Shocker! According to the latest CBECI updater, China's control over Bitcoin mining was already waning. The Cambridge Bitcoin Electricity Consumption Index shows that and much more, it " provides an up-to-date estimate of the daily electrical load of the Bitcoin network. "However, China is making headlines. The recent government ban on mining Bitcoin mining has left the world speechless, and it sounds like another coin to solve this puzzle.
However , that doesn't quite fit. According to Arcane Research , the CBECI numbers indicate that:
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It 'sa strong decrease. Why have Chinese miners lost so much ground before the ban? Has the Chinese government shut down the machines it allegedly owns? Why would they do this? Is everyone missing an obvious explanation for all of this? It is also very interesting that the CBECI shows that the United States and Kazakhstan were experiencing tremendous growth before the ban.
BTC price table on Bitstamp | Source: BTC / USD on TradingView.com
Bitcoin mining in the United States and in Kazakhstan
Arcane Research analyzed the numbers, and apparentlyment:
This is curious. After the government ban went into effect and the machinery stopped by minors, we were concerned about the rate bitcoin hash enters a death spiral . The big miner's migration was on its way, and guess who the expected big winners were:
RN 'remember, however , that everything the CBECI figures show has happened before the ban.
Is there anything we are missing ?
Country share in global Bitcoin hash rate | Source: Arcane Research
How do they get the CBECI numbers?
The Cambridge Bitcoin Electricity Consumption Index explains the methodology they use:
So this is a very elaborate educated guess. However, it is based on actual data and a series of estimates. Does this tell us anything about the curious results they achieved? Is the data telling a story we miss?
Related reading | How China Bitcoin FUD Reduces Cost of BTC Production
Last month we posed a theory about the Chinese government trying to get rid of small hydropower plants. The whole situation is confusing, we have So asked the following questions:
Everything the CBECI shows seems to relate to the answer to all of these questions. , at least one part is missing. The mystery persists.
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