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The US overtook China as the world’s biggest source of bitcoin mining two months after Beijing banned crypto mining this year, new data have revealed.

China’s share of the global hashrate — the computational power required to create bitcoin — fell from 44 per cent to zero between May and July, showed figures published by the Cambridge Centre for Alternative Finance on Wednesday. The country accounted for three-quarters of the global hashrate in 2019.

The US share of the global hashrate increased from 17 per cent in April to 35 per in August, while Kazakhstan rose 10 percentage points to 18 per cent in the same period.