_🛑⛔️⭐️China's Bitcoin Mining Dominance Defies Crypto Ban 🚀_

$BTC $ETH $SHIB 🌏⤴️🪙

Despite a nationwide ban on cryptocurrency trading and mining since 2021, China continues to dominate the global Bitcoin mining landscape, controlling 55% of the hashrate 🤯.

_Global Hashrate Distribution:_

- China: 55% 🇨🇳

- US: 40% 🇺🇸

- Rest of the world: 5% 🌎

_Why China Remains on Top:_

- Support for smaller Asian miners

- Decentralized nature of Bitcoin allows circumvention of restrictions

- Existing infrastructure and expertise

_Industry Insights:_

- "China's dominance is a testament to its mining infrastructure and expertise."

- "US mining pools focus on institutional miners, while China supports smaller players."

_Crypto Regulations in China:_

- Anti-Money Laundering (AML) regulations to cover crypto transactions by 2025

- Industry leaders call for reevaluation of digital asset policies

_Key Statistics:_

- Bitcoin Miner Revenue (August 2024): $827.56M 💸

- Annual Volume of Crypto Transactions in China: $86B 📊

_Outlook:_

- China's crypto stance may evolve with regulatory updates.

- Global mining landscape to shift as other countries invest in infrastructure.

_Conclusion:_

China's Bitcoin mining dominance is a remarkable phenomenon, considering the country's crypto ban. As regulations evolve, the industry will likely see changes in the global hashrate distribution.