China is very notable as a key player in the Bitcoin mining industry, despite the outright ban by the Chinese government in the past year. This resurgence is revealed by the Cambridge Bitcoin Electricity Consumption Index (CBECI) through the Cambridge Centre for Alternative Finance (CCAF).
This index reveals that the Chinese Bitcoin mining industry has resurged. This goes to show that China is presently the second biggest Bitcoin mining industry on the globe. Statistics reveal that it contributes about 21.1% to the global BTC hash rate. This result positions China behind America, which holds 37.8% of the whole hash rate.
Statistics also reveal that mining activities in China made a speedy recovery in the past year. This comes after almost no activity was recorded from China in August. Then, in September, its mining activities increased to about 22.3% of the Bitcoin hash rate. This is coming behind the United States, which turned in 27.7%.
The CCAF is the institution that releases the Cambridge Bitcoin Electricity Consumption Index (CBECI) periodically. This index is usually put together with the help of geolocation information from mining pools that work together.
CCAF also assertively notes that the data “I strongly endorse that a good-sized underground mining hobby has been fashioned within the country. Access to off-grid energy and geographically scattered small-scale operations are some of the principal ways utilised by underground miners to cover their operations from the government and keep away from the ban.”
This statement was released by CCAF to further confirm that the sudden and momentary setback in mining activities was largely as a result of miners’ transferring underground, given the surprising rebound in Chinese traffic.
However, for a long time, China has been the world’s biggest Bitcoin mining country. China features the local BTC hash power that accounts for more than 75% of the world’s power demand, specifically in 2019. The hash charge later witnessed a massive crunch to about 0% from July to August of 2021. This was largely caused by the shutdown of the crypto mining farms all over China by the government.
All over the world, the Bitcoin network’s aggregated computing strength has been on a steady increase. Last June, the world’s compute strength stood at 57.47% exahashes for each second (EH/s), but it hit an all-time strength of 248.11 EH/s in February.