The United States emerged as the top nation in terms of hash rate after a harsh Bitcoin mining crackdown by the Chinese government.
Cambridge Bitcoin Electricity Consumption Index (CBECI) published a report saying that 35.4% of the BTC mining hash rate around the globe is accounted for by the United States, which shows its solid immunity.
After China’s mining ban in May, these three countries have gained a huge market share. Interestingly, in June, BTC.com, one of the biggest Chinese mining firms, relocated to Kazakhstan.
Kazakhstan and Russia contributes 29% to global hash rate
The country that gained the highest number of eyes is China which accounted for a 0% hash rate. However, several market players and even the Chinese government believe that many small and medium mining firms are still working silently in the country after the ban.
After the clampdown, the highest hash rate contributor the U.S. likely completes the anticipated East-West miner migration.
Along with China’s crackdown, North American crypto mining firms who have increased their capacity by adding more advanced hardware have also contributed to this achievement.
Many U.S. Mining firms, including Riot Blockchain, Argo Blockchain, and Marathon, have purchased massive amounts of mining rigs from MicroBT and Bitmain. It is interesting to observe that in early October, the Riot Blockchain increased its production capacity by 300% in 2021. It contributed to the mining of 2,457 Bitcoins.
Texas and Ohio are also getting ready to become huge BTC Mining centers. It will increase the nation’s production capacity even more.
The increase in mining activities in countries led to public listing of many firms on American stock exchange markets.
BIT Mining has recently joined hands with Viking Data Centres to create an 85-megawatt Bitcoin mining facility in Ohio.