes China as world’s largest Bitcoin mining hub

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Chinese government recently banned all the crypto related transaction in the country, causing miners/investor to shut their shop, or move to more crypto friendly countries like Singapore, United States, or Russia.

The United States now overtaken China in terms of biggest hub for the world’s bitcoin mining, data published on Wednesday by the UK’s Cambridge Centre for Alternative Finance showed.

China’s share of the computer power connected to the global bitcoin network, known as the “hash rate”, fell to zero by July from 44% high in May.

The United States now accounts for the largest share of mining,about 35.4% of the global hash rate as of end-August, and Kazakhstan now the world’s second largest hub for the bitcoin mining, followed by Russia and Canada according to research published on Wednesday by Britain’s Cambridge Centre for Alternative Finance.

Bitcoin Mining HUB

On an average every single day the bitcoin mining industry generates approximately $56 million

As of August 2021, 18.78 million Bitcoins have already been mined out of 21 million total , which means that 83% of all Bitcoins have already been mined and brought into circulation.

Bitcoin is created or “mined” by high powered computers , these computers compete to solve high complex mathematical problem in a  process that makes intensive use of electricity.The first computer to find the solution of the problem is awarded the next block of bitcoins and the process begins again.

One Bitcoin transaction can spend up to 1,200 kWh of energy, which is equivalent to almost 100,000 VISA transactions that spend approximately 150 kWh.

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