US Becomes Largest Bitcoin Mining Market After China's Crypto Ban

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According to new data from Cambridge University, the United States has become the global leader in the Bitcoin mining industry. Read the full article by: Scott Chipolina

  • Since China started cracking down heavily on Bitcoin mining leaving miners and facilities looking for new places to set up shop.

  • Many have moved to Canada, Khazakstan, and the new leader in Market share the United States. A study from Cambridge University showed the US now holds 35.4% of the mining market share. When China originally banned mining the global hash rate by 38%.

  • “The effect of the Chinese crackdown is an increased geographic distribution of hash rate across the world, which can be considered a positive development for network security and the decentralized principles of Bitcoin,” Rauchs added.

  • Bitcoin mining also faced reppricuosions for its environmental impact but the criticisms have led to innovations in the space that will only drive further adoption.

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