The US hashrate of BTC has increased by more than 400% since 2020, with most of the increase observed in recent months.
As of July this year, 35.4% of the Bitcoin network’s total computing power came from the United States, according to the Cambridge Center for Alternative Finance. The total hash rate securing Bitcoin from the United States is up 428% from the numbers recorded in September 2020, according to a breakdown of the research.
According to data from the University of Cambridge Quote via CNBCChina’s crackdown on cryptocurrency mining and the exodus of bitcoin miners in search of cheaper energy sources have driven most of the US hash rate.
As the country attracts more and more miners seeking to tap into its abundant energy resources, reversing China’s control of more than 67% of hashrate last September could turn more mining power into it.
Bitcoin miners relocating to the US should continue to be drawn to some of the lowest electricity prices and plenty of renewable energy sources.
Texas leads in terms of cheap electricity and abundant solar and wind power, while Washington and New York are attractive due to the high levels of hydroelectric generation.
Kazakhstan and Russia
While the US has seen the proportion of computing power devoted to bitcoin mining fall from 4.2% in September 2020 to 21.8% in May 2021, it is not the only country that welcomes miners leaving China.
The other major destinations for bitcoin miners were Kazakhstan and Russia, which increased by 18.1% and 11.2%, respectively, in July. Canada has also seen a significant increase in mining operations, with 9.6% of the hash originating in the country.
The data also showed that the retail share in mainland China for July fell to zero, highlighting the exodus of miners.