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After China's crypto ban, the US has taken the lead in cryptomining as it provides 35% of the global Bitcoin hashrate

Since China officially withdrew from the crypto market, the United States of America has become the global leader in cryptomining (Image: Bermix Studio)
Since China officially withdrew from the crypto market, the United States of America has become the global leader in cryptomining (Image: Bermix Studio)
After China's abrupt and strict withdrawal from the crypto market, the largest economy in the world has now taken the top position in cryptomining as it provides about one third of the global Bitcoin hashrate.

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It was a shock for many crypto investors when over the course of 2021, the totalitarian Chinese government announced that it would strictly regulate cryptocurrencies. After the initial cryptomining ban and a further prohibition of all financial transactions involving cryptocurrencies, the People's Republic has officially quit the crypto market with the sole exception of its own digital yuan (e-CNY).

According to a report by Tom's hardware, the USA has now taken the top position in cryptomining, which was previously indisputably occupied by China, when the country provided an astonishing 75% of the worldwide Bitcoin hashrate. Since many commercial crypto farms, some of which have even been thought to utilize PlayStation 4 consoles (from US$429 on Amazon), have left the East-Asian country for North America and Europe, the United States now provide one third of the global Bitcoin hashrate, while Kazakhstan and Russian contribute 18% and 11% respectively.

It is estimated that 900 Bitcoins are mined every day, which has recently turned more profitable after the Bitcoin price surged. However, cryptomining remains highly controversial because the resulting high energy consumption is often covered by fossil fuels, which are cheap but certainly not environmentally friendly. Nevertheless, recent statements by the central bank have confirmed that there won't be a crypto ban in the United States.

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Enrico Frahn
Editor of the original article: Enrico Frahn - Tech Writer - 568 articles published on Notebookcheck since 2021
My fascination for technology goes back a long way to the Pentium II era. Modding, overclocking and treasuring computer hardware has since become an integral part of my life. As a student, I further developed a keen interest in mobile technologies that can make the stressful college life so much easier. After I fell in love with the creation of digital content while working in a marketing position, I now scour the web to bring you the most exciting topics in the world of tech. Outside the office, I’m particularly passionate about motorsports and mountain biking.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 10 > After China's crypto ban, the U.S. has taken the lead in cryptomining as it provides 35% of the global Bitcoin hashrate
Enrico Frahn, 2021-10-14 (Update: 2021-10-15)