Bitcoin’s hash rate originating from China and its territories has dropped to less than 50% of the total global BTC network capacity. This milestone was identified by the team at Documenting Bitcoin who also pointed out that the miners in the United States are the largest beneficiaries of the Chinese government’s crackdown on mining activities.
The team at @DocumentingBTC shared their analysis through the following statement and accompanying chart.
Bitcoin mining is becoming more geographically distributed—China now has less than 50% of the total hash rate, with the United States being the largest beneficiary. Like the open Internet, a wealth transfer from East to West.
