We recently reported to you that China has stepped up its campaign to crack down on cryptocurrency platforms. Indeed, China has deemed these activities to be illegal and has embarked on a campaign to ban cryptocurrency mining on its territory. The miners then had to find another land of welcome and who was it that extended their arms wide open to them? United States !
Indeed, China has been the undisputed world number 1 in terms of server farms dedicated to cryptocurrency mining for many years. However, a study published by researchers at Cambridge University found that the situation has now changed dramatically. The United States has indeed run for the place of China.
China has turned away from cryptocurrency mining
The study was released on October 13, and according to researchers, China’s mining activity has grown by 428% in just one year. Conversely, China, which previously held 67% of the market, has seen its share drop to zero within a year.
As a reminder, if China has eradicated cryptocurrency mining, it is because, on the one hand, mining alone compromised the climate commitments made by China. On the other hand, the Chinese government saw through cryptocurrencies, a virtual currency and activity that was beyond its control.
The United States prepared for the arrival of the minors
Leaving China, the minors have thus taken up residence in the United States, which seems to have prepared for their arrival with more flexible and more attractive standards. For example, Texas is a state that is currently undergoing a strong green mutation with 20% of energy coming from wind power. The cost of electricity in Texas is also among the cheapest in the world, and the state even has a pro-cryptocurrency policy.
In addition, the United States has also made huge investments since early 2020 to set up infrastructure capable of accommodating structures like Antpool and Bitmain that previously operated in China. In any case, according to researchers at Cambridge University, the United States is now at the top of the ranking of mining countries with a 35.4% market share. Behind them are Kazakhstan with 18.1%, then Russia with 11%, Canada with 9.55%, Ireland with 4.68%, Malaysia with 4.59%. The bottom three on the list are Germany, Iran and Norway with 4.48%, 3.11% and 0.58% market share respectively.
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