It is no secret that the U.S. is one of the leading countries in terms of Bitcoin mining power, hash rates, and hence native Bitcoin generation (mining).
According to a report published in June 2017 , China’s monopoly over Bitcoin mining might be coming to an end as US miners gain momentum and overtake some of their Chinese counterparts in terms of total computing power on the network.
A recent research covering July 2018 reveals that this trend has continued into 2018 with the US having more than double the number of Chinese mining pools operational across three key metrics: total number of pools, total hashing power and percentage holdings.
According to new data from the Cambridge Center for Alternative Finance, the U.S. has overtaken China as the largest miner of Bitcoin.
The U.S. had an average monthly mining share in July of 35 percent, while China’s dipped to 31 percent, according to CBECI’s recently released “July 2018” report . The report claims that these figures are up from 27 percent and 37 percent respectively in January 2017 .
Over the past few years , China has dominated the mining space due to its cheap energy costs, but it appears its competitors are catching up fast , especially in North America where miners are flocking en masse due to access to affordable electricity and cold climate .
Some estimates suggest that around 30 percent of Bitcoins are mined in China, but the Chinese government has steadily been cracking down on cryptocurrency mining.
The People’s Bank of China (PBoC), for example, banned all cryptocurrency trading late last year and more recently moved to shut down domestic Bitcoin exchanges . Cryptocurrency mining is also reportedly coming under increased scrutiny.
While some industry experts say this may reduce incentives for miners to operate there, others suggest it could boost hashrate by incentivizing more people to become involved in the process .
Summary: According to a new study, the U.S. has overtaken China as the country with the largest percentage of Bitcoin mining equipment on its soil – likely due to America’s lower electricity costs.
The article provides links to other news stories about Coinbase wanting the U.S. to create its own cryptocurrency regulator and China making moves towards cracking down on Bitcoin mining operations within its borders (https://www.coindesk.com/us-china-bitcoin-market-share/) .
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