University of Cambridge data shows China's share of the bitcoin mining industry was in steady decline even before the country's crackdown in May.
- According to the Cambridge Centre for Alternative Finance (CCAF), China accounted for a 46% share of the industry in April 2021, compared with 75% in September 2019.
- The methodology is based on China's share of the power of computers connected to the bitcoin hashrate.
- Data after April is not available, so it is unclear how China's crackdown on mining has affected the figures.
- The Chinese state began taking harsher steps against the mining industry in late May, shutting operations in several regions rich in the coal and hydropower that miners been using.
- The main beneficiaries of the decline appear to be the U.S. and Kazakhstan, according to the CCAF.
- The U.S. share has more than quadrupled since September 2019, sitting at 16.8% as of April.
- Kazakhstan has become the third-largest producer of bitcoin, with a share of 8.2%.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.