Although a large portion of the bitcoin network hash is still based in China, new data show that this share is declining. The United States, on the other hand, is slowly increasing its share of bitcoin mining.
to the the report Chun Wang, co-founder of F2Pool, one of the largest bitcoin mining pools in the world, has released statistics claiming that the share of Chinese miners in the pool dropped to less than 50 percent in April 2021. . He went on to point out that this is the first time in the 8-year history of the F2Pool pool that the share of Chinese miners has fallen below 50%. He further wrote:
Changes [هش ریت] is real.
In another part of his tweet, Wong also referred to statistics published by Barry Silbert, CEO of Digital Currency Group. The statistics show that the Foundry bitcoin mining pool has joined the top 5 largest bitcoin pools in the world and now has a 7.6% share of the digital currency network hash rate.
Silbert stated at the time:
Bitcoin hash rate is rapidly changing from China to North America.
Meanwhile, the AntPool mining pool, owned by Bitmain Mining Company, accounts for 18.6% of the total bitcoin network hash rate.
The University of Cambridge estimates that in April 2020, China would provide 65% of the bitcoin network processing power. New Miner Daily data also show that China’s share fell to 55% at the beginning of this year. On the other hand, Miner Daily reports that the US share has reached 11%.
Previous reports also indicate that China is seeking to enact stricter mining regulations in the future. According to some, such actions could lead to the escape of hashtags from this country. China has recently been looking at miners’ electricity consumption to see if the carbon they produce complies with existing laws.
In late February, officials in the Inner Mongolia Autonomous Region reportedly sought to reduce energy consumption in the region by shutting down all digital currency mining facilities. It is worth noting that Inner Mongolia has an 8% share of the total bitcoin network hash rate.
Yesterday, Bitcoin podcast host Marty Bent, in an article confirming the findings of the F2Pool pool, announced that the distribution of bitcoin hash rates is increasing in different parts of the world.
According to Bennett, this could prevent the destructive effects of the fear, uncertainty and skepticism of Chinese miners created by the Chinese government’s fear of attacking China’s mining industry. Bennett continued:
It is great that data is coming from Chinese pools that show that the total hash rate produced in China is declining.
Fear and uncertainty about the effects of bitcoin network energy consumption and its effects on the environment have led miners to turn to renewable energy. This is more common in the United States, which has stricter laws.
A Nasdaq report released two days ago shows that Texas has become a haven for bitcoin miners through cheap energy. It is worth noting that most of these energies are renewable such as wind energy and solar energy.