After China's crypto ban, the US has taken the lead in cryptomining as it provides 35% 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.