When it comes to traditional measures of economic activity, such as GDP, China is catching up with America. But in the crypto-economy America is racing ahead
were dotted with bitcoin mines that specialised in solving cryptographic puzzles in order to validate transactions made with the cryptocurrency. But in May 2021 the Chinese government, sensing a threat to its control of the country’s financial system, vowed to put a stop to the industry. By July official mining operations in China had, in effect, been wiped out. Authorities are reportedly cracking down on smaller, illegal operations, leaving miners with little choice but to leave.
Kazakhstan and Russia have also become popular locations, with 18% and 11% of the global share respectively. Their common denominator is cheap electricity. The energy-intensive process guzzles more electricity every year than the total wattage consumption of the Philippines or Finland. There are some limitations to CCAF’s data. They only capture at most 37% of bitcoin’s total computing power based on a sample of mining pool data, though the CCAF calls it a “reasonable approximation”. The data also throw up some incongruous destinations.Take Ireland and Germany: there is little evidence that these countries have ramped up their crypto mining, yet their global hash rates increased by 46% and 17% respectively between January and August this year.
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