The data behind the Bitcoin Mining Renaissance

Q3 2021 is in the book, and as it began with China’s bitcoin mining ban, it marked perhaps the most historic change in the bitcoin mining market so far. Since the beginning of the ASIC era, it was the first quarter on record when Chinese miners, typically representing 50% to 60% of the market, were no longer heavyweight competitors on the global playing field.

As a result of China’s sanctions, we are witnessing an unprecedented reshuffle of hash rates around the world (the United States is by far the largest beneficiary), as well as growing interest in the mining industry from newcomers and experienced bitcoins.

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