Long before China decided to expel all Bitcoin miners, they had left in droves, and new data from the University of Cambridge showed that they were likely to go to the United States.
The United States has quickly become the new favorite of the Bitcoin mining industry. It is the second-largest mining destination on the planet, accounting for nearly 17% of all Bitcoin miners in the world by April 2021. This is an increase of 151% compared to September 2020.
“In the past 18 months, we have had the growth of mining infrastructure in the United States,” said Darin Feinstein, founder of Blackcap and Core Scientific. “We have noticed a significant increase in mining operations looking to relocate to North America, primarily the United States.”
This dataset does not include a large number of miners who have evacuated from China, resulting in half of the world’s miners. Experts told CNBC that the United States is in the mining market. The turnout may be higher than the figures show.
According to the latest data released by Cambridge, just before the start of China’s mining ban, the country accounted for 46% of the world’s total computing power. This is an industry term used to describe the collective computing power of the Bitcoin network.
This is a sharp drop from 75.5% in September 2019, and given the ongoing exit, this percentage may be much lower. 4,444 “500,000 old Chinese mining machines are looking for homes in the United States,” said Fred Thiel of Marathon Digital. “If implemented, it will mean that by the end of 2022, the computing power of North America will be close to 40% of the world.”