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Underground mining has skyrocketed in China

According to the Center for Alternative Finance at the University of Cambridge, China is once again one of the top three countries in terms of cryptocurrency mining. Under the official ban, Chinese miners work by hiding their location using VPNs or other proxy services.

China is back in second place in the world in terms of mining. The first place in the rating was taken by the USA, which is steadily increasing its share in this market. So, in January 2022, it was 37.84%. The US Congress believes that mining will help achieve the energy independence of the country.

The share of Russia in the period from August 2021 to January 2022 decreased from 11.23% to 4.66% due to political risks and the position of the Central Bank in relation to mining. Previously interviewed experts said that Russian miners could move to Belarus, the United States, Canada and Latin America.

The ban on mining in China was introduced in June 2021, and in June-August it was reduced to almost zero. However, already in September, China's share in the global mining market rose sharply to 22.29%. At the same time, the authorities announced that they would launch a mechanism for tracking the operation of computers throughout the country. After that, cases of mining on the equipment of state-owned enterprises and institutions became more frequent in the PRC.

Chinese miners moved to Kazakhstan

At the same time, some Chinese miners moved to Kazakhstan, and the share of this state increased to 18% in August 2021. However, in December 2021 and January 2022, due to prolonged power outages, many miners in Kazakhstan curtailed their activities, and the country's share was reduced to 13.22%.

Michael Zippo
2022/05/19

https://linkedin.com/in/michael-zippo-9136441b1
[email protected]

Sources: Center for Alternative Finance at the University of Cambridge

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