CCAF Claims the Hashrate of Chinese Miners Was Declining Even Before the Summer
The Cambridge Center for Alternative Finance has shared interesting details of its updated study. CCAF experts believe that the exodus of major miners from China began long before they faced harassment from local authorities.
It is believed that pressure from Chinese authorities on miners began closer to June 2021, resulting in many of them having to shut down and move their facilities elsewhere.
The new Cambridge Bitcoin Energy Consumption Index (CBECI) shows the following: in September 2019, China's share of total computing capacity was 75.5%, but by April 2021 it had dropped to 46%.
Over the same period in the U.S., it increased from 4 to 17%. Thus, they have become the second center of mining in the world. Kazakhstan has also confidently regained its position - from 1.4% to 8% in April.
The Russian Federation (7%) and Iran (5%) still account for a significant volume.
New geolocation data was collected in cooperation with four mining pools: BTC.com, Poolin, ViaBTC and Foundry. The dataset, representing approximately 37% of the Bitcoin network's total computing power, provides insight into the geographic evolution of mining.