China is again with a vengeance. The Cambridge Centre for Alternative Finance, or CCAF, collected information \u201cspanning the period from September 2021 to January 2022\u201d for <\/span>their latest study<\/span><\/a>. The headline is that, ban or no ban, the Asian nation controls 21% of the Global Bitcoin mining hashrate. Since June 2021, right here in NewsBTC, we\u2019ve been wracking our brains making an attempt to determine <\/span>why did China ban bitcoin mining<\/span><\/a>. Maybe we had been barking on the flawed tree the entire time.\u00a0<\/span><\/p>\n According to the CCAF\u2019s numbers, unsurprisingly the \u201cUS has remained at the forefront of Bitcoin mining and extended its leading position (37.84%).\u201d For their half, \u201cChina has re-emerged as a major mining hub (21.11%). Kazakhstan (13.22%), Canada (6.48%), and Russia (4.66%) have been relegated to more distant places.\u201d Let\u2019s see what else can we be taught from the CCAF\u2019s numbers.<\/span><\/p>\n As it seems, the CCAF evaluation uncovered numbers that \u201cstrongly suggest that significant underground mining activity has formed in the country\u201d. Can we ensure that the reason is actual? And whether it is, how did the underground China bitcoin mining trade surge so quick?<\/span><\/p>\n \u201cFollowing the government ban in June 2021, reported hashrate for the entire country effectively plummeted to zero during the months of July and August. Yet reported hashrate suddenly surged back to 30.47 EH\/s in September 2021, instantly catapulting China to second place globally in terms of installed mining capacity (22.29% of total market).\u201d<\/span><\/p>\n<\/blockquote>\n The report wonders what occurred, \u201ca comeback of this magnitude within the period of one month would seem unlikely given physical constraints, as it takes time to find existing or build new non-traceable hosting facilities at that scale\u201d. And theorizes that perhaps the underground miners had been utilizing VPNs to cover their location after which, abruptly, determined that they had been secure sufficient to cease hiding. Which appears unlikely.<\/span><\/p>\n Sadly however predictably, the research additionally came upon that \u201cthe hashrate recovery has not been distributed evenly\u201d. How did the non-China international locations within the Top 5 do?<\/span><\/p>\n Of course, the Cambridge Centre for Alternative Finance couldn\u2019t go the chance to unfold some unfounded rumors about bitcoin mining. This is what the CCAF stated:\u00a0<\/span><\/p>\n \u201cThese geographic shifts in mining activities bring to the fore how relocations impact the overall sustainability of the network. For instance, recent research has suggested that the Chinese decision to ban Bitcoin mining has indeed worsened \u2013 rather than improved \u2013 Bitcoin\u2019s environmental footprint.\u201d<\/span><\/p>\n<\/blockquote>\n The CCAF is utilizing <\/span>this study\u2019s findings<\/span><\/a>, which principally says that they NOW imagine what bitcoiners at all times stated. That China was principally utilizing hydropower power for bitcoin mining, and never coal. The reality is, so far as utilizing inexperienced power goes, bitcoin mining continues to be <\/span>the cleanest industry in the world<\/span><\/a>.\u00a0<\/span><\/p>\n Whenever we discover intentional FUD spreading like this one proper right here, we now have to take a look at who paid for the research. As it seems, the numbers come immediately from the Cambridge Digital Assets Programme. The CCAF host the CDAP \u201cin collaboration with 16 prominent public and private institutions\u201d. Among them, we discover the International Monetary Fund (IMF), Mastercard, Visa, and the World Bank.<\/span><\/p>\n And proper then, the whole lot made sense.<\/span><\/p>\nIs China All The Way Back? How Did This Happen?\u00a0<\/span><\/h2>\n
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<\/p>\nBTC value chart for 05\/18\/2022 on Bitfinex | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
Non-China Countries<\/span><\/h2>\n
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The CCAF Spreads FUD<\/span><\/h2>\n
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Featured Image by PublicDomainPictures<\/a> from Pixabay<\/a> | Chart by TradingView<\/a><\/pre>\n<\/div>\n