For years now China has been the most dominant region in terms of bitcoin miners worldwide and at one point 65% to 70% of the network hashrate stemmed from the country.
8btc’s regional columnist, Iyke Aru explains that one reason hashrate is dropping in the country is because of China’s energy commitments.
Bitooda’s report noted that China’s hashrate was estimated to be only 50% of the global hashrate and North American bitcoin mining was on the rise.
At the beginning of 2021, mining industry leaders predicted that roughly 200,000 to 1 million ASIC mining rigs would be shipped internationally.
The forecast predicts a rise to 240 EH/s by the end of the year.
Based on theoretical analysis Ling’s study says although it is “unlikely,” the possibility of North American hashpower dominance still exists.
“From our investigation, we find that in order for the USA and Canada to take the hashing power lead over China, they must secure a minimum of 63 more EH/s this year,” Ling’s study concludes.
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