China’s Bitcoin Hashrate Dominance Dives, ‘North America Could Steal the Lead’ – Mining Bitcoin News
A new report suggests that North America could be about to overtake China in Bitcoin mining dominance. The latest figures from the China Internet Network Information Center (CNNIC) suggest that Chinese mining pools have lost a large chunk of the network’s hashrate in recent months. Speaking to CoinDesk, Samson Mow, chief strategy officer of Blockstream, said: “If the trends continue as they have been, North America could steal the lead in bitcoin mining from China.”
The bitcoin mining hashrate distribution across the world has undergone some dramatic changes in the past few months, and the trend does not seem to be changing course anytime soon. If the situation does not reverse, we could be headed toward a rather interesting future for bitcoin mining.
A recent regional report shows that the percentage of hashish in China has probably dropped to 55%, while in the United States it has dropped to 11%. According to another study, it is possible that North America will overtake China in terms of hash rate by the end of 2021.
Bitcoin mining operator says mining industry is booming in North America
For years, China was the dominant region in terms of the number of bitcoin miners in the world, and at one point 65% to 70% of the network’s hash rate came from that country. In May 2021, bitcoin’s hash rate increased dramatically, approaching 200 exaches per second (EH/s) when a large number of participants mined the crypto asset. At the time of writing, the total hash rate is 181 EH/s, after a sharp drop two weeks ago.
Today, several reports show that China’s dominance of the SHA256 hash rate is steadily declining and that the US and North America as a whole have become more serious competitors. 8btc regional columnist Ike Aru says one of the reasons for the country’s declining hash rate is due to China’s energy commitments.
The Chinese Communist government has set a goal of significantly reducing carbon emissions in the coming years. Recently, there was a proposal to shut down bitcoin miners in the Inner Mongolia Autonomous Region. Also in other regions, such as. B. Sichuan, the demand for electricity is increasing, which increases the demand for hydropower plants in the region.
SHA256 bitcoin (BTC) hashrate of 10. May 2021.
Another study, published in late January 2021 by Sam Ling, shows that China’s hashrate dominance has declined significantly this year. Ling’s study follows a report by Bitooda published a few months earlier, in the summer of 2020. Bitooda’s report notes that the hash rate in China is only 50% of the global hash rate, while bitcoin mining is on the rise in North America. Ling’s report, published this year, estimates roughly the same.
Ling’s data shows that the overall SHA256 hash rate in China is about 55%, while in the US it is about 11%. Mining industry leaders predicted that between 200,000 and 1 million ASIC mining rigs would be delivered worldwide by early 2021.
Forecasts indicate growth to 240 p.e. by the end of the year. At a meeting of mining industry representatives, Yao Wanni, the operator of bitcoin mining farms, said that the Chinese are still buying mining rigs, but the purchase of ASICs in North America has increased sharply.
The whole mining industry in North America is booming, Yao said then.
The study shows that It’s unlikely, but North America could take the lead in hashish rates
The study predicts that the hash rate will increase by 2022 and that the US could surpass China in the dominant hash rate by then. The report also points out that unannounced transactions can make ASIC bid estimates much higher.
In AuthorMiner Daily Sam Ling presents a chart with possible predictions for the hashrate by the end of the year.
Based on theoretical analysis, Ling’s study argues that the possibility of North American hash radar domination, though unlikely, exists. North America could overtake China as the top BTC hashrate in 2021, the report said. But only by purchasing at least 630,000 more ASICs, Ling adds in his study.
U.S. and Canadian miners will need to increase their ASIC machine capacity by a factor of 5 to put North America in the lead.
Our study shows that the US and Canada need at least an additional 63 EH/s this year to catch up with China in terms of hashing capacity, Ling said in the study. This means an additional order of 630,000 ASICs, with an average performance of 100 TH/s, at a cost of nearly $4 billion, he added.
What do you think about China’s hashrate dominance and the possibility of North American miners dominating by the end of the year? Let us know what you think in the comments below.
Tags in this story
181 exahash, 55%, 8btc, ASIC, bitcoin (BTC), bitcoin mining, BTC mining, China, hashpower, hashrate, Inner Mongolia, mining, mining farm, mining equipment, North America, Sam Ling, Sichuan, US
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