Despite the Ban, China Is Still the Second Largest Bitcoin Miner

Bitcoin Electricity Consumption Index (CBECI) suggests there still is underground mining in the country.

Despite the Ban, China Is Still the Second Largest Bitcoin Miner

The Cambridge Centre for Alternative Finance (CCAF) has come up with interesting results when reporting on the energy consumption of Bitcoin mining. The annual Bitcoin Electricity Consumption Index (CBECI) has shown that China still holds its position among the biggest miners and ended up only second to the US, South China Morning Post confirms.

The data shows that while the country’s share was reduced to 0% in July and August, following the ban, it was back to 22% in September, and is averaging around 21% at the moment.

The sudden increase in September of last year suggests that while the operations had ceased initially, the miners were hard at work on redeploying the mining devices using foreign proxy services. The CCAF commented on the situation:

“Access to off-grid electricity and geographically scattered small-scale operations are among the major means used by underground miners to hide their operations from authorities and circumvent the ban."

The results of the report further showed that the US currently leads with a 37.8% share of all the mining, while Russia dropped from number three to number four with a 4.7% share, being replaced by Canada with 6.5%.

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