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500,000 Chinese Miners Headed to the United States, Pushing North America’s Share in the Global Hash Rate to 40%

America is quickly becoming a mining haven, as thousands of exiled miners from China have started setting up their bases in the US and its neighboring countries. According to analysts, roughly 500,000 former Chinese mining rigs are looking for a new home in the United States, with the country’s contribution to the global hash rate slated to grow to nearly 40% by the end of 2022.

According to data from Cambridge, in September 2019, China accounted for a considerable 75.5% share of the global Bitcoin hash rate. By the end of 2020, that figure had fallen to just 46%, indicating a shift to the West even before China began its crackdown on regional mining farms. In view of this, industrial mining companies in the US had already been building up infrastructure, hoping that sooner or later China’s large population of mining rigs would migrate to the West.

Source

Back in 2018 when Bitcoin and Ethereum crashed, the prices of graphics cards and ASIC miners were in free-fall, allowing large mining firms in the US to consolidate their position, adding additional space for foreign cryptominers in their backyards. When China outlawed mining earlier this year, things started falling into place. By April 2021, the US accounted for 17% of the global Bitcoin hash rate, an increase of 151% from September last year.

To top it off, this share reportedly doesn’t include the hash rate added by the newly exiled Chinese miners in the American continent. Actual figures should be closer to the 30% mark, bringing the US nearly on par with China’s share at the end of 2020.

Source: CNBC

Areej

Computer Engineering dropout (3 years), writer, journalist, and amateur poet. I started my first technology blog, Techquila while in college to address my hardware passion. Although largely successful, it was a classic example of too many people trying out multiple different things but getting nothing done. Left in late 2019 and been working on Hardware Times ever since.

One Comment

  1. No…we don’t need more of them, crypto mining is one of the most useless things to be associated with as a country.

    It’s just an energy intensive, resource intensive process for what? Stocks?

    Cause even if you want to call it currency who’s actually spending it as such? Anyone with half of brain that has any of it are just sitting on it like a stock and cries when the price drops like a stock and cheers when the price goes up like a stock.

    Sure you can buy coffee with it…but when that small bit ends up gaining like 2000% it’s value it feels like a dumb thing to have done, so no one’s doing it.

    So yea we don’t need to have 40% of stake in this, most useless of endeavors. If it were actually beneficial China wouldn’t be kicking out 500,000 of set “miners”

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