According to data published by researchers at Cambridge University, the United States has overtaken China to account for the largest share of the world’s bitcoin mining.
According to a Cambridge Centre for Alternative Finance study published on Wednesday, at the end of August, America accounted for 35.4% of the global hash rate, a measure of computing power used to extract the digital currency. That’s more than double the activity seen in April.
China’s share of the power of computers connected to the global bitcoin network, known as the “hash rate”, fell from 44% in May to zero by July, the Cambridge Centre for Alternative Finance data showed. China’s share was as high as 75% in 2019.
Meanwhile, Bitcoin price is back at testing the highs of May as it inks in an intraday high of US$58,180 up +2.80% and is less than $10,000 away from a new setting, a new all-time high and possible higher into uncharted territory.
In other markets, Binance Coin is up +4.01%, Cardano’s ADA (+2.77%), Chainlink (+2.28%), Litecoin (+2.67%), Ripple’s XRP (+1.11%) and Ethereum saw a more modest +2.87%.