China is back on the mining trail

Despite the ban on financial organizations working with cryptocurrencies and granting mining the status of undesirable activity, Chinese crypto miners have returned to service.

According to Cambridge University, after a short pause, Chinese miners restarted the installations, and the country came in second place in the global standings with a share of 21.1%. Now the first place is occupied by the USA with 37.8%, Kazakhstan is in third place with 13.2%, and Russia dropped out of the top three players and moved to fifth place after Canada with 4.7%.

Back in 2021, China was the absolute leader with a 50% share and a hashrate of 80 Eh/s.

However, the country’s leadership regarded the growing popularity of cryptocurrencies as a threat to the digital yuan and chose a repressive course. Cryptocurrency exchanges began to refuse to work with Chinese citizens en masse, many financial institutions urgently changed jurisdiction, and a significant part of mining installations migrated to other countries.

CBECI project manager Alexander Neumuller stressed that empirical indicators confirm the previously stated assumption about the preservation of mining in China. The calculations are based on the processing of data from the four largest Bitcoin mining pools: , Poolin, ViaBTC and Foundry. Neumuller also called on other mining pools to join the study so that the data reflects the actual state of things as accurately as possible.

Despite the 55% drop in Bitcoin relative to the record and the increase in the complexity of calculations, mining remains a profitable occupation. The top-end installation from Bitmain S19 Pro generates $5.5 of daily profitability when working in solo mode. And in May, deliveries of the updated liquid-cooled version of the S19 Pro+ Hyd will begin, whose estimated profitability will already be $ 11 per day.

The constant updating of the asics line by the leading mining companies leads to a continuous increase in complexity. Due to the greater ability of American companies to attract private investment capital, it is likely that the United States will continue to hold the lead in the global hashrate rating.