Topic: Cryptomining - Independence Day 2022 statistics (Read 166 times)
Ever since the ban of bitcoin in china, Bitcoin mining is going on fast in US and some people are also migrating so that they do not miss this mining opportunity, they remain in competition even for some bit of mining. In short, miners are stuck fighting even harder for less revenue and other countries are doing well in this and should also do because this is a very good opportunity.
Most of the U.S. hashrate is based in just 3 states: WA, TX, NY. However, I expect that to change. New mining farms will be built in Midwest or Southeast states with cheap power. ERCOT power in particular has become much more expensive. So now second-tier energy markets are becoming more attractive. I moved to NC after I figured out I can get residential power for 7.4¢ (industrial is 6-6.5¢). That means it costs me ~$15k to mine a BTC with ASICs or ~$7k with GPUs (more risky).
Let's cut in the middle so that would make
If one would come and tell that US has probably somewhere between x and y % of the total hash rate, I'd say: "OK, finally a honest chart".
When it comes with numbers like 5.3% (allegedly US in 2019) or 19% (Kazakhstan) and so on, then there's no different news than the previous one, where US was already looking good and which was also filled with inaccurate numbers.
So yes, I can believe that US mining may be somewhere in 25-45% range (I've taken some margin for error in both directions). It looks like US indeed took the lion's part when China sent out its miners, although I would not be surprised that - exactly like with Germany - some numbers are there only because VPN.
I don't know if those big companies indeed have their hash rate entirely (or mostly) in US. I'd expect surprises from there too.
...
And of course, those are the numbers only for the big guys not the hundreds of small ones with a few petahashes of gear.
And of course, those are the numbers only for the big guys not the hundreds of small ones with a few petahashes of gear.
And what makes up even more would be the 1000s and 1000s of people with a few hundred or less TH/s of gear
How many people are running a miner or 2 in their garage or a small DC somewhere.
Mining at break even or even a small loss and they don't care they are just socking BTC away.
We see the pool rate we really don't know where it's coming from.
-Dave
Unless you can track all VPN traffic, you cannot prove those numbers, not this accurately (by far!) so imho they're pretty much worthless.
I've seen charts like this in the past. Not impressed, sorry.
I've seen charts like this in the past. Not impressed, sorry.
When we talk about the US, we do have some numbers, it's in the press releases of companies like Riot, Mara, and many more and in the cases of the publicly traded ones in their account fillings.
Here is a discussion from last year, where I followed only those releases of the known actors and they had around 30Exa by the end of 2021 and with a deployment plan of 75 Exa by the end of 2022.
Let's cut in the middle so that would make around 30+30, 60 Exa, 30% of the current hashrate.
One clue would be the hash rate of the pool Foundry owns, this is a closed pool, it's opened only to big companies with a presence in the US, so you could safely assume that at least 22% of that hash rate is generated in the US by US companies.
And of course, those are the numbers only for the big guys not the hundreds of small ones with a few petahashes of gear.
With the regard to the adoption of blockchain technology, the U.S. is not behind any other country, but besides that, when it comes to crypto mining it holds more than a third on a global scale.
Unless you can track all VPN traffic, you cannot prove those numbers, not this accurately (by far!) so imho they're pretty much worthless.
I've seen charts like this in the past. Not impressed, sorry.
When it comes to mining, Kazakhstan comes in second place, accounting for 19% of the global hashrate. Canada comes third at 11%, followed by Malaysia (6%) and Germany (5%).
No way in hell that is accurate.
Cambridge says this about Germany
https://ccaf.io/cbeci/mining_map
Based on this map, the percentage of mining in the United States is 37% ( will not be accurate but away from what you saying)
How is it away from what he is saying when he clearly said
Quote
With the regard to the adoption of blockchain technology, the U.S. is not behind any other country, but besides that, when it comes to crypto mining it holds more than a third on a global scale.
More than one third is more than 33% , you're saying 37% ...
I think that you need to update the numbers because mining is related to more economic things and therefore whenever there is an opportunity to mine Bitcoin cheaper, it is an ideal place for Bitcoin mining with the availability of cheap electricity, cooling, laws, low taxes, and finally access to a place enough to make mining profitable.
Based on this map, the percentage of mining in the United States is 37% ( will not be accurate but away from what you saying)
https://chainbulletin.com/bitcoin-mining-map/
Based on this map, the percentage of mining in the United States is 37% ( will not be accurate but away from what you saying)
https://chainbulletin.com/bitcoin-mining-map/
What’s the current position of America’s hashrate if it represents only 5.3% of the worlds hashrate due to the china fud and looking at the future when crypto picks up back will you say America’s hashrate can pick up the pace in terms of increament?
Where did you get these numbers? I see many smaller unused DCs converting to small mines. Just had another small one in the mid New York area start mining. Even with all the restrictions NY is putting in they are 100% renewable and small so it barely even made a blip, but they are there.
In general it works out well for all in these situations. The miners get to move into pre-bulit DCs that although not ideal for mining are already there with the infrastructure in place. The owners of the facilities get revenue till they figure out what to do with them. Power is there, cooling is there, high speed data is there. Depending on how old the facility is and how much if any decommissioning work was done you have BU generators and some massive battery rooms still there and working.
-Dave
In general it works out well for all in these situations. The miners get to move into pre-bulit DCs that although not ideal for mining are already there with the infrastructure in place. The owners of the facilities get revenue till they figure out what to do with them. Power is there, cooling is there, high speed data is there. Depending on how old the facility is and how much if any decommissioning work was done you have BU generators and some massive battery rooms still there and working.
-Dave
With the regard to the adoption of blockchain technology, the U.S. is not behind any other country, but besides that, when it comes to crypto mining it holds more than a third on a global scale.
The share of the American hashrate has been increasing since 2019 when it represented only 5.3% of the global hashrate. The demand for cryptographic mining in the United States began to increase rapidly when the Government of China banned crypto mining in 2021.
When it comes to mining, Kazakhstan comes in second place, accounting for 19% of the global hashrate. Canada comes third at 11%, followed by Malaysia (6%) and Germany (5%). All other countries where crypto mining is permitted account for less than 22% of the global share.
The share of the American hashrate has been increasing since 2019 when it represented only 5.3% of the global hashrate. The demand for cryptographic mining in the United States began to increase rapidly when the Government of China banned crypto mining in 2021.
When it comes to mining, Kazakhstan comes in second place, accounting for 19% of the global hashrate. Canada comes third at 11%, followed by Malaysia (6%) and Germany (5%). All other countries where crypto mining is permitted account for less than 22% of the global share.
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