InstaForex

October 18, 2021

China's Sinking as Bitcoin Mining Hub (BTC), Hash Rates Now 0%

 Arguably, over a decade China has been the country that dominates the Bitcoin (BTC) mining industry, accounting for up to 75% of hash rates worldwide.


Day by day, this record recorded a sharp decline until China was no longer a Bitcoin mining hub, instead being replaced by the United States (US).


This negative change can be seen in the dumping relocation of miners to foreign countries such as the US, Kazakhstan, and Russia.


Based on a report last week, hash rates from the three countries recorded:


US: 35.4%

Kazakhstan: 18.1%

Russia: 11.2%


Worse, in the latest development China's hash rates have now reached zero following a ban on cryptocurrency -related activities in the country.


Head of Digital Assets at CCAF, Michel Rauchs found the sharp decline from a record 75.53% to 0% was the first time in September 2021. Global hash rates participated in the impact, declining from 180.67 million hacks per second to a low of 84.79 million per second.


Other countries: the U.S., Kazakhstan, and Russia are beginning to point to steps to fill the void left by China.


Meanwhile, Canada, Ireland, Malaysia, and Germany are seen as ready to cover this shortfall but there is still no clear certainty.


Perhaps the decision taken by Hatten Land to open a crypto mining hub in Malaysia will again support stronger hash rates.


El Salvador, meanwhile, has started crypto mining activities using geothermal energy on October 1.