The latest figures from Cambridge Bitcoin Electricity Consumption Index (CBECI) regarding hash rate make for interesting reading for anyone working in the Bitcoin (BTC) mining space.
Last year the Judge Business School of the’University of Cambridge reported that the “major portion” of the Bitcoin network’s global hash rate “is now in the United States, followed by Kazakhstan and Russia.” Indeed, according to August 2021 figures, China’s hash rate was 0%.
But despite one of the toughest crackdowns on the BTC mining industry globally in September 2021, the latest CBECI data appears to show that the hash rate from China has actually increased to 22.3% in September. And, in the months that followed (until January of this year), the data indicates that this rate never fell below 18%.
In fact, China’s hashrate fell from just under 50% of the global total in May 2021 to absolutely nothing in August, before rising to over 20% the following month.
Information available in China continues to suggest that some miners continued to operate underground in the months following the crackdown, but the majority of major industrial players are said to have closed their facilities.
On May 17, China’s CNR reported that the Energy Conservation Department of the Guangdong Provincial Energy Bureau had issued a notice warning residents and businesses in the province about the risks of mining. cryptocurrencies and mining platforms.
Guangdong ordered residents to stop using such platforms and said the machines could be “confiscated according to law”, adding that companies involved in illegal logging could be hit with business suspension orders. or liquidation notices.
However, such warnings have become less frequent in China in recent months, as have reports of police raids on illegal cryptocurrency mining “farms”. A number of mining pools have gone out of business, and many more have closed their doors to players linked to mainland China.
The CBECI mining map shows that the United States still takes the lion’s share of the monthly average total hashrate – with just under 39% in January 2022. Next comes China, with 21.11%. And only Kazakhstan, which has had its own run-ins with BTC miners, comes close to the Middle Kingdom, with 13.22%.
Another curious fact is that Russia’s figure in January (before the invasion of Ukraine) was 4.66% – a significant drop from the figures for August 2021 (11.23%), at a time when Russian media had claimed that mining was on the rise in the country.
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