China’s crackdown on mining Bitcoin (BTC) and other cryptocurrencies has begun to take effect on the global distribution of mining capacity. According to Cambridge Centre for Alternative Finance, the country accounted for roughly 46% of the electric supply used for Bitcoin mining in April. During this period, Kazakhstan has emerged as the third-biggest player in the crypto mining scene, with a six-fold increase in its share of global BTC mining.
China’s Bitcoin Mining Capacity Plummets as Kazakhstan Becomes Popular With Miners
Research published by Cambridge on Thursday indicated that the much-anticipated diversification of the crypto mining industry is in progress after China implemented severe restrictions against miners this year.
As a result of the ongoing mass exodus of BTC miners from China, its neighbor Kazakhstan is fast becoming one of the top contributors to the mining industry. The country’s share of Bitcoin mining has gone from a mere 1.4% in September 2019 to 8.2% in April.
The US has risen to the second spot, with its mining share up from 4.1% to 16.8% in the same time period. While Russia and Iran stand at the fourth and fifth places respectively.
Mining Bitcoin or any other cryptocurrency is a highly energy-intensive process that involves solving complex mathematical puzzles. Also, unlike most cryptos, Bitcoin can only be mined using specialized computers — like ASIC miners — that are optimized to solve algorithmic problems. Still, the currency’s rising price has turned mining into a lucrative profession that is now part of an industry generating millions in revenue and selling necessary equipment to miners.
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Topic: China’s Share of Bitcoin Mining Drops as Kazakhstan Soars to Popularity (Read 746 times)