Golden Observation | Data: China's Bitcoin computing power still ranks second in the world

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After the Chinese government strictly banned bitcoin mining in 2021, China's bitcoin computing power accounted for 0% of the world's total computing power. However, after the storm, Chinese miners still play an important role in the bitcoin world.

Recently, the Cambridge Bitcoin Electricity Consumption Index (CBECI) under the Cambridge Digital Assets Program has updated the latest Bitcoin global computing power distribution map data, the latest data as of January 2022.

Statistics show that China's Bitcoin computing power accounts for 21.1% of the global total Bitcoin computing power, ranking second in the world, second only to the United States. The US Bitcoin computing power accounts for 37.8% of the global total computing power.

Bitcoin computing power map Source: cbeci

Kazakhstan accounted for 13.2% of Bitcoin computing power, followed by Canada with 6.5% and Russia with 4.7% . It is worth noting that Russia has withdrawn from the top three in the world. With the US sanctioning Russian mines, the proportion of Russia's Bitcoin computing power may further decline in the future.

The evolution data of the country share of Bitcoin computing power shows that China used to be the largest Bitcoin mining country in the world. In 2019, China’s Bitcoin computing power once accounted for more than 75% of the world’s share, and it accounted for about 45% in April-May 2021 . After banning Bitcoin mining, China’s Bitcoin hash rate plummeted to 0% in July and August 2021. But then China's bitcoin computing power share began to recover, rising to 22.3% in September 2021 and remaining at 21.1% in January 2022 .

In contrast, the proportion of bitcoin computing power in the United States began to rise rapidly from about 17% in April 2021, rose to about 35% after July 2021, and further rose to 37.5% in December 2021. It can be seen from the data that China's share of bitcoin computing power was mainly taken away by the United States.

According to CBECI, the Bitcoin hash rate map is based on the geographical location data of mining pools, and the monthly average hash rate share by country and region during the selected period. Updated monthly, usually with a delay of one to three months, depending on data availability. All information is based on geolocation data of mining facilities collected in partnership with several Bitcoin mining pools including BTC.com , Poolin, ViaBTC, and Foundry.