Saudi Press

Saudi Arabia and the world
Monday, Feb 09, 2026

Cambridge data shows Bitcoin mining on the move

Cambridge data shows Bitcoin mining on the move

New data shows Bitcoin mining in China was already in sharp decline before the latest crackdown by the government.

The research by the Cambridge Centre for Alternative Finance (CCAF) found China's share of mining fell from 75.5% in September 2019 to 46% in April 2021.

It also revealed Kazakhstan was now the third most significant Bitcoin mining nation.

Miners earn money by creating new Bitcoins, but the computing used consumes large amounts of energy.

They audit Bitcoin transactions in exchange for an opportunity to acquire the digital currency.

Global mining requires enormous computing power, which in turn uses huge amounts of electricity, and consequently contributes significantly to global emissions.

The CCAF's Cambridge Bitcoin Electricity Consumption Index shows that at time of writing Bitcoin consumed almost as much electricity annually as Colombia.

China moves


In June the Chinese authorities took strong action against Bitcoin.

The authorities told banks and payments platforms to stop supporting digital currency transactions causing prices to tumble.

The data from the CCAF covers a period before the crackdown, but it shows China's share of global mining power was already in significant decline prior to the action by the Chinese authorities.

The Cambridge researchers observed that the crackdown, once enacted, effectively led to all of China's mining power "disappearing overnight, suggesting that miners and their equipment are on the move".

Kazakhstan is a heavy user of coal-fired generation


Experts say the miners are highly mobile.

"Miners pack shipping containers with mining rigs", said David Gerard, author of Attack Of The 50 Foot Blockchain, "so that in effect they are mobile computer data centres, and they are now trying to ship those out of China".

It's not clear where they will go, but even before the crackdown the geography of mining was shifting.

Kazakhstan, a country rich in fossil fuels, saw an almost six-fold increase in mining - increasing its share from 1.4% in September 2019 to 8.2% in April 2021.

According to the US Department of Commerce, 87% of Kazakhstan's electricity "is generated from fossil fuels" with coal accounting for more than 70% of generation.

The country is now the third largest miner of Bitcoins, behind the US, which saw its share of global mining power also rise significantly - to 16.8%.

Raining money


The data also revealed the close ties between sources of cheap electricity and Bitcoin mining.

Researchers found a seasonal movement of mining between Chinese provinces in response, it was suggested, to the availability of hydro-electric power.

Mining moved from the coal-burning northern province of Xinjiang in the dry season, to the hydro-abundant southern province of Sichuan in the rainy season.

The researchers noted that "this seasonal migration has materially affected the energy profile of Bitcoin mining in China", adding that it illustrated "the complexity of assessing the environmental effects of mining".

Sichuan banned Bitcoin mining in June.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Syria and Saudi Arabia Seal Multibillion-Dollar Investment Agreements to Drive Post-War Economic Reconstruction
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Foreign Governments and Corporations Spend Millions with Trump-Linked Lobbying Firm in Washington
KPMG Urges Auditor to Relay AI Cost Savings
Saudi Arabia Quietly Allows Wealthy Foreign Residents to Buy Alcohol, Signalling Policy Shift
US and Iran to Begin Nuclear Talks in Oman
China unveils plans for a 'Death Star' capable of launching missile strikes from space
Investigation Launched at Winter Olympics Over Ski Jumpers Injecting Hyaluronic Acid
U.S. State Department Issues Urgent Travel Warning for Citizens to Leave Iran Immediately
Wall Street Erases All Gains of 2026; Bitcoin Plummets 14% to $63,000
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
German Chancellor Friedrich Merz Begins Strategic Gulf Tour with Saudi Arabia Visit
Dubai Awards Tunnel Contract for Dubai Loop as Boring Company Plans Pilot Network
Five Key Takeaways From President Erdoğan’s Strategic Visit to Saudi Arabia
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
Erdoğan’s Saudi Arabia Visit Focuses on Trade, Investment and Strategic Cooperation
Germany and Saudi Arabia Move to Deepen Energy Cooperation Amid Global Transition
Saudi Aviation Records Historic Passenger Traffic in 2025 and Sets Sights on Further Growth in 2026
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Global Shifts in War, Trade, Energy and Security Mark Major International Developments
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
The AI Hiring Doom Loop — Algorithmic Recruiting Filters Out Top Talent and Rewards Average or Fake Candidates
Federal Reserve Holds Interest Rate at 3.75% as Powell Faces DOJ Criminal Investigation During 2026 Decision
Putin’s Four-Year Ukraine Invasion Cost: Russia’s Mass Casualty Attrition and the Donbas Security-Guarantee Tradeoff
Saudi Crown Prince Tells Iranian President: Kingdom Will Not Host Attacks Against Iran
U.S. Central Command Announces Regional Air Exercise as Iran Unveils Drone Carrier Footage
Trump Defends Saudi Crown Prince in Heated Exchange After Reporter Questions Khashoggi Murder and 9/11 Links
Saudi Stocks Rally as Kingdom Prepares to Fully Open Capital Market to Global Investors
Air France and KLM Suspend Multiple Middle East Routes as Regional Tensions Disrupt Aviation
Saudi Arabia scales back Neom as The Line is redesigned and Trojena downsized
Saudi Industrial Group Completes One Point Three Billion Dollar Acquisition of South Africa’s Barloworld
Saudi-Backed LIV Golf Confirms Return to Trump National Bedminster for 2026 Season
Gold Jumps More Than 8% in a Week as the Dollar Slides Amid Greenland Tariff Dispute
Boston Dynamics Atlas humanoid robot and LG CLOiD home robot: the platform lock-in fight to control Physical AI
United States under President Donald Trump completes withdrawal from the World Health Organization: health sovereignty versus global outbreak early-warning access
Trump Administration’s Iran Military Buildup and Sanctions Campaign Puts Deterrence Credibility on the Line
Tech Brief: AI Compute, Chips, and Platform Power Moves Driving Today’s Market Narrative
NATO’s Stress Test Under Trump: Alliance Credibility, Burden-Sharing, and the Fight Over Strategic Territory
Saudi Arabia’s Careful Balancing Act in Relations with Israel Amid Regional and Domestic Pressures
Greenland, Gaza, and Global Leverage: Today’s 10 Power Stories Shaping Markets and Security
America’s Venezuela Oil Grip Meets China’s Demand: Market Power, Legal Shockwaves, and the New Rules of Energy Leverage
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Prince William to Make Official Visit to Saudi Arabia in February
Saudi Arabia Advances Ambitious Artificial River Mega-Project to Transform Water Security
Saudi Crown Prince and Syrian President Discuss Stabilisation, Reconstruction and Regional Ties in Riyadh Talks
Mohammed bin Salman Confronts the ‘Iranian Moment’ as Saudi Leadership Faces Regional Test
Cybercrime, Inc.: When Crime Becomes an Economy. How the World Accidentally Built a Twenty-Trillion-Dollar Criminal Economy
Strategic Restraint, Credible Force, and the Discipline of Power
Donald Trump Organization Unveils Championship Golf Course and Luxury Resort Project in Saudi Arabia
Inside Diriyah: Saudi Arabia’s $63.2 Billion Vision to Transform Its Historic Heart into a Global Tourism Powerhouse
×