US Claims Bitcoin Mining Crown Following China Crackdown

China’s share has effectively dropped to zero, according to the Cambridge Centre for Alternative Finance.

AccessTimeIconOct 13, 2021 at 9:35 p.m. UTC
Updated May 11, 2023 at 7:03 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The U.S. has become the world’s leader in bitcoin mining following the renewed crackdown on the industry in China, the Cambridge Centre for Alternative Finance (CCAF) said.

  • The latest CCAF data shows the U.S accounting for 35.4% of the global hashrate – the world’s total computational power used to mine bitcoin – as of the end of August, more than doubling from 16.8% at the end of April.
  • Kazakhstan and Russia followed the U.S. with shares of 18.1% and 11%, respectively, up from 8.2% and 6.8% in April, according to the CCAF, which is part of the Cambridge Judge Business School.
  • China’s share has “effectively dropped to zero,” according to the CCAF, following the government-mandated ban on crypto mining in the country.
  • While the immediate effect of China’s crackdown was a 38% decline in the global hashrate in June, there was a 20% rebound in July and August, suggesting that Chinese bitcoin mining operations had successfully redeployed their equipment overseas.
  • Where China’s dominance of the bitcoin mining industry peaked at over 75% in September 2019, the immediate trend suggests there will be no one clear winner. The crackdown has driven firms to see the need to spread their operations around rather than centralizing in one location.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.