United States has the largest share in Bitcoin Mining.
Before the crackdown, Bitcoin Mining was dominated by China. After the crackdown mining moved westward and the hashrate also reduced.
Bitcoin hashrate refers to the total computational power of the bitcoin network of all the miners combined.
In June 2021, China accounted for 34.7% of the world’s mining, according to the Bitcoin Mining Electricity Index compiled by the University of Cambridge’s Centre for Alternative Finance. At that time, it was the largest share an individual country had.
In August 2021, the United States had the largest share in Bitcoin Mining at 35.4%.
On December 6, it touched 190 exahash per second, as per Blockchain.com.
1 exahash = 1 quintillion hashes.
It means that miners were able to compute 190 quintillion hashes every second on December 6.
The largest drop in hashrate occurred on June 27, when Bitcoin hashrate dropped to 58 exahash.
As the hashrate increases, so does the mining difficulty.
In the coming weeks, bitcoin’s Mining Difficulty may also reach an all-time high, owing to the recovery of the network’s hashrate.
Currently, bitcoin’s price has dropped, but it is not deterring miners from going all out.
At the time of writing, bitcoin was trading at 48,600 USDT on Binance.
The Proof-of-Work consensus algorithm uses a lot of energy to power the network. That’s why bitcoin has drawn flak from environmentalists for its carbon footprint. In response, other consensus algorithms have also appeared which use less energy, such as Proof-of-Stake.
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