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

Summary:

  • Bitcoin miners based in China now manage 21.1% of BTC’s hashrate.
  • China is now ranked 2nd in Bitcoin’s hashrate, meaning the presence of concealed mining centers.
  • This is in spite of China’s federal government repeating in May 2021 its restriction on Bitcoin mining and crypto trading.
  • Due to the restriction, the supremacy of Bitcoin miners based in China had actually dropped from practically 50% in May 2021 to 9% in July 2021.

China has as soon as again reemerged as a considerable factor to the Bitcoin (BTC) network regardless of the nation’s federal government reissuing a blanket restriction on crypto mining back in May2021 According to information from the Cambridge Bitcoin Electricity Index, Bitcoin miners based in China are now ranked 2nd in regards to the overall hashrate of the BTC network.

The United States is Now on top in regards to Bitcoin Hashrate.

The chart below, thanks to the hashrate tracking site by Cambridge, reveals China (yellow) gradually recuperating its hashrate starting mid-2021 and after the reissuance of the mining restriction. From the chart, it can be observed that the United States(pink) has actually gradually grown over the years to now supply a bulk of Bitcoin’s hashrate.

Bitcoin Miners in China Defy Crypto Mining Ban, Now Ranked 2nd in BTC Hashrate 11
Bitcoin Hashrate since May2022 Source, CCAF.io/ cbeci/mining _ map

China Now Controls 21% of Bitcoin’s Hashrate

In regards to portion, China now manages 21.1% of the international Bitcoin hashrate, with the United States at 37.8%. The chart below, likewise thanks to the Cambridge Bitcoin Electricity Index site, highlights how China’s hashrate supremacy (yellow) has actually changed for many years.

Bitcoin Miners in China Defy Crypto Mining Ban, Now Ranked 2nd in BTC Hashrate 12
China (yellow) now has a 21.1% share of Bitcoin’s hashrate. Source, CCAF.io/ cbeci/mining _ map

The chart reveals that China managed nearly 50% of Bitcoin’s hashrate prior to its federal government reissued a total restriction on Bitcoin and crypto mining back in May2021 By July and August of the exact same year, China’s hashrate supremacy had actually plunged to 9.4%. The chart tips that Bitcoin miners began fresh operations by September of last year, resulting in China now managing 21.1% of Bitcoin’s hashrate.

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

As to why China is now ranked 2nd in Bitcoin hashrate, a current report by Bloomberg concluded that the nation has actually seen an unexpected rise in BTC mining through ‘hidden mining operations.’

China FUD Banning Bitcoin Mining Might be Around the Corner

To keep in mind is that China has actually prohibited Bitcoin and crypto mining on many events throughout the years, with the most noteworthy being January 2018 and May2021 The renewal of Bitcoin mining activities in China might therefore mean another restriction around the corner that may lead to panic selling in the crypto markets, as held true after the last 2 restrictions by the Chinese federal government.

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