Miners from China control more than half of the BTC mining market
The founder of CryptoQuant, Ki Young Ju, said that mining pools from China currently control at least 54% of the global cryptocurrency mining market.
As the founder of CryptoQuant emphasized, mining pools in China are still operating, despite the fact that their activities are officially prohibited. The authorities are simply trying not to advertise the information that they continue to mine cryptocurrencies.
Let us remind you that formally the operation of Bitcoin mining pools in China has been prohibited since the fall of 2021. Then the authorities announced that fines and other sanctions would be imposed for violating the law. However, this did not scare mining companies, and they are still mining digital coins.
In general, experts negatively assessed the ban on mining in China, since because of it many companies moved to the United States, which allowed them to take second place. Ki Young Zhu added that the remaining share of the Bitcoin mining industry belongs to the United States, which is about 40%.
