Monday, October 25, 2021

U.S. becomes world’s largest bitcoin mining market amid China crackdown

The U.S. share of the global hashrate rose from 17 per cent in April to 35 per in August.

• October 13, 2021
A bitcoin used to illustrate the story

The United States of America has overtaken China as the world’s leader in bitcoin mining, according to data published by the Cambridge Bitcoin Electricity Consumption Index

Data released by the CBECI on Wednesday revealed that China’s share of the global hashrate fell from 44 per cent to zero between May and July. In 2019, China accounted for three-quarters of the global hashrate for bitcoin.

The U.S. share of the global hashrate rose from 17 per cent in April to 35 per in August, while Kazakhstan rose from 10 per cent to 18 per cent in the same period.

Michel Rauchs, digital assets lead at the Cambridge Centre for Alternative Finance, told Financial Times that “the effect of the Chinese crackdown is an increased geographic distribution of hashrate across the world.” 

This development comes after China banned Cryptocurrency exchanges and transactions earlier in the year, raising concerns about mining’s effect on the environment. The government of the former largest cryptocurrency market has been clamping down on the trade since 2019. 

In May, China warned buyers about trading digital assets as there was no protection for continuing to trade bitcoin and other currencies online.  In June, banks and payment platforms were ordered to stop facilitating transactions. A ban was also issued on mining. 

In September, China’s central bank declared all transactions of cryptocurrencies illegal, banning digital tokens such as bitcoin. The price of bitcoin fell by more than $2,000 after the announcement.

More from Peoples Gazette


Oyo Jailbreak: Interpol enlisted to recapture fleeing inmates, says Aregbesola

“We are sharing the database with all security agencies in the country, including the Interpol, so those who escaped our recapture efforts can be nabbed.”

Garba Shehu and Lai Mohammed


Garba Shehu tackles Lai Mohammed, says bandits are terrorists

“‘bandits’ who have the resources and technology to shoot down a military fighter jet are not bandits at all…they are essentially no different to Boko Haram.”


FC Robo Queens win Flying Officer Cup, beat Edo Queens 1-0

FC Robo Queens of Lagos on Sunday beat Edo Queens Football Club 1-0 in the final match of the third edition of the Flying Officers Cup in Abuja.

Eyimba FC


CAF Confederations Cup: Enyimba drub Diambars FC 3-0

Enyimba International Football Club of Aba on Sunday cruised to the next round of the 2021/2022 CAF Confederation Cup in style.

Rivers United Players


CAF Champions League: Sudan’s Al Hilal beat Rivers United 1-0

Yaser Muzamil scored the lone goal of the match as they held on to the vital scoreline all game, with Rivers United now dropping to the Confederation Cup.

Mahmood Yakub


INEC yet to distribute PVCs days to Anambra election: Igbo Group

Michael Chibuzo, the national secretary of IPAN, said INEC should urgently distribute the PVCs to prospective voters.