Bitcoin hash rate hits record high in US » Crypto Insiders

Over the past year, there has been a significant shift in the so-called selection order Hash rate, or computing power, from Bitcoin (BTC) network. As China was previously home to a large majority of bitcoins MinersThis was abruptly ended when the Chinese government announced that Menin by Cryptocurrency precinct.

Then almost all the miners in China were forced to move to other countries. The United States and Kazakhstan in particular were attractive locations for these miners.

Bitcoin mining

In 2019, an estimated 65% of all computing power was located in China. At that time, only 4.9% of those Hash rate Located in the United States. Due to the ban on mining in China, the computing power emitted from this country has practically fallen to zero, according to data from Cambridge Bitcoin Electricity Consumption Index

Kazakhstan in particular has seen a significant increase in the number of miners settling in the country. In August last year, the hash rate in Kazakhstan was at least 18% of the total. However, the country is currently being provoked by Great inner turmoil.

The Kazakhstan government even shut down the internet completely a few days ago to nip the protests in the bud. This had dire consequences for the country’s miners and the hash rate of the Bitcoin network in Kazakhstan.

mining in the united states

For this reason, the US share of the hash rate has become much larger. It recently reached a new high of at least 35%. At the moment, the United States also still appears to be a safe haven for bitcoin mining.

It remains to be seen if this continues in the future. Yesterday it was announced that US lawmakers I’m looking for answers About the net power consumption of the bitcoin network.

If these answers do not fare well with the US government, it cannot be excluded that it will also take action against the ever-growing number of miners in the country.