China Once Controlled Over 70% of Bitcoin’s Hashrate
From the data above, it can be observed that China had controlled roughly 70% of the Bitcoin network from late 2019 to early 2020. To note is that the hash rate controlled by China had dropped a bit in early 2018 when the government had started to crackdown on BTC mining in that year. The hash rate originating from China soon recovered until China’s government started a new crackdown this year.
The United States Now Controls 16.8% of BTC Hashrate, Up from 4% in late 2019
A quick glance at data from the Cambridge Center for Alternative Finance reveals that miners located in China now control roughly 46% of Bitcoin’s hash rate. BTC Miners located in the United States now control 16.8% of Bitcoin’s hash rate. The latter value is an increment of 12% since late 2019 when the same miners controlled only 4% of the network.
The chart below, courtesy of the tracking, website further demonstrates how miners based in the United States have become the beneficiaries of the ongoing crackdown in China.
Bitcoin’s Hash Rate Begins to Rebound
Also worth mentioning is that Bitcoin’s hash rate has begun to rebound from the massive dip brought about by China reiterating its ban on BTC mining in mid-May of this year. The chart below, courtesy of Glassnode, further demonstrates the ongoing recovery of Bitcoin’s hash rate as miners relocate outside China.
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