US Bitcoin hash rate market share surged by around more than 8 fold within the last two years, with a total 35% share.
In the last few days, Bitcoin mining operations-based discussions are under huge heat because of the dump in the mining industry hash rate competition in the Bitcoin network. The whole thing started with the internet outage in Kazakhstan due to protests by their citizens.
Before mid-2021, China was top in the world, accounting for more than 75% of the contribution in the Bitcoin mining share. But after the ban of Bitcoin by China, the majority of the crypto mining companies either closed their operations or shifted to another crypto-friendly reason like Texas and Kazakhstan.
Right now more than 13% of crypto mining companies are in Kazakhstan, which is the second-largest contribution by this single country alone. However, Kazakhstan is lagging in supporting mining activities because of no internet connections.
If we look at the data, on the surge in Bitcoin mining operations in the US, then it is the third number. And they are accounting for more than 35% at present.
In 2019, US-based IP addresses that were mining Bitcoin were 4.1% in terms of total hash rate share. But this percentage in the present time is around 35.4%. which is a big number. And this surge is 8× more than last year.
Besides the US, Russia is also one of the significant contributors to the Bitcoin network hash rate, but soon the contribution by the Russian Bitcoin miners may get down because of the high electricity tariff.
In the near future, El Salvador may bring more competition in the Bitcoin miners companies because El Salvador is working especially on the volcano-based geothermal power plant. The country will use the electricity in only Bitcoin mining operations.