China continues to control 55% of the global Bitcoin network’s hashrate, despite a ban on crypto mining and trading that has been in effect since 2021.
According to CryptoQuant data, the country’s significant presence in Bitcoin mining persists, but its dominance is now being challenged as other countries, such as the US, increase their share of hashrate.
CryptoQuant CEO Ki Young Ju noted that US mining pools account for approximately 40% of the Bitcoin network’s hashrate. This share predominantly represents institutional miners, who leverage advanced technology and resources to maintain their competitive edge.
In contrast, Chinese mining pools continue to support smaller players in the region, demonstrating resilience despite ongoing legal restrictions on crypto activities.
China’s strict ban
China’s current stance on crypto is among the strictest globally. The country first took action in 2017, banning Initial Coin Offerings (ICOs) and shutting down domestic exchanges. This
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