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<ul class="summary-list"><li>The US's share of the total <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> hashrate increased from 4.6% to 16.8% from September 2019 to April 2021.</li><li>During the same time period, China's share of the hashrate declined from 75.5% to 46%, before mining restrictions were even imposed. <a href="https://www.businessinsider.com/?hprecirc-bullet"></a></li><li> Data show the ongoing migration of <keyword id="1660859" type="PERSON" weightage="60" keywordseo="bitcoin-Mining">bitcoin mining</keyword> out of China.</li></ul>New data from the <a href="https://www.jbs.cam.ac.uk/insight/2021/new-data-reveals-timeline-of-chinas-bitcoin-mining-exodus/">Cambridge Centre for Alternative Finance</a> (CCAF) shines a light on the state of the opaque <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-energy-cost-environmental-sustainable-consumption-network-profitability-crypto-2021-3">bitcoin mining industry</a> and puts empirical evidence behind the migration of the hashrate out of China. Bitcoin's hasrate is a key measure network health and gauges how much computing power is supporting it. According to the CCAF, the US's share of the total <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> hashrate increased from a mere 4.6% to 16.8% from September 2019 to April 2021. Meanwhile, China's share of total bitcoin mining power declined from 75.5% to 46% in April 2021, before Chinese authorities imposed <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">mining restrictions</a> across the country. Bitcoin mining experts have touted the benefits of moving a large concentration of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">bitcoin</a> mining out of China: a hashrate that's more spread out across different regions will be decentralized and less vulnerable to the regulations of one country. The CCAF data comes with a caveat that China's decline is in relative, not absolute terms, explained Michel Rauchs, the research center's digital assets lead. From Sept 2019 to April 2021, bitcoin's hashrate nearly doubled, but all of the new hashrate was deployed outside of China. China kept its absolute hashrate at roughly the same level. "This suggests that China had become less attractive for miners to set up shop, for a variety of reasons not covered by our data, long before the crackdown," Rauchs told Insider. He also explained that the US, along with Kazakhstan, has been the largest beneficiary from this change. From Sept 2019-April 2021, Kazakhstan's share of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">hashrate</a> grew 600%. Meanwhile, the hashrate has continued to move out of China following the country's latest regulatory crackdown. "Following the announcement of the crackdown in June 2021, almost all of China's hashrate has disappeared and is now on the move, looking for existing power capacity overseas that can absorb this huge demand," he said. The CCAF's bitcoin mining data is based on <a href="https://cbeci.org/mining_map/methodology">an extrapolation of a sample of mining pool data</a>. The sample only represents 37% of the total hashrate but the researchers said it "provides a reasonable approximation of the actual hashrate distribution." The research also uncovered empirical data that confirms for the first time that miners in China migrate seasonally according to the availability of hydro-generated electricity. According to the CCAF's data set, in 2020, Sichuan's share of China's total Bitcoin mining power increased from 14.9% at the beginning of the wet season to 61.1% at the peak. Conversely, Xinjiang's mainly coal-powered hashrate share for the same period decreased from 55.1% at the beginning of the wet season to 9.6% at the lowest point. <div type="image" title="bitcoin country graph" height="636" width="736" msid="84447136" hostid="261"></div> <div type="image" title="graph" height="708" width="798" msid="84447137" hostid="261"></div> <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword>, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/twitter-built-on-blockchain-will-let-users-monetise-their-posts-and-come-up-with-their-own-rules/articleshow/84548663.cms">Twitter alternative built on Ethereum will let users monetise their posts and come up with their own rules</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-co-founder-quits-crypto-with-a-big-warning/articleshow/84547141.cms">Ethereum’s co-founder wants to be more than just ‘the crypto guy’ as he exits the industry</a> <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoin-jumps-10-after-elon-musks-twitter-profile-picture-change/articleshow/84544778.cms">Dogecoin jumps 10% after Elon Musk’s Twitter profile picture change</a>

