Previously, China hosted ~65% of global Bitcoin hashrate, concentrated in Sichuan's hydropower regions and Inner Mongolia's coal-powered operations. Miners liquidated equipment and migrated physically to Kazakhstan, Texas, Kyrgyzstan, and elsewhere. Kazakhstan briefly became the #2 hashrate jurisdiction before its own December 2021 political turmoil. The US emerged as the #1 mining jurisdiction — a shift that would have seemed impossible in 2020.
regulation·May 21, 2021·China-specific
China's Mining Exodus
The PRC State Council announces a nationwide crackdown on Bitcoin mining. Global hashrate drops 50% in 2 months.