According to the latest data, China still controls 21% of the worldwide Bitcoin mining hash rate.
China has returned with a fury. For its current analysis, the Cambridge Centre for Alternative Finance, or CCAF, gathered data “covering the period from September 2021 to January 2022.” The headline is that ban or no ban, Asia controls 21% of the global Bitcoin mining hash rate. Since June 2021, all have been scratching their heads, trying to understand why China banned bitcoin mining. Perhaps we had been barking up the wrong tree all along. According to the CCAF data, the “US has remained in the forefront of Bitcoin mining and expanded its leading position (37.84 percent).” They claim that “China has re-emerged as an important mining hub” (21.11 percent ). Kazakhstan (13.22%), Canada (6.48%), and Russia (4.66%) have been pushed to the edges. ” Let us examine what else we can get from the CCAF data.
According to the CCAF investigation, figures “strongly imply that major underground mining activity has arisen throughout the nation.” Can we be certain that the explanation is correct? And, if true, how did the subterranean Chinese bitcoin mining sector grow so quickly? According to the research, “a return of this size within a month would be implausible given physical limits since it takes time to discover existing or develop new non-traceable hosting facilities of that scale.” And speculates that the underground miners may have been using VPNs to mask their whereabouts before deciding that they were safe enough to cease hiding. This appears improbable. The conclusions of this study are being used by the CCAF, which effectively states that they now believe what bitcoiners have always said. That China was mostly mining bitcoin with electricity rather than coal. In terms of using green energy, bitcoin mining is still the cleanest sector on the planet.