Bit Digital Migrates All Its Bitcoin Mining Out of China Amid Ban

Since the country completely banned all encryption related activities last July, North America's dominant position in bitcoin mining industry has continued to strengthen as most miners continue to move out of China.

Recently, bitcoin miner bit digital said on Wednesday that it had transferred all its mining equipment to North America.

"Our mining assets now come entirely from China and 100% are in North America," Bryan bullett, CEO of bit digital, said in a statement. "We believe that the shift in the global hash distribution will lead to a stronger bitcoin network, and most of the hashes are now located in North America," he added.

In fact, according to a study released by the Cambridge alternative financial center last October, the United States accounts for about 35% of the total computing power or computing power of bitcoin mining, while Canada contributes nearly 10%, making North America the main area of bitcoin mining. Bitcoin mining following China's action.

Bit digital said that as of September 30 last year, it had 27744 mining machines with a total computing power of 1.6 exacash (EH / s) per second. This is lower than 32500 miners and 1.915 eh / s as of June 30, because it sold and disposed of some mining machines during the migration.

However, the miner said that most of its recently completed $80 million equity placement was used to buy 10000 new bitland miners. Most of these new computers have been installed, and the rest will be online until June 2022, increasing the miners' computing power to about 2.6 eh / s.

According to the data of glassnode, a data analysis company, as of October 16, the current hash rate of the whole bitcoin network was about 133 eh / s.

By Aoyon Ashraf