New data from the Cambridge Centre for Alternative Finance’s (CCAF) latest report on Bitcoin mining suggests that China remains second in global hash rate. While China controls nearly 22 percent of Bitcoin’s global hash rate, the U.S. currently dominates with 37.69 percent, according to CCAF researchers.
China remains the world’s second largest concentration of Bitcoin miners
The Cambridge Centre for Alternative Finance has updated the organization’s bitcoin mining data and map to highlight hash rate statistics for 2022. In July 2021, Bitcoin.com News reported CCAF data showing a 46% drop in China’s hash rate.
At the time, the Chinese government imposed a Bitcoin mining ban and a large number of miners in the country relocated. However, the latest CCAF statistics show that China’s hashrate is still very prominent, as the country is the leader in the world’s second-largest Bitcoin (BTC) network hashrate.
The authors of the study suggest that miners based in China may be utilizing virtual private networks (VPNs) to hide their locations. According to the report, China’s share of the entire Bitcoin network hash rate is 21.11%.
CCAF’s data comes from the organization’s partner mining pools Foundry, Poolin, Viabtc and Btc.com. In addition, some of the computing power from China is not utilizing VPNs, and CCAF researchers believe that these miners are satisfied that their location is not hidden.
U.S. dominates Bitcoin’s global hash rate by over 37%
The CCAF report noted that an “extraordinary” number of Chinese miners may see the ban as no big deal. “It is likely that a significant number of Chinese miners adapted quickly to the new environment and continued to operate in secret, while using foreign proxy services to hide their tracks to divert attention and censorship.”
After CCAF updated its data in July and October 2021, a CNBC report noted that unnamed sources told reporter MacKenzie Sigalos that bitcoin miners are still based in China. Compared to many other countries, China’s computing power is considerable, but the United States still dominates Bitcoin’s global computing power by 37.69%.
CCAF data from July last year showed that the United States accounted for 16.8% of global computing power last year. If the CCAF figures are correct, this means that hashrate in the US has climbed 124.34% since July 2021. The pool distribution metric matches the CCAF data, as Foundry USA captured 19.5% of the global hashrate over the past three months. Foundry USA discovered 2,566 of 13,182 blocks mined over a three-month period.
What do you think of the latest CCAF data showing that nearly 22% of the world’s Bitcoin hash rate is still located in China? Let us know what you think about this topic in the comments section below.
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