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The end of China’s bitcoin mining powerhouse

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Episode 69 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and editor Wolfie Zhao.

Listen below, and subscribe to The Scoop on AppleSpotifyGoogle PodcastsStitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected]

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The end of China's bitcoin mining powerhouse

The latest data from Cambridge Centre for Alternative Finance shows that the U.S. has taken over China as the country with the biggest share of Bitcoin’s hash rate.

The backdrop of this data shift: the near-complete exodus of bitcoin miners from China, once the undisputed powerhouse for this particular sector of the crypto economy.

This historic reversal took place over the course of mere months after China ordered its initial crackdown on the crypto mining space in May. China’s government escalated the crackdown even further last month, and major companies like Bitmain have been forced to react. 

With the effects of China’s mining crackdown still lingering, this special episode of The Scoop — the Mining Report — features The Block editor Wolfie Zhao and host Frank Chaparro as they discuss the state of mining on an international level as well as the current state of affairs in China today.

Some of the topics covered include:

  1. What China’s “banned” in 2013, 2017, and 2021 and why this time was different.
  2. The different situation in China for Ethereum miners who rely on GPUs.
  3. Why Chinese miners who owned mining equipment had options in the wake of the crackdown but those invested in mining firms faced tough choices.
  4. Why a comeback in China is unlikely — and why the U.S. hashrate share is set to keep growing. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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