China has long been home to more than half of the world’s bitcoin miners. But after a government crackdown, many of them are finding a new home in Texas. Thanks to its cheap energy and favourable laws, the US state is fast becoming the new cryptocurrency capital of the world.

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Following China’s crackdown on Bitcoin (BTC) mining earlier this year, the US has officially become the largest Bitcoin mining hub, followed by Kazakhstan and Russia, researchers at Cambridge University have found. With a global hashrate (or computational power of the network) share of 35.4% as of the end of August, the US is now home to the largest share of Bitcoin hash power in the world, Michel Rauchs, Digital Assets Lead at the Cambridge Center for Alternative Finance (CCAF), wrote in a blog post published on Cambridge University’s website today. However, they stressed that “every model is an incomplete representation of reality that relies on specific assumptions, some of which may be debatable.”In either case, the finding is based on data from the university’s own Bitcoin Electricity Consumption Index, which also shows how other countries, including Kazakhstan, Russia, Ireland and Canada, have grown their respective shares at China’s expense. The author said the updated data confirms the trajectory from the previous update (as of the end of April), which showed that the US, Kazakhstan, and Russia were already gaining market share ahead of the crackdown in China. It added that “declared mining operations” in China are effectively at zero now, dropping from a high of 75.53% of the world’s total Bitcoin mining in September 2019. The fourth largest hashrate share is Canada (9.55%), followed by Ireland (4.68%), Malaysia (4.59%), Germany (4.48%), Iran (3.11%), and Norway (0.58%). These are then followed by “a long tail of countries,” Rauchs further said, adding that the effect of China’s ban is “an increased geographic distribution of hashrate across the world.”However, Rauchs noted that the most likely reason for Germany and Ireland to be on the list is that some miners may be using virtual private networks (VPNs) or proxy servers, given that “there is little or no evidence” of any large-scale mining operations there. VPNs and proxy servers are tools that can be used to route traffic through other countries, effectively concealing the real location of a miner. The article did not say, however, whether some of the miners using servers in other countries could in reality be based in China. In addition to the top countries for Bitcoin mining listed in the blog post, data from the Bitcoin Electricity Consumption Index has also been used to generate an up-to-date Bitcoin mining map detailing the share of Bitcoin’s hashrate in all countries around the world. Learn more:- China’s Global Bitcoin Hashrate Was On Decline Before Crackdown- China Goes After Camouflaged Crypto Miners Ahead of Winter Season- BTC Mining Migration, Challenges & Forecasts for the Post-crackdown Industry – China Ready to Get Tough with Crypto Crackdown Enforcement- Dominated by Institutions, Bitcoin Mining is also Possible from Home- Bitcoin Miners, Take Notice – Biden’s Plan Would Remake the US Electricity System

All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/us-becomes-largest-bitcoin-mining-hub-after-chinas-miner-exodus.htm

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CNBC.com’s Pippa Stevens brings you the day’s top business news headlines. On today’s show, CNBC.com’s MacKenzie Sigalos explains a new survey from the University of Cambridge highlighting the top countries for crypto mining. Plus, William Shatner heads to space with Blue Origin.

00:00 – CNBC After Hours, Oct. 14, 2021
0:13 – Stocks rally after strong start to Q3 earnings
0:52 – Numbers to know
2:02 – U.S. crypto mining grows
4:04 – William Shatner heads to the edge of space

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U.S. Takes Top Spot For Crypto Mining After China Crackdown: CNBC After Hours

Trader Brian Kelly on what will happen to bitcoin after China’s mining crackdown. With CNBC’s Courtney Reagan and the Fast Money traders, Guy Adami, Tim Seymour, Karen Finerman and Jeff Mills. Subscribe to CNBC PRO for access to investor and analyst insights on crypto and more: https://cnb.cx/2BT2E7y

Bitcoin sank to a two-week low Monday on reports that China has intensified its crackdown on cryptocurrency mining.

The world’s largest digital currency fell as low as $31,760 Monday morning, dropping below $32,000 for the first time since June 8, according to data from Coin Metrics. It was trading at $32,472 at 4:00 p.m. ET, down 8% on the day. Smaller rivals like ether and XRP also fell 12%.

Many bitcoin mines in Sichuan were shuttered Sunday after authorities in the southwestern Chinese province ordered a halt to crypto mining, according to a report from the Communist Party-backed newspaper Global Times. More than 90% of China’s bitcoin mining capacity is estimated to be shut down, the paper said.

Bloomberg and Reuters also reported on the move from Sichuan authorities. It follows similar developments in China’s Inner Mongolia and Yunnan regions, as well as calls from Beijing to stamp out crypto mining amid worries over its massive energy consumption.

Separately, the People’s Bank of China said Monday it had urged Alipay, the payments service run by Alibaba affiliate Ant Group, and some major banks to crack down on crypto trading. China has already banned financial institutions from providing crypto-related services.

“China often does this,” Charles Hayter, CEO of crypto data firm CryptoCompare, told CNBC via email.

“When China sneezes, bitcoin catches a cold. But this flexing of regulatory muscle is often just that — in the past eight years, this story has risen its head at least three times.”

China’s crackdown appears to have led to a significant decline in bitcoin’s hash rate — or processing power — which has fallen sharply in the last month, according to data from Blockchain.com. An estimated 65% of global bitcoin mining is done in China.

Bitcoin’s network is decentralized, meaning it doesn’t have any central party or middleman to approve transactions or generate new coins. Instead, the blockchain is maintained by so-called miners who race to solve complex math puzzles using purpose-built computers to validate transactions. Whoever wins that race is rewarded with bitcoin.

This power-intensive process has led to growing concerns over the potential environmental harm of bitcoin, with everyone from Tesla CEO Elon Musk to U.S. Treasury Secretary Janet Yellen raising the alarm. China, where most bitcoin mining is concentrated, relies heavily on coal power. Last month, a coal mine in the Xinjiang region flooded and shut down, taking nearly a quarter of bitcoin’s hash rate offline.

However, miners in China often migrate to places like Sichuan, which are rich in hydropower, in the rainy season. And some industry efforts have been launched — including the Bitcoin Mining Council and the Crypto Climate Accord — in an effort to reduce cryptocurrencies’ carbon footprint.

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