Despite the ban on financial institutions from working with cryptocurrencies and giving mining the status of undesirable activity, Chinese crypto miners have returned to mining.
According to the University of Cambridge, after a short pause, Chinese miners restarted the activities, and the country came second in the global standings with a share of 21.1%. Now the first place is takenby the United States with 37.8%, Kazakhstan is in third place with 13.2%, and Russia has dropped out of the top three players and moved to fifth place after Canada with 4.7%. Back in 2021, China was the absolute leader with a 50% share and a hash rate of 80 Eh/s.
However, the country’s leadership sees the growing popularity of cryptocurrencies as a threat to the digital yuan and chose a repressive course. Cryptocurrency exchanges began to massively refuse to work with Chinese citizens, many financial institutions urgently changed jurisdiction, and a significant part of the mining installations migrated to other countries.
CBECI Project Manager Alexander Neumuller stressed that the empirical evidence confirms the earlier suggestion that mining will continue in China. The calculations are based on processing data from the four largest Bitcoin mining pools: BTC.com, Poolin, ViaBTC and Foundry. Neumuller also called on other mining pools to join the study so that the data reflects the actual state of affairs as accurately as possible.
Despite the fall of Bitcoin by 55% from the record and the increase in the complexity of calculations, mining remains a profitable activity. The top rig from Bitmain S19 Pro generates $5.5 per day in solo mode. And in May, shipments of the updated version of the liquid-cooled S19 Pro + Hyd begin, whose estimated yield will be already $ 11 per day.
The biggest mining corporations’ frequent updating of their asics line leads to a rise in complexity. The United States is likely to maintain its lead in the worldwide hash rate ranking due to its enterprises’ superior capacity to attract private investment funds.