By Lucas Williams
The recent stats have shown that the United States of America has surpassed China as the world’s top crypto mining destination. Just few months back China was the world’s leading destination in terms of Bitcoin mining. However, the country’s crackdown against the mining operations has forced the miners to flea away from the country.
As the result of these crackdowns, the miners in the U.S seized the opportunity and U.S has now emerged as the leading country in terms of global Bitcoin Hash Rate. Recently some of the U. S’s popular states including Texas, California, Florida, and some others have passed crypto-friendly regulations to protect the miners and crypto traders.
Apart from the U.S, the countries like Russia and Kazakhstan have also emerged as the top crypto players.
The recent numbers released by the Cambridge Bitcoin Electricity Consumption Index (CBECI); Bitcoin (BTC) mining companies of the U.S. are providing 35.4% of the total global BTC supply to the market. This percentage is greater than China ever was.
Kazakhstan accounts for (18%) and Russian accounts for (11%) of the global Bitcoin hash rate. Despite the fact that Chinese authorities do believe that they have paved the way for the launch of the country’s own digital currency. But the market experts do believe that China has messed up badly. China could be the center of gravity for the world’s next trillion-dollar marketplace. But Chinese regime’s narrow vision was not able to see it.
CBECI data further shows that as of this writing, the Bitcoin mining in China is at 0%. It is quite possible that Bitcoin mining operations might be still going on within the country amid the crackdown. But those operations are at such a lower scale that it can hardly have any impact.
At one side where China has almost quashed the whole mining environment within the country. The crypto mining companies in the U.S are upscaling their operations and also planning for the global expansion. Some of the famous Bitcoin miners in the U.S such as Argo Blockchain, Riot Blockchain, Marathon and several has placed orders to buy huge inventories in order to upscale their hash rate capacity.
Recently, during the Covid-19 pandemic economist started to voice that China might overtake the U.S economy as the world’s biggest economy in near future. So, it seems that U.S has decided to regulate crypto and planned to gain from the digital trends. In future it is also expected that U.S states such Texas and Ohio being declared as the global states for crypto mining and exchanges. U.S is quite actively taking steps forward to adopt Bitcoin as legal tender.