I am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter @theroberthart or email me at rhart@forbes.com
from the University of Cambridge, breaking China’s stranglehold on the industry after Beijing’s cryptocurrency crackdown sent miners scrambling to new locales. AFP via Getty ImagesAs of July, more than a third of bitcoin’s hashrate—a measure of the mining network’s computing power—was located in the U.S., according to the Cambridge Centre for Alternative Finance.
The figure is the highest proportion recorded for the U.S., up from around 21.8% as of May and around 4.2% a year ago. Kazakhstan , Russia and Canada were other leading destinations for bitcoin miners, according to the hashrate data. No hashrate was recorded in mainland China, the data showed, a dramatic shift for the longtime market leader that accounted for around a third of hashrate in May and around two-thirds in September 2020. began cracking down on cryptocurrencies earlier this year. Bitcoin mining is the process through which bitcoin is awarded to computers solving complex problems.
, have proven to be an attractive location for miners seeking cheap—and often renewable—energy. The mass exodus from China has accelerated and amplified this migration.
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