You will remember last year’s decision by China when the country’s government completely banned cryptocurrency mining. Some months have passed since the ban, but the Cambridge Center for Alternative Finance (CCAF) has come up with interesting results in reporting on the energy intensity of Bitcoin mining. The BTC electricity consumption index (CBECI) indicates that underground mining still exists in the country. In other words, the annual index showed that China still holds its position among the largest miners and finished only second behind the United States.
For many, this information is certainly surprising, with the data themselves showing that while the country’s share of cryptocurrency mining fell to 0% in July and August after the ban, it returned to 22% in September and is currently around 21% on average. These data suggest that while mining was banned in August last year, a sharp increase followed in September, mainly due to the relocation of mining facilities through foreign proxy services. The results of the report further show that the US currently leads with a 37.8% share of all mining. Canada, which is in third place, overtook Russia.
