China has the largest concentration of bitcoin miners worldwide with estimates noting the country captures anywhere between 50-65% of the global hashrate. Xinjiang, the autonomous region of the People’s Republic of China, ostensibly accommodates 35% of the hashrate. This week a regional report from China and statements from the head of operations at Genesis Mining, indicate that Chinese miners are migrating from the area to Nordic countries like Sweden and Norway.
Just recently, news.Bitcoin.com, reported on the electrical issues in China that bitcoin miners in the country are currently dealing with due to the shortage of coal. In the report, it noted that the Cambridge Bitcoin Electricity Consumption Index (CBECI) map shows China still commands 65% of the hashrate today. However, a team member from the Cambridge Centre for Alternative Finance (CCAF) explained to news.Bitcoin.com that the CBECI map is not up-to-date and will be updated in 2021.
Back in July, it was said that China was steadily losing its concentration of bitcoin hashpower and the country dropped to 50%. The hashrate report written by Bitooda said the U.S. bitcoin mining capacity had jumped to 14% in recent months. Iran accounts for 8%, Canada, 7%, Iceland 2%, and Russia and Kazakhstan also command 8% of the world’s hashrate too.
On December 30, 2020, the financial columnist from 8btc, Iyke Aru, explains that Chinese bitcoin miners are moving from China to Nordic countries.
Aru details that in the early days, bitcoin miners in China enjoyed the lack of regulations and extremely cheap electrical rates from the country. In recent years, however, Aru says that China’s communist government has deployed “regulatory agencies” and “strict measures towards cryptocurrencies” and mining operations in China have been affected.
“Bitcoin mining is gradually shifting base,” Aru’s report notes. “From being concentrated in China, miners have started a gradual…