North American miners clear a record number of bitcoins (BTC)
Remember: in the early summer of 2021, China had begun to show its teeth at a mining industry that had proliferated in its territory. Beijing wants to make room for the launch of its digital yuan, and so mining bans have followed one another in the country’s provinces. Until then, Chinese miners accounted for up to 60% of the world’s hashrate.
As a result, miners have been forced to relocate, and this has opened up opportunities for other territories, including North America. According to data collected by The Block, North American miners have produced 10,000 BTC since the beginning of 2021 as a result.
In total, their BTC inventory has risen to 18,000 BTC: this is four times the level of 12 months ago. Moreover, the last two months alone account for 40% of the BTC they have mined since January 2021.
North America is finding its place in the mining industry
The report notes that the largest mining firms are Riot, Marathon, Bitfarm, Hut8 and Argo. These North American miners now account for 5% of total Bitcoin mining revenue over the past 12 months. This share is higher, however, when companies that are not yet listed are taken into account.
The report notes that the turnaround in China is the main reason for this change, but it is not the only reason. The billions of dollars that have been invested in mining equipment in recent months are also simply being recouped.
In any case, it will be interesting to see if the global hashrate will continue to fluctuate, and which countries will become dominant in terms of computing power generated, if China continues to suppress the industry.
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About the author : Marine Debelloir
Associate Editor on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that stem from blockchain and I love to dig up the most juicy news to share with you.
All articles by Marine Debelloir.