One of the biggest events of crypto in 2021 was China’s Bitcoin mining ban. Unlike with previous crypto crackdowns, that announcement came straight from the Vice Premier level and was taken much more seriously. Over the months that followed, the global hashrate redistributed, with the US being the biggest beneficiary.
This week, the Cambridge Centre for Alternative Finance released some new data about Bitcoin mining at the end of last year.
First, the US has extended its mining lead, and now represents more than 37% of the global hashrate. Interestingly, Georgia is the biggest state for mining, representing a little under ⅓ of the US’s total hash power. Kazakhstan, Canada, and Russia all fell.
But the biggest attention grabber was China, which roared back onto the map with 21.1% of the global hashrate, second only to the US.
For some, this confirms the suspicion that China has had a thriving underground Bitcoin mining scene. Others are drawing a different conclusion – that even when a state as big as China tries to ban Bitcoin, it just doesn’t work.