Center of crypto mining shifts from China to US

A study by Britain's University of Cambridge shows that the United States has overtaken China as the world's largest center of crypto mining after Beijing banned the practice in May.

The study published on Wednesday estimated that as of August, the US had increased its global share of mining to 35.4 percent, followed by Kazakhstan with 18.1 percent and Russia with 11.2 percent.

China's share hit zero in July from around 75 percent about two years ago.

Crypto mining, which is the processing of huge amounts of cryptocurrency transaction data for an opportunity to acquire the digital currency, has become a major business around the world.

As it consumes large amounts of electricity, many miners in the US are based in the southern state of Texas and other areas where electricity is relatively cheap.

Many miners who could no longer work in China have moved to such areas, pushing the US to the top position.