• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
Picture of a bitcoin on a circuit board

Bye-Bye China FUD: US Takes Over Bitcoin Mining

Best Owie by Best Owie
2 years ago
in Bitcoin
0

China’s crackdown on bitcoin and crypto mining has been a pain point for the market this year. The country which had decided to excise its regions of bitcoin mining operations had caused major FUD which dragged the market down with it. Bitcoin price had staggered following the exodus of miners out of the country known for being the headquarters of mining.

It has taken a while, but the market slowly but surely found its footing again. After being chased out of China, miners had to find new places to set up their operations. Mining logistics proved to be a hurdle for the miners. However, as time went on, other regions of the world opened their doors to these miners in a bid to encourage crypto adoption. The United States in particular took this as an opportunity to make the country the new mining headquarters of the world.

The United States Welcomes Bitcoin Miners

Research shows that the United States has now taken over China as the choice destination for bitcoin mining operations. China had accounted for over 50% of the total BTC hashrate, making it an important region to the digital asset. However, since the crackdown on mining began in May, China has seen its share of the hashrate fall from over 50% down to 0.

Related Reading | Why Grayscale’s CEO Believes The SEC Will Greenlight An Ethereum ETF

In light of China banning crypto and mining, other countries have grabbed the opportunity. Before the crackdown, the U.S. only accounted for 16.8% of the total mining hashrate. Now, the country accounts for 35% of the total hashrate.

chart showing mining hashrate from various countries

The U.S. takes lead on global hashrate | Source: Arcane Research

The U.S. has created a positive climate towards bitcoin mining and miners have moved their operations en masse to the region. The market has now successfully separated itself from Chinese FUD, which is known to adversely affect the price of cryptocurrencies. North America now accounts for nearly half of the global hashrate.

Other Countries Jumping In

The United States has not been the only country to jump at the opportunity to domicile more bitcoin miners in the region. Countries like Kazakhstan and Russia have also incentivized miners to move into the region.

Related Reading | Interactive Brokers Launches Crypto Trading For U.S. Investment Advisors

Previously, Kazakhstan and Russia accounted for 8.2% and 6.8% of the global hashrate. Now, that number has risen to 18.1% and 11% of the global hashrate respectively. Both countries, along with the United States, are leading the charge for the hashrate recovery in the space.

Bitcoin price chart from TradingView.com

BTC price breaks $64K | Source: BTCUSD on TradingView.com

The hashrate which had fallen 50% following the China crackdown has recorded a 156% increase since then. After the crackdown went into full effect, the hashrate had fallen to a low of 61 EH/s in July. It has since recovered to 156 EH/s.

It is likely that not all bitcoin miners had moved their operations out of Mainland China. Speculations are that there remains a small number of miners operating secretly in the region. But the hashrate from the region has fallen too low to be relevant to the market.

Featured image from The Guardian Nigeria, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Best Owie

Best Owie

Related Posts

Bitcoin

Bitcoin Recent Hiccup: Understanding The Invalid Block 

7 hours ago
Bitcoin

Could Bitcoin Be On The Verge Of New ATH Rally? Analyst Identifies These Conditions

2 days ago
Bitcoin

Bitcoin Miners On The Defensive: Market Uncertainty Spurs Revenue Diversification – Analyst

2 days ago
Bitcoin

Bitcoin Roadblock Unveiled: Analyst Identifies Barrier Faced By The Top Crypto

3 days ago
Bitcoin ESG

Bitcoin Is The Ultimate ESG Asset, Expert Validates

3 days ago
Bitcoin

Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled

6 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • 5 Cryptos to Buy to turn $1 to $25

    52 mins ago
  • Toncoin (TON) Outranks Dogecoin (DOGE), Joins Top 10; Could...

    4 hours ago
  • Crypto Analysts Speak Up: It’s The Best Time to Buy...

    5 hours ago
  • The 6 Best Cryptocurrencies To Buy Now – Top 2023...

    5 hours ago
  • Everlodge Brings Luxury Real Estate to the Masses, Stacks...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.