According to CryptoQuant founder and CEO Ki Young Ju, Chinese mining pools still control a large portion of the Bitcoin mining network. However, dominance is gradually shifting to American mining companies. In a post on X on September 23, Ju said: "Chinese mining pools account for 55% of the network, while American mining pools manage 40%." $BTC
While U.S. mining pools primarily serve institutional miners in the U.S., Chinese mining pools tend to support smaller miners in Asia. This unexpected dominance of China over the Bitcoin network comes despite the country’s blanket ban on Bitcoin mining and trading, which was implemented in 2021. In 2025, China plans to make major changes to its anti-money laundering (AML) regulations, expanding them to include cryptocurrency trading in response to growing calls for tighter regulation.
Prominent academics and financial experts involved in discussions on the draft revised Anti-Money Laundering Law said the broad scope of the regulation posed a challenge in developing a comprehensive draft.
Therefore, the most pressing issues will initially be dealt with within a broader framework.In 2021, China enacted a comprehensive ban on cryptocurrency activities, prohibiting offshore exchanges from providing services and banning all forms of mining.
However, due to technological advances and the decentralized nature of cryptocurrencies, users in mainland China have found other ways to enter the crypto market, creating potential money laundering risks.
The upcoming revised regulations are intended to establish stricter guidelines to reduce such activities. On July 14, Galaxy Digital CEO Mike Novogratz mentioned on X that he had received reports that China may "unban" Bitcoin by the end of 2024.
Bitcoin miners around the world faced considerable challenges in August, resulting in their lowest revenue in a year.
According to Bitbo, miners’ revenue totaled $827.56 million in August, down more than 10.5% from $927.35 million in July, although up 5% compared to August 2022.
This was the most challenging month for Bitcoin miners’ revenue since September 2022, when they earned $727.79 million. Throughout August, the value of Bitcoin remained around $25,000. In addition, the number of Bitcoins mined fell slightly, from about 14,725 BTC in July to 13,843 BTC in August.
