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China’s illegal Bitcoin miners are off-grid because the country’s recorded share of the global hash rate is 0%
China’s dominance in the field of cryptocurrency mining has ended, the latest statistics come from Cambridge Bitcoin Power Consumption Index (CBECI) reports zero activity in the region from July 2021 (approved Mining pool).
This is not surprising given that the Chinese Communist Party has declared that “commercial activities related to virtual currencies are illegal activities”, but this is the first time that China has not had a place in Bitcoin mining statistics.
This also proves that China’s crackdown has worked, driving mining companies out of the country…or underground. Although the CBECI report states that mining activity in the country is zero, this does not mean that no one in China is mining Bitcoin or other cryptocurrencies.
CBECI statistics are based on Main hypothesis That is: “The IP address of the mining facility operator is an accurate indicator of the location of the computing power.” Moreover, given that this activity is now considered illegal in China, it would be surprising if someone were still doing business within its borders no Use some method of hiding or changing its IP address.
The United States is now the proud owner of the largest proportion of Bitcoin miners on its land. Although it is still below the level of China in May this year, China still maintains a 44% share of the global hash rate. Since China took a tough stance this year, the global total hash rate itself has fallen, but as nodes in different geographic locations around the world come back online, it is slowly returning to the level we saw in early 2021.
So don’t worry, the entire Bitcoin network still consumes more electricity than at any time before last year, currently about 12 GW.
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However, all of this is on a dedicated ASIC, so what about the GPU chewing monsters of Ethereum mining? Well, this is still very strong, in fact, Global total hash rate No matter what happens in China, the speed of the Ethereum network is higher than ever.Again, the The U.S. now leads the way in Ethereum GPU mining, China fell to the 10th place in the past 24 hours, with a share of only 0.22%.
If you think that the entire China ban on cryptocurrency will make it easier for you to pack new graphics cards at your local Best Buy, I have some news to tell you: Now that everything is transferred to the United States, this may really be less successful.