The Cambridge Centre for Alternative Finance (CCAF), a research institute at the University of Cambridge business school in the UK, has launched an interactive map that shows the average monthly Bitcoin hash rate breakdown by different countries.
— CambridgeAltFin CJBS (@CambridgeAltFin) May 6, 2020
“This is the first time this data has been made available and shown graphically. Provides increased transparency and reliable picture of #cryptocurrency industry for investors, policymakers, decision-makers, academic researchers and general public,” the agency said.
According to the map, the lion’s share of Bitcoin mining activity is concentrated in China, which comprises over 65% of the global BTC hash rate. The US is ranked second with 7.24%, followed closely by Russia and Kazakhstan with 6.90% and 6.17% respectively.
The lion’s share of Bitcoin mining activity is concentrated in China. Image: CCAF
Malaysia (4.33%) and Iran (3.82%) are ranked 5th and 6th, while all other countries’ contributions to Bitcoin mining are less than one percent.
Researchers noted that their map is based on geolocation data (i.e. IP addresses) of hashers connecting to Bitcoin mining pools BTC.com, Poolin and ViaBTC, who agreed to share aggregate-level data.
These three pools combined represent approximately 37% of Bitcoin’s total hash rate over the examined period, which started in September 2019. The researchers plan to adjust past periods when additional data becomes available.
The Bitcoin mining map is part of the CBECI—an index that attempts to provide a real-time estimate of the total annual electricity usage of the Bitcoin network, which the CCAF launched last summer.
While many people have spent their time in lockdown playing the popular game Animal Crossing New Horizons on the Nintendo Switch, at least one player has put in the work to ensure his in-game character doesn't miss Bitcoin's recent bullish activity.
The game typically revolves around completing various simple tasks, like chopping wood and farming, in order to earn in-game currency that is used to buy items. Although the game is designed to be a relaxing, whimsical experience, it seems this isn't...
Bitnodes already has a Bitcoin mining map, but it shows the number of Bitcoin nodes across the world, rather than how much hash rate they represent.
As Decrypt reported previously, the upcoming Bitcoin halving, scheduled for May 12, could bring way more mining back to North America as over-leveraged Chinese miners risk being washed out.
Tips
Have a news tip or inside information on a crypto, blockchain, or Web3 project? Email us at: tips@decrypt.co.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Crypto's best minds are heading east, and it's gaining at a pace that other regions are finding hard to catch up to.
Asia was responsible for 32% of global crypto developer activity in 2024, according to a report from venture firm Electric Capital. The firm recently published its comprehensive annual report, analyzing over 900 million code commits across the crypto industry.
The transformation represents a nearly threefold increase from Asia's 12% share in 2015, while North America's position de...
Google's announcement of its breakthrough Willow quantum processor has reignited debates about crypto security, with some observers suggesting quantum computers could break Bitcoin's encryption.
The tech giant claims its new quantum computing chip can complete certain calculations in five minutes, which would take traditional supercomputers an impractical amount of time to process.
Quantum computing is a new type of computing that uses the strange properties of quantum physics, where small part...
Dimo, a platform for developers to build apps and enable car drivers to monetize their data, is migrating between Ethereum scaling networks, the developers exclusively told Decrypt—from Polygon to Coinbase’s Base. Co-founder Rob Solomon believes the move opens doors for valuable partnerships ahead.
The project is a “global API layer for cars” that is aiming to make every car on earth smart and programmable. This could manifest, the company says, in a future full of AI car mechanics and smart par...