China returned to second place in the global bitcoin hashrate

The country accounts for 21% of the computing capacity for BTC mining

17.05.2022 - 09:15

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What’s new? Despite the ban on cryptocurrencies and mining, China managed to return to second place in the ranking of bitcoin mining countries. This data is published on the Cambridge Bitcoin Power Consumption Index’s (CBECI) website.

Full data on the global state of mining on the CBECI’s website

How has the ranking changed? China became the second-largest bitcoin hashrate provider in January 2022. The country accounts for 21,1% of the global mining capacity. In first place is the United States with an indicator of 37,8%. Russia dropped out of the top three, from August 2021 to January 2022 the hashrate of Russian mining farms decreased from 13,6 EH/s to 8,6 EH/s.

What events happened before? In May 2021, China was the leader in bitcoin mining, accounting for 70,9% of the global hashrate. However, after the complete ban on cryptocurrency mining in July 2021, the figure dropped to zero and only started to rise in September, reaching 30,4 EH/s. Amid the mining ban in the PRC, the revenue from BTC mining increased by $35 million per day in August 2021.

In September 2021, the People’s Bank of China (PBOC) outlawed all financial activities related to bitcoin and other virtual currencies. The services provided by cryptocurrency exchanges to Chinese residents were also outlawed.

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