Looks like a lot of Bitcoin mining is now done in the United States

avatar

In 2021, China banned bitcoin mining due to a self-inflicted energy crisis (in response to the Australians saying they wanted an investigation into the origins of covid, China banned imports of Australian coal, only to find their energy grid struggling without it).

So where did the mining shift to? Not Europe, as energy remains very expensive there.

It looks like it went to the USA. During the polar blast of the last few days, American bitcoin miners voluntarily stopped mining to protect the grid (large miners get paid to switch off their bitcoin mining during periods of peak electricity demand. It’s part of their energy contracts with the power suppliers). This is what happened to bitcoin's hashrate:


source

The hashrate dropped by about 40%. From that we can infer that at least 40% of bitcoin mining is done in the United States.



0
0
0.000
2 comments
avatar

Thank you for your witness vote!
Have a !BEER on me!
To Opt-Out of my witness beer program just comment STOP below

0
0
0.000