The US has been sweeping up shares of the bitcoin hashrate as miners exit China

<ul class="summary-list"><li><keyword id="6355267" type="UNKNOWN" weightage="60" keywordseo="mining">Mining</keyword> activity on the <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> network has dropped by almost a quarter in the month since <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s crypto crackdown.</li><li>Analysts said the fall could also be the result of an upcoming major upgrade to ethereum.</li><li><keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">Ether</keyword> has tumbled by around 40% since hitting record highs in mid-May. The drop in mining has added to the pressure.<a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest=ingest?utm_source=markets&amp;utm_medium=ingest"></a></li></ul>China's <a href="https://www.businessinsider.com.au/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">crackdown</a> on <keyword id="6289215" type="UNKNOWN" weightage="60" keywordseo="Crypto-Mining">crypto mining</keyword> has dented ethereum's hashrate, which has fallen at its fastest pace on record in the last month, since peaking in May according to data from <a href="https://ycharts.com/indicators/ethereum_network_hash_rate/chart/#/?annotations=&amp;annualizedReturns=false&amp;calcs=&amp;chartType=interactive&amp;chartView=&amp;correlations=&amp;dateSelection=range&amp;displayDateRange=false&amp;displayTicker=false&amp;endDate=&amp;format=real&amp;legendOnChart=false&amp;note=&amp;partner=basic_2000&amp;quoteLegend=false&amp;recessions=false&amp;scaleType=linear&amp;securities=id:I:ENHR,include:true,,&amp;securityGroup=&amp;securitylistName=&amp;securitylistSecurityId=&amp;source=false&amp;splitType=single&amp;startDate=&amp;title=&amp;units=false&amp;useCustomColors=false&amp;useEstimates=false&amp;zoom=3mpe=single&amp;startDate=&amp;title=&amp;units=false&amp;useCustomColors=false&amp;useEstimates=false&amp;zoom=3m">Y charts.</a>By Wednesday, the rate had fallen by 23% to 492.1 terahashes per second (TH/s) from 643.8 TH/s at the peak on May 20, <a href="https://ycharts.com/indicators/ethereum_network_hash_rate/chart/#/?annotations=&amp;annualizedReturns=false&amp;calcs=&amp;chartType=interactive&amp;chartView=&amp;correlations=&amp;dateSelection=range&amp;displayDateRange=false&amp;displayTicker=false&amp;endDate=&amp;format=real&amp;legendOnChart=false&amp;note=&amp;partner=basic_2000&amp;quoteLegend=false&amp;recessions=false&amp;scaleType=linear&amp;securities=id:I:ENHR,include:true,,&amp;securityGroup=&amp;securitylistName=&amp;securitylistSecurityId=&amp;source=false&amp;splitType=single&amp;startDate=&amp;title=&amp;units=false&amp;useCustomColors=false&amp;useEstimates=false&amp;zoom=3mpe=single&amp;startDate=&amp;title=&amp;units=false&amp;useCustomColors=false&amp;useEstimates=false&amp;zoom=3m">data shows</a>. A lower hash rate means miners have less chance of getting a correct hash, which is the total computational power to mine ether on the network. A drop in the hash rate reflects a fall in the number of miners active in the system. "The global mining landscape is reconfiguring -- both geographically away from China, and into capital-led rather than hardware-led approaches. It is increasingly important for the miners and validators of crypto networks to be uncensorable so that the software systems they support continue to run and perform computation," Lex Sokolin, a developer at ConsenSys a leading ethereum development company, said. <div type="image" title="Ethereum hashrate tumble." height="1253" width="2000" msid="83996709" hostid="261"></div>China began clamping down on mining activity in <a href="https://www.businessinsider.com.au/bitcoin-price-btc-china-mining-crackdown-sichuan-cryptocurrencies-ether-2021-6">May</a>. One of the country's state media publications, <a href="https://www.globaltimes.cn/page/202106/1226598.shtml">The Global Times,</a> reported 90% of mining bases for rival coin <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> were going to be shut down, which likely discouraged ether miners. "This kind of drop is unusual, though there were similar falls in late 2018 and early 2019. It could be due to the mining crackdown in China. But equally, hashrate tends to follow price, and price is substantially down over recent weeks as well. It is difficult to disentangle these two causes," Ben Edgington, another developer at ConsenSys, said. Indeed, the ether token has lost almost 40% since May 20 and is trading around $2,105. It's tumbled by more than 50% since hitting a record high of $4,380 on May 12. The Chinese crackdown is not the only factor responsible for the collapse in the ethereum network hashrate. The <keyword id="11061979" type="UNKNOWN" weightage="60" keywordseo="ethereum-2-0">ethereum 2.0</keyword> upgrade is on the verge of winding up. Soon the system will go from proof of work to proof of stake, which means ether tokens do not need to <a href="https://cointelegraph.com/news/eth-miners-will-have-little-choice-once-ethereum-20-launches-with-pos">be mined.</a> Miners will instead become block validators that are awarded more money based on the amount of capital they are willing to work with in the first place. Upgrades for ethereum 2.0 will take place <a href="https://ethereum.org/en/eth2/vision/">until 2022</a> and the idea is that the changes will improve sustainability, security and scalability which is the hash rate the system can handle.

