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The United States accounts for the largest share of the world’s bitcoin mining, Reuters reports citing data published by Britain’s Cambridge Centre for Alternative Finance.
The figures demonstrate the impact of a crackdown on bitcoin trading and mining launched by China’s State Council, or cabinet, in late May, which devastated the industry and caused miners to shut up shop or move overseas. China’s share of the power of computers connected to the global bitcoin network, known as the “hash rate”, had fallen to zero by July from 44% in May, and as much as 75% in 2019, the data showed.
Miners elsewhere have taken up the slack, with mining rig manufacturers shifting their attention to North America and Central Asia and larger Chinese miners moving as well, though this process is fraught with logistical difficulties.