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The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

Bitcoin miners have successfully survived the 2020 Halving and COVID-19, and the network is now seeing some of its highest hash rates ever as these operations power up new equipment and reach new levels of decentralization going into the second decade of bitcoin mining. Bitcoin Mining Is Decentralizing China still dominates the bitcoin mining space, although the percentage of the hash rate coming from the country has dropped recently, from around 65 percent in early 2020 to about 50 percent more recently as Chinese mining farms are weathering a particularly difficult monsoon season and the government is sending mixed signals…

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Kazakhstan Proposes 15% Tax on Bitcoin Mining to Help Combat Coronavirus

Kazakhstan has proposed legislation that would see a 15% tax imposed on bitcoin mining firms. This is part of efforts to raise money to help with the fight against the coronavirus pandemic. Proposed by the country’s Ministry of Economy, the new tax plan requires bitcoin (BTC) miners to first file an application for registration with the authorities, according to a recent report by a local Russian publication. After this, the taxpayer must then indicate the 15% tax on their annual tax calculations. The report notes that “the clause on registration makes the bill unique… the taxpayer working with cryptocurrencies stands…

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Report Cuts China’s Bitcoin Mining Capacity to 50% of World Total, Raises US’ to 14%

A new report by crypto research company Bitooda claims that China accounts for only 50% of global Bitcoin mining capacity, and the U.S. 14%. The data is in sharp contrast with earlier findings from the University of Cambridge Centre for Alternative Finance (CCAF), which put China’s share of the world hash rate at 65% and about 7.2% for the U.S. In the July 15 report, produced with support from asset manager Fidelity Investments, Bitooda says it reviewed several public sources, including “confidential conversations” with miners, rig manufacturers and dealers to determine the areas with the most BTC mining capacity. “We…

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