According to new data from the Cambridge Centre for Alternative Finance (CCAF) research on bitcoin mining, China remains in second place in terms of worldwide hashrate.
According to CCAF analysts, while China controls nearly 22% of Bitcoin's worldwide hashrate, the United States now controls 37.69%.
China has the second-highest number of Bitcoin miners in the world.
The Cambridge Centre for Alternative Finance has updated its bitcoin mining data and map to include hashrate numbers for the year 2022. The CCAF's data revealed China's hashrate plummeting by 46 per cent in July 2021, according to the source data.
China's government had imposed a ban on bitcoin mining at the time, and many miners had relocated. However, according to the most recent CCAF statistics, China's hashrate remains dominant, with the country ranking second in terms of worldwide hash power committed to the Bitcoin (BTC) network.
The authors of the report assume that Chinese miners are using virtual private networks (VPNs) to hide their identities. According to the data, China accounted for 21.11 per cent of the global Bitcoin network hashrate.
The data used by CCAF comes from its partner mining pools Foundry, Poolin, and Viabtc. Furthermore, part of the hashrate coming from China did not use VPNs, and CCAF experts believe those miners are fine with their whereabouts being revealed.
The United States controls more than 37% of the global Bitcoin hashrate.
According to the CCAF research, a "significant" number of Chinese miners may have believed the restriction was unimportant. "It's likely that a significant number of Chinese miners swiftly acclimated to the new realities and continued to operate covertly, using international proxy services to distract focus and investigation."
Anonymous sources told media reporters that bitcoin miners were still situated in China following CCAF's fresh data in July and October 2021. Although China's hash rate is large in comparison to many other countries, the United States still maintains a 37.69 per cent share of the worldwide hashrate for Bitcoin.
According to CCAF data from July of last year, the United States grabbed 16.8% of the worldwide hashrate. If the CCAF data is right, the hashrate in the United States has increased by 124.34 per cent since July 2021.
The mining pool Foundry USA has acquired 19.5 per cent of worldwide hashrate over the last three months, according to pool distribution stats. Foundry USA discovered 2,566 of the 13,182 blocks mined throughout the three-month period.