China's crackdown on crypto has led to a 23% decline in ether mining over the last month

<ul class="summary-list"><li><keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">Ether</keyword>'s fair value is around $1,500 based on measures of network activity, a <keyword id="12002884" type="UNKNOWN" weightage="60" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword> strategist has said.</li><li>That's roughly 55% lower than Friday's price of around $3,470 for <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword>'s token. </li><li>Nikolaos Panigirtzoglou said ethereum is facing growing smart-contract competition from other blockchains.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ether's</a> fair value is around $1,500 based on measures of network activity, a JPMorgan global market strategist has said. That's roughly 55% lower than Friday's price of around $3,470 for ethereum's token.Nikolaos Panigirtzoglou told Insider that the ethereum network is less attractive than the current price of ether suggests, as it's facing growing competition from blockchains such as <keyword id="11931714" type="UNKNOWN" weightage="60" keywordseo="solana" source="Orion">solana</keyword> and cardano. Panigirtzoglou, who has become JPMorgan's <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> expert, said he and his team have looked at various measures of activity on the ethereum network to try to work out a fair value for the token.JPMorgan reckons that a larger base of miners and users implies greater adoption and makes the network more attractive for product developers."We look at the hashrate and the number of unique addresses to try to understand the value for ethereum. We're struggling to go above $1,500," he said."There is a question mark here. The current price is expressing an exponential increase in usage and traffic that might not materialise."Ether - the cryptocurrency that runs on the ethereum blockchain - has climbed more than 850% in price against the dollar over the last year during a widespread crypto boom.Read more: <a href="https://www.businessinsider.com/crypto-investing-strategy-altcoins-bitcoin-stablecoins-gold-inflation-2021-9">The founder of a gold-backed cryptocurrency breaks down why now is the perfect time for investors to buy stablecoins - and explains his prediction that inflation could become 'even worse than the 1970s'</a>Yet Panigirtzoglou told Insider recently that ethereum's key selling point - that developers can build decentralized apps and smart contracts upon it - "can easily be replicated by other networks.""It's not unique," he said. "You're already seeing competition from binance, competition from solana. And there are going to be more in the future." Panigirtzoglou also cited cardano, which has recently upgraded to allow the <a href="https://markets.businessinsider.com/news/currencies/cardano-ada-alonzo-upgrade-defi-smart-contracts-charles-hoskinson-2021-9">creation of smart contracts</a>.However, Jack O'Holleran, CEO at ethereum development company Skale Labs, told Insider that ethereum is likely to remain the dominant decentralized finance blockchain, especially given upcoming network changes that should help it become larger and faster."The vast majority of smart contract developers are building in the ethereum ecosystem," O'Holleran said. "Despite major partnerships being announced on other chains, we still see the absolute majority of (developers) being pulled into the ethereum vortex."Decentralized finance, or DeFi, uses crypto technology to create financial products that don't require centralized authorities. For example, they could enable trading without clearing houses or "smart contracts" that automatically pay out interest on loans.

Ether should be 55% lower and is facing tough competition from solana and other blockchains, JPMorgan strategist says

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The US has been sweeping up shares of the bitcoin hashrate as miners exit China

Emily Graffeo

China's crackdown on crypto has led to a 23% decline in ether mining over the last month

Camomile Shumba ,Harry Robert…

Ether should be 55% lower and is facing tough competition from solana and other blockchains, JPMorgan strategist says

Harry Robertson

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