Signs are showing that the Bitcoin hash rate is gradually moving away from China. However, there is a majority of China-based Bitcoin mining.
F2Pool
Chun Wang is the co-founder of F2Pool, one of the largest Bitcoin mining pools. He reported that China represented less than half of its hash rate during April 2020.
The Chinese miners represent a minority of the hash rate for the first time in its eight years of operation. Hence the shift is real.
Wang reposted the data, which the Digital currency group’s Barry Silbert published on April 22nd. According to the report, US-based Bitcoin mining pools have climbed to rank among the top 5 pools globally in April. Thus they are commanding a 7.6% share of the hash rate.
Shift to North America
Silbert claimed that the Bitcoin hash rate is shifting quickly from China to North America. However, the lending pool remains to be Antpool.
Bitmain, a Chinese mining hardware manufacturer, operates Antpool, with an 18.6% share of the total hash rate. Cointelegraph reported on April 30th that China’s Crypto mining operations might be set for stricter regulations in the future.
This could further add fuel to the country’s hash rate exodus. In addition, China is also examining miner’s power usage in light of its carbon commitments.
Marty Bent, the Bitcoin podcast host, said that the F2Pool findings confirm the trend in the mining world. Thus the hash rate production is becoming more geographically distributed.
Additionally, he also stated that this situation would help to dissipate some of China’s controls mining FUD surrounding the potential of the country’s central government to attack the network.
In addition, the FUD surrounding Bitcoins energy consumption and environmental impact will reduce as more mining operations get the switch to renewable energy, especially in the United States, which has tighter regulations.
