US beats out China as top Bitcoin miner home for first time

Source: CNBC

“The U.S. is now the number one destination for bitcoin miners, eclipsing China for the first time ever. While it was already trending in that direction, new data from Cambridge University released early Wednesday makes it official. As of July, 35.4% of bitcoin’s hashrate — an industry term used to describe the collective computing power of miners — is in the United States, according to the Cambridge Centre for Alternative Finance. That’s a 428% increase from September 2020. … Twelve months ago, China was the market leader in terms of hashrate — by a long shot. But Beijing’s crypto crackdown in the spring took half the world’s bitcoin miners offline practically overnight. Miners started fleeing China en masse, heading to the cheapest energy sources on the planet in what was dubbed ‘the great mining migration.'” (10/13/21)