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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Bitcoin»United States knocks China off top spot; becomes Largest Bitcoin Mining Center in the World
    UNITED STATES KNOCKS CHINA OFF TOP SPOT; BECOMES LARGEST BITCOIN MINING CENTER IN THE WORLD

    United States knocks China off top spot; becomes Largest Bitcoin Mining Center in the World

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    By Oluwasegun Olukotun on October 13, 2021 Bitcoin, Regulation

    China has lost its spot as the biggest bitcoin mining center in the world to the United States following its clampdown on the activities of miners in the country.

    This was revealed on in a data published on Wednesday the UK’s Cambridge Centre for Alternative Finance.

    China earlier this year began a campaign to crackdown on the activities of miners forcing them to close down activities with an option to move abroad. In June, it began a clampdown on cryptocurrency related social media accounts blocking social media platforms like Weibo. In September, China declared all cryptocurrency transactions illegal.

    Bitcoin Crashes After China’s Sichuan Province Shuts Down Crypto Mining Farms

    The published data showed that China’s “hash rate” (a measure of the computational power per second used when mining) fell to zero by July from 44% in May.

    The United States holds the crown for the largest share of mining, some 35.4% of the global hash rate as of end-August, followed by Kazakhstan and Russia, the data showed.

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    Oluwasegun Olukotun

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