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5 Months After China Banned Bitcoin Mining, America Leads Network Hash Rate With 42.7%. And it is just the beginning. America will continue to dominate Bitcoin mining in the future.

5 Months After China Banned Bitcoin Mining, America Leads Network Hash Rate With 42.7%. And it is just the beginning. America will continue to dominate Bitcoin mining in the future.



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9 Comments

  1. Well, when China controlled majority of the hashrate it was highly controversial and criticised because it was too centralised, now the same is happening with USA and it’s getting praised, the hypocrisy is strong with this one.

  2. tldr; In May 2021, China banned Bitcoin mining in its territory. This caused the price of Bitcoin to plunge to around $30K over the next few weeks with a general sense of panic in the market. The Bitcoin Hash Rate fell sharply in May and June of 2021 as a result of China’s decision, but it has since rebounded strongly.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. When China announced its ban on Bitcoin mining, many saw this as an extremely negative thing for Bitcoin.

    It was, but only initially.

    In the medium and long term, it is the best thing that could happen for Bitcoin. Two problems constantly raised by Bitcoin opponents were solved in one fell swoop.

    First, the concentration of Bitcoin’s hash rate in a closed country like China, and second, the environmental problem. With the great exodus of Bitcoin mining from China to America, Bitcoin’s ESG score jumped.

    The share of renewable energy in the electricity used by the Bitcoin network reaches 55% according to the latest estimates of the Bitcoin Mining Council in July 2021. At the time, America’s share of the Hash Rate was around 30%.

    Now that America accounts for 42.7% of the Bitcoin Hash Rate, we can even expect this share to exceed 60%. Not everything is perfect of course, but things are still moving in the right direction.

    All this is extremely Bullish for the future of Bitcoin.

  4. It is my firm opinion that USA will become the most admired country in the world again perhaps to the same degree it achieved after finishing off world war 2. Once it abandons it’s dollar hegemony and really embraces Bitcoin, America will become the greatest nation on earth again in the eyes of the world. It will earn that vaunted acclaim with the forced honestly caused by the most honest currency every invented. Disclaimer I am a New Zealander and have no patriotic love for the USA. I just believe this will be the outcome.

  5. ANY Sphere 3D /Gryphon digital mining is merging soon….sometime in 4th quarter . It is supposed to end up being the largest Greenest Bitcoin miner in the world. Bigger than Riot or Mara
    It’s worth a look

What do you think?

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