The U.S. is now the number one destination for bitcoin miners, passing China for the first time ever. As of July, 35.4% of bitcoin’s hash rate, an industry term for the collective computing power of miners, is in the United States. That’s a 428% increase from September 2020. Twelve months ago, China was the market leader in hash rate, but last spring, Beijing’s crackdown on crypto took half the world’s bitcoin miners offline. Miners fled China looking for the cheapest energy sources, and many ended up in America.
