US Takes Crown in Bitcoin Mining After China Crackdown

Following China's intensified assault on the sector, the U.S. has overtaken it as the world leader in bitcoin mining, according to the Cambridge Centre for Alternative Finance (CCAF).

According to the most recent CCAF data, the United States accounted for 35.4% of the world's hashrate—the total amount of computing power utilized to mine bitcoin—as of the end of August, more than tripling from 16.8% at the end of April.

According to the CCAF, a unit of the Cambridge Judge Business School, Kazakhstan and Russia followed the U.S. with shares of 18.1 percent and 11 percent, respectively, up from 8.2 percent and 6.8 percent in April.

Following the country's mandatory prohibition on crypto mining, the CCAF claims that China's contribution has "essentially shrunk to zero."
The worldwide hashrate fell by 38% in June as a result of China's crackdown, but there was a 20% return in July and August, indicating that Chinese bitcoin mining businesses had successfully redeployed their equipment abroad.

Whereas China's monopoly over the bitcoin mining market peaked at over 75% in September 2019, the current trajectory indicates there won't be a single dominant player. Due to the crackdown, businesses now see the importance of decentralizing rather than centralizing their operations.