After China’s sweeping crackdown on bitcoin mining activities, the United States is now the leading nation in terms of hash rate.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI) Bitcoin (BTC) miners in the US account for 35.4% of the total global BTC mining hash rate distribution.
CBECI data also shows Kazakhstan (18%) and Russia (11%) as the closest major Bitcoin mining hubs outside of the United States.. These three nations have gained significant market share in the wake of the Chinese ban on crypto mining.
In June, Cointelegraph reported that BTC.com, one of the largest Chinese bitcoin miners, is moving to Kazakhstan.
Perhaps of particular interest is the fact that the CBECI data shows a hash rate of 0% for China. However, covert mining may continue despite the ban.
The US, which makes up the bulk of the world’s hash rate distribution, is likely to complete the east-west mining migration expected after the Beijing move.
In addition to the repression against China North American crypto institutions have increased their capacity with significant additions to their hardware capacity.
American miners like Argo Blockchain, Riot Blockchain, Marathon and various contracts have bought bulk orders for mining rigs from big manufacturers like Bitmain and MicroBT.
In early October, Cointelegraph reported that Riot Blockchain had tripled its production capacity in 2021, mining 2,457 BTC during that period.
Likewise Places like Texas and Ohio are expected to host mega-bitcoin mining hubs that will further add to the manufacturing capabilities of U.S. crypto miners.
As Cointelegraph previously reported, BIT Mining recently signed a joint venture agreement with Viking Data Centers to build an 85 megawatt bitcoin mining facility in Ohio.
The expansion of the U.S. Bitcoin mining space has also resulted in more companies seeking public listing on the U.S. stock exchanges.