US leads world in bitcoin mining after China crackdown sends industry overseas

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Middle East

US leads world in bitcoin mining after China crackdown sends industry overseas

The United States has overtaken China to account for the largest share of the world’s bitcoin mining, according to data published by researchers at Cambridge University.

The figures demonstrate the impact of a crackdown on bitcoin trading and mining launched by the Chinese government 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”, fell from 44% in May to zero by July, the data from Cambridge Centre for Alternative Finance showed. China’s share was as high as 75% in 2019.

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