The United States is Officially the Largest Bitcoin Mining Centre

Due to China’s cryptocurrency crackdown, the United States has officially surpassed China as the worlds largest Bitcoin miner, according to Brittan’s Cambridge Centre for Alternative Finance. In 2019, China was responsible for a staggering 75 percent of the worlds Bitcoin mining. That number however dropped down to 44 percent in May and all the way down to zero in July of this year. These figures are indicative of the heavy impact which China’s cryptocurrency crackdown is having on the cryptocurrency market.

As a result of the decision to ban cryptocurrency made by the Chinese State Council, at the end of May, Miners have been moving their operations out of China and rig manufacturers have been focusing their attention on mining farms in North America and Central Asia. For this reason, mining operations in the United States now account for 35.4 percent of the global hash rate. The United States is followed closely by both Kazakhstan and Russia, due to their relatively low cost of energy and cool climate.

In contradiction to China’s cryptocurrency ban, many countries such as El Salvador and Paraguay welcome cryptocurrency mining, encouraging miners from China to move their operations to South America, with the intention of creating more jobs within the “blockchain industry.” Reportedly, the Chinese government believes digital assets, such as Bitcoin, could undermine their control over China’s monetary and financial systems. The government has also voiced concerns regarding cryptocurrency’s supposed connection to financial crime. China also considers cryptocurrency to be a threat to China’s Central Bank Digital Currency, which the Chinese government plans on deploying soon.

The United States taking the lead in Bitcoin mining could prove to be advantageous for United States investors. The mining industry is doing nothing but growing in popularity in the west. Be sure to take advantage of the increasing value of Bitcoin by using Killer Whale Gain BTC !

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