Following China’s crackdown on Bitcoin (BTC) mining earlier this year, the US has officially become the largest Bitcoin mining hub, followed by Kazakhstan and Russia, researchers at Cambridge University have found.
With a global hashrate (or computational power of the network) share of 35.4% as of the end of August, the US is now home to the largest share of Bitcoin hash power in the world, Michel Rauchs, Digital Assets Lead at the Cambridge Center for Alternative Finance (CCAF), wrote in a blog post published on Cambridge University’s website today. However, they stressed that “every model is an incomplete representation of reality that relies on specific assumptions, some of which may be debatable.”
In either case, the finding is based on data from the university’s own Bitcoin Electricity Consumption Index, which also shows how other countries, including Kazakhstan, Russia, Ireland and Canada, have grown their respective shares at China’s expense.
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