The concentration of cryptoasset mining activity has undergone a significant transformation with the restriction imposed by China recently. Now the United States is the country that mines the most bitcoin in the world.
According to data from the Cambridge Bitcoin Electricity Consumption Index (CBECI), by August 2021, the United States accounted for 35.4% of all bitcoin mining activity in the market.
In just eight months, the concentration of mining farms in the United States has grown by 150%. Before taking the lead in the ranking, by January 2021, the US concentrated only 13.37% of the activity.
In that same period, China was still the leader in the ranking, accounting for more than half of all bitcoin mining in the world, almost 52%. But, gradually, the activity was leaving China behind in 2021, being transferred to other countries, such as the United States and Kazakhstan.
Also, in 2019, China accumulated more than 75% of all global mining. However, soon after the announcement of the total restriction on cryptoassets, from mining to transactions with digital currencies, the country ceased to be a bitcoin mining hub.
At the same time, the United States grew 150% and took the lead in ranking countries that most concentrate bitcoin mining activity in the world.
In addition to the U.S., Kazakhstan gets the second place on the list of countries that mine the most bitcoin on the market. Responsible for 18% of all cryptoasset mining, Kazakhstan has surpassed the Russian Federation recently. The country was responsible for mining 11% of all bitcoin issued in August 2021.