US becomes largest bitcoin mining centre following China ban

Chinese authorities banned the activity earlier this year causing miners to shut up shop or move overseas

The United States has overtaken China to account for the largest share of the world’s bitcoin mining (Getty Images)

The United States has overtaken China to account for the largest share of the world’s bitcoin mining, data published on Wednesday by the UK’s Cambridge Centre for Alternative Finance showed.

Chinese authorities banned the activity earlier this year causing miners to shut up shop or move overseas.

China’s share of the power of computers connected to the global bitcoin network, known as the “hash rate,” fell to zero by July from 44 per cent in May, the data showed.

The United States now accounts for the largest share of mining, some 35.4 per cent of the global hash rate as of end-August, followed by Kazakhstan and Russia, the data showed.

Reuters