China’s fight against Bitcoin (Bitcoin) Mining caused by energy consumption problems is widely regarded as the fuse for the outflow of miners from Asia to Western countries. But new research by the Cambridge Center for Alternative Finance shows that the transformation of mining rights began before China’s review.
Reuters Report China’s total computing power, or hash rate, connected to the Bitcoin network dropped from 75.5% in September 2019 to 46% in April 2021, before Asian countries even officially announced Mining crackdown.
During the same 18-month period, the United States quadrupled its share of the global Bitcoin hash rate from 4% to 16.8%, becoming the second largest Bitcoin producer. Kazakhstan, another country often referred to as a potential destination for the relocation of miners, increased its share to 8% and became a major Bitcoin producer.
After the Xinjiang Mining Center experienced a massive power outage in April, the Chinese authorities started Investigate energy consumption Participate in Bitcoin mining.Official announcement Strictly supervise mining activities Due to carbon issues, several industrial miners have moved out of China.
related: Bitmain’s partners in Europe, the Middle East and Africa stated that the ban on Bitcoin mining was an easy decision for China
Said China’s mining ban is Temporary inconvenienceKhurram Shroff, CEO of iMining, said that the diversified location of mining facilities is good news for the rest of the world. “The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF,” he said, for example.[Canada] In terms of mainstream cryptocurrency, it has already been ahead. “
Some experts believe that China’s crackdown on Bitcoin mining is an easy decision.Bitmain’s EMEA partner Told Cointelegraph recently The country needs to reduce its carbon footprint to obtain funding from the International Monetary Fund or the World Bank, and Bitcoin mining is a convenient goal to reduce energy consumption.