China may not lead in Bitcoin-mining soon

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(Edited)

Right now what observers see is a shift from China even though they still make a majority of the mining profit.

Chun Wang one of the founders of F2Pool. F2pool is one of the biggest mining pools that exist. Chun pointed that this is the first time in 8 years that the majority of the mining processing power was highest in somewhere else other than China. He tweeted about the reality of the shift.

https://twitter.com/BarrySilbert/status/1385210534576918528/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1389354649346469892%7Ctwgr%5E%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fsigns-the-bitcoin-hashrate-is-starting-to-move-away-from-china

Wang reposted on Twitter Barry Silbert's post. Barry works for the Digital Currency Group. In Barry's post, he explained how Foundry, a bitcoin mining pool that had moved up the ranks was now one of the top 5 mining pools by hashing rate-making up 7.6% of April's processing power as of 22nd of April when Barry posted it.

Barry's opinion is that North America is gradually taking over the world of mining. Even though AntPool a China-based mining operation is still the highest with a processing power of 18.6%, the reduction in mining capacity is still evident.

The University of Cambridge estimated that the hashrate of China was about 65% in April 2020. BTC miner daily also published that China had dropped from 65% in April 2020 to 55% in January 2021 and the US held 11% of the hashing power. I posted earlier about the carbon regulations in China and how it is affecting bitcoin mining operations and how this might be worsening the problem.

The Chinees government stopped mining operations in Inner Mongolia in order to reduce energy consumption. This region accounted for 8% of the world's hash power.

Marty Bent, Bitcoin host (podcast) thinks that these findings are a confirmation of the trend.

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2 comments
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Interesting, thanks for sharing.

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You are welcome. THere are rumours that Texas will have higher hashing power soon too.

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