Sallet One: The United States has become the worlds largest Bitcoin mining market
After the Chinese government banned full mining in early 2021, a large number of miners left China. According to the latest data learned by Sallet One cold wallet, the United States has become the leader in the global Bitcoin mining industry, accounting for 35.4% of the market share, an increase of 105%. After that, Kazakhstan and Russia accounted for 18.1% and 11% of the market share.
It is worth mentioning that in June this year, the global hash rate dropped by 38%, but it has been partially offset by the 20% rebound in July and August. It can be understood that Chinese mining equipment has been successfully deployed overseas, and miners have followed suit. Exodus, which also provides other countries with more opportunities to join the industry than before. In addition to the three new mining superpowers mentioned above, Canada (9.55%), Ireland (4.68%), Malaysia (4.59%), Germany (4.48%) and Iran (3.11%) represent the second largest share of computing power.
Bitcoin mining requires a lot of electricity, which has always had a negative impact on the environment. Only 39% of Bitcoin mining in the world comes from renewable energy sources, which means that the global Bitcoin network’s carbon dioxide emissions are about 47 billion burned Coal, the annual electricity consumption of 7.79 million households or the 4 billion gallons of gasoline consumed.
Looking to the future, climate change, global warming, and the impact of Bitcoin on the environment depend on whether each country pays attention to the impact of Bitcoin and other cryptocurrency mining on climate change, and whether there are corresponding environmental regulations. Sallet One hardware wallet believes that the current Bitcoin mining giant, the United States, needs to consider this issue more carefully.