Bitcoin Miners in China Defy Crypto Mining Ban, Now Ranked 2nd in BTC Hashrate

Summary:

• Bitcoin miners based successful China present power 21.1% of BTC’s hashrate.
• China is present ranked 2nd successful Bitcoin’s hashrate, hinting astatine the beingness of covert mining facilities.
• This is contempt China’s authorities reiterating successful May 2021 its prohibition connected Bitcoin mining and crypto trading.
• Due to the ban, the dominance of Bitcoin miners based successful China had dropped from astir 50% successful May 2021 to 9% successful July 2021.

China has erstwhile again reemerged arsenic a important contributor to the Bitcoin (BTC) web contempt the country’s authorities reissuing a broad ban connected crypto mining backmost successful May 2021. According to data from the Cambridge Bitcoin Electricity Index, Bitcoin miners based successful China are present ranked 2nd successful presumption of the full hashrate of the BTC network.

The United States is Now astatine the Top successful presumption of Bitcoin Hashrate.

The illustration below, courtesy of the hashrate tracking website by Cambridge, shows China (yellow) dilatory recovering its hashrate opening mid-2021 and aft the reissuance of the mining ban. Also, from the chart, it tin beryllium observed that the United States (pink) has dilatory grown implicit the years to present supply a bulk of Bitcoin’s hashrate.

Bitcoin Hashrate arsenic of May 2022. Source, CCAF.io/cbeci/mining_map

China Now Controls 21% of Bitcoin’s Hashrate

In presumption of percentage, China present controls 21.1% of the planetary Bitcoin hashrate, with the United States astatine 37.8%. The illustration below, besides courtesy of the Cambridge Bitcoin Electricity Index website, highlights however China’s hashrate dominance (yellow) has fluctuated implicit the years.

China (yellow) present has a 21.1% stock of Bitcoin’s hashrate. Source, CCAF.io/cbeci/mining_map

The illustration shows that China controlled almost 50% of Bitcoin’s hashrate earlier its authorities reissued a implicit prohibition connected Bitcoin and crypto mining backmost successful May 2021. By July and August of the aforesaid year, China’s hashrate dominance had plummeted to 9.4%. However, the illustration hints that Bitcoin miners started caller operations by September of past year, resulting successful China present controlling 21.1% of Bitcoin’s hashrate.

The Resurgence of Hashrate Points Towards Covert Bitcoin Mining Facilities successful China

As to wherefore China is present ranked 2nd successful Bitcoin hashrate, a caller report by Bloomberg concluded that the state has seen a abrupt surge successful BTC mining done ‘covert mining operations.’

China FUD Banning Bitcoin Mining Might beryllium Around the Corner

To enactment is that China has banned Bitcoin and crypto mining connected galore occasions implicit the years, with the astir notable being January 2018 and May 2021. The resurgence of Bitcoin mining activities successful China could frankincense hint astatine different prohibition astir the country that mightiness result successful panic selling successful the crypto markets, arsenic was the lawsuit aft the past 2 bans by the Chinese government.