Bitcoin Mining Dominance Shifts to US as China’s Bitcoin Hashrate Surges 55%
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
Despite China’s 2021 cryptocurrency ban, the country still maintains significant control over the Bitcoin mining network, with over 55% of the global hashrate.
However, as Bitcoin mining grows in institutional legitimacy, particularly in the U.S., American mining firms are quickly closing the gap.
The U.S. now controls 40% of the global hashrate because of a fundamental shift in mining dynamics as political, regulatory, and economic pressures impact the two countries differently.
According to Ki Young Ju, the CEO of CryptoQuant, Chinese mining pools still control 55% of the global Bitcoin mining network. This revelation is startling, given China’s aggressive anti-crypto measures in recent years.
#Bitcoin hashrate dominance is shifting to U.S. mining companies.
Chinese mining pools operate 55% of the network, while U.S. pools manage 40%.
U.S. pools primarily cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia. pic.twitter.com/kepopLWBSD
However, Chinese miners have found ways to continue operating, even in the face of government crackdowns.
Before the 2021 ban, China dominated Bitcoin mining, contributing more than 75% of the global hashrate at one point.
At the time, the Chinese government framed the ban as necessary to maintain financial stability and prevent illegal activity.
As a result, many miners were forced to shut down operations, and some relocated to more crypto-friendly jurisdictions like the U.S. and Kazakhstan.
However, Chinese miners have shown remarkable resilience. They
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