US becomes best place on Earth for Bitcoin mining, overtakes China

The US has overtaken China as the #1 destination in the world for mining Bitcoin.

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That's at least according to the very latest data from Cambridge Bitcoin Electricity Consumption Index (CBECI) that tracks the energy consumption of Bitcoin mining across the world. The data shows that the US is making up 42.7% of the Bitcoin network hashrate.

China banned Bitcoin mining a few months ago, and has quickly allowed the US to increase its foothold on the Bitcoin mining world. The US went from around 17% global hashrate of Bitcoin mining back in April 2021, to a huge 35% in August 2021. Since China pushed crypto miners out of the country, they've been finding other countries to operate and the US has become a haven for Bitcoin mining operations.

• Read more: China's central bank declares cryptocurrency transactions are illegal
• Read more: 1 million Bitcoin mining rigs being moved from China to Canada
• Read more: China's crackdown on crypto sees market crash, 2021 gains wiped
• Read more: 90% of China's Bitcoin mining has been stopped, says state officials

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Fred Thiel runs Las Vegas-based crypto mining company Marathon Digital Holdings, explains: "The China shutdown has been great for the industry and US miners. Overnight, fewer players were going after the same finite number of coins".

You can check out all the nerdy data on the Bitcoin Mining Map here.