Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Cambridge data shows Bitcoin mining on the move

Cambridge data shows Bitcoin mining on the move

New data shows Bitcoin mining in China was already in sharp decline before the latest crackdown by the government.

The research by the Cambridge Centre for Alternative Finance (CCAF) found China's share of mining fell from 75.5% in September 2019 to 46% in April 2021.

It also revealed Kazakhstan was now the third most significant Bitcoin mining nation.

Miners earn money by creating new Bitcoins, but the computing used consumes large amounts of energy.

They audit Bitcoin transactions in exchange for an opportunity to acquire the digital currency.

Global mining requires enormous computing power, which in turn uses huge amounts of electricity, and consequently contributes significantly to global emissions.

The CCAF's Cambridge Bitcoin Electricity Consumption Index shows that at time of writing Bitcoin consumed almost as much electricity annually as Colombia.

China moves


In June the Chinese authorities took strong action against Bitcoin.

The authorities told banks and payments platforms to stop supporting digital currency transactions causing prices to tumble.

The data from the CCAF covers a period before the crackdown, but it shows China's share of global mining power was already in significant decline prior to the action by the Chinese authorities.

The Cambridge researchers observed that the crackdown, once enacted, effectively led to all of China's mining power "disappearing overnight, suggesting that miners and their equipment are on the move".

Kazakhstan is a heavy user of coal-fired generation


Experts say the miners are highly mobile.

"Miners pack shipping containers with mining rigs", said David Gerard, author of Attack Of The 50 Foot Blockchain, "so that in effect they are mobile computer data centres, and they are now trying to ship those out of China".

It's not clear where they will go, but even before the crackdown the geography of mining was shifting.

Kazakhstan, a country rich in fossil fuels, saw an almost six-fold increase in mining - increasing its share from 1.4% in September 2019 to 8.2% in April 2021.

According to the US Department of Commerce, 87% of Kazakhstan's electricity "is generated from fossil fuels" with coal accounting for more than 70% of generation.

The country is now the third largest miner of Bitcoins, behind the US, which saw its share of global mining power also rise significantly - to 16.8%.

Raining money


The data also revealed the close ties between sources of cheap electricity and Bitcoin mining.

Researchers found a seasonal movement of mining between Chinese provinces in response, it was suggested, to the availability of hydro-electric power.

Mining moved from the coal-burning northern province of Xinjiang in the dry season, to the hydro-abundant southern province of Sichuan in the rainy season.

The researchers noted that "this seasonal migration has materially affected the energy profile of Bitcoin mining in China", adding that it illustrated "the complexity of assessing the environmental effects of mining".

Sichuan banned Bitcoin mining in June.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×