Despite China's ban on cryptocurrencies, Chinese Bitcoin miners continue to control over 55% of the global network. The dominance is slowly shifting to US mining firms, as highlighted by Ki Young Ju, founder of CryptoQuant. China's control over the network is surprising given the ban on Bitcoin mining and trading since 2021. The country is planning to amend its Anti-Money Laundering regulations in 2025 to include cryptocurrency transactions. Despite the ban, mainland users have found ways to access the crypto market, leading to money laundering risks. Galaxy Digital CEO Mike Novogratz suggests that China may 'unban' Bitcoin by late 2024. Bitcoin miners globally faced revenue pressure in August, with the lowest revenue month in a year. Despite the challenges, the mining industry continues to adapt to the changing landscape. Read more AI-generated news on: https://app.chaingpt.org/news