A newly published regional report shows that China’s hashrate has likely dropped to 55% while the U.S. has climbed to 11%. Another study predicts that it’s possible North America could overtake China in terms of hashrate by the end of 2021.
Bitcoin Mining Farm Operator Says Mining Industry in North America Is Booming
For years now China has been the most dominant region in terms of bitcoin miners worldwide and at one point 65% to 70% of the network hashrate stemmed from the country. In May 2021, the Bitcoin hashrate is significantly higher nearing 200 exahash per second (EH/s) as a great number of participants are mining the crypto asset. At the time of writing, the global hashrate is around 181 EH/s following the massive drop in hashpower two weeks ago.
Now a few reports are showing that China’s SHA256 hashrate dominance is steadily dropping and the U.S. and North America, in general, have become greater competitors. 8btc’s regional columnist, Iyke Aru explains that one reason hashrate is dropping in the country is because of China’s energy commitments.
China’s communist government aims to reduce carbon emissions a great deal in the next few years and a recent proposal was invoked to shut down bitcoin miners located in the autonomous region of Inner Mongolia. Other regions like Sichuan are also tightening up energy requirements which are placing more demand on the region’s hydropower facilities.
Another study, published by Sam Ling at the end of January 2021 shows that China’s hashrate dominance has dropped considerably this year. Ling’s study follows a report published by Bitooda that was released a few months prior in the summer
