US leads crypto mining in the world after China’s mining ban
A study made by Cambridge Center of Alternative Finance pointed to a 35.4% hash rate in the US - the double of country’s numbers in the beginning of 2021
China passed a new regulation in July that prohibited crypto mining in the country, and three months later, the United States now leads the world in crypto mining.
The study made by the Cambridge Center of Alternative Finance stated that the US leads with 35.4% of global hash rate.
This indicates that the US has now doubled the hash rate estimated in April this year, for instance. Back then the rate was 17.77%, still behind China’s numbers that were 43.98%.
With new positions, China has seen a major drop of almost 75% of global hash rate counting from September 2019, to zero.
Even though specialists and enthusiasts don’t believe that all mining activities stopped in the country, it’s clear that numbers of mining in other countries such as Germany and Ireland show a possible “mining migration” movement since banning regulation in China.
According to the study's historical findings, “our dataset empirically recorded for the first time the seasonal hashrate migration within mainland China which was previously only anecdotally observed”.
“Miners within China were staying mostly in the more stable coal-fired regions like Xinjiang in late autumn, winter and spring (’dry season’), and migrated to regions with significant temporary overcapacities in low-cost hydropower, like Sichuan, between May and October during the ‘wet season’.
Since the government crackdown on the mining industry in June 2021, no data has been available – and the migrations have likely become a phenomenon of the past”
-Cambridge Center of Alternative Finance study
With that information, some conclude that the study shows China’s banning had a first impact on the crypto universe lowering prices drastically in the first hours of the new regulation, but the crypto movement still finds a way to rearticulate and reposition in global markets.