China is losing its dominance over the Bitcoin miningindustry, according to analysis published today by crypto analytics firm TokenInsight.
TokenInsight cites data from Cambridge University’s Centre for Alternative Finance, which estimates that the overall electricity usage of Bitcoin miners that comes from China had fallen from 75.63% in September 2019 to 65.08% by the end of April.
Cambridge’s estimations provide a rough indication of the hash rate produced by China, Johnson Xu, chief analyst at TokenInsight, told Decrypt. The hash rate is the overall computational power that secures the Bitcoin blockchain.
In the same time frame, Cambridge’s data shows that electricity consumption from Bitcoin miners in the US has increased from 4.06% to 7.24%. Bitcoin mining in Kazakhstan also appears to have boomed: back in September, Kazakhstan’s mining industry accounted for 1.42% of the hash rate; by May 7, it accounted for 6.17% of the hash rate.
Bitcoin halving blues
Xu said that China’s dominance over the Bitcoin mining industry will continue to fall. Due to price fluctuations and last month’s Bitcoin halving, a “greater proportion of miners in China shut down their rigs compared to the rest of the world,” he said. Read More