🚀 Despite the ban, China is still the leader in Bitcoin mining! 🐉
Despite China's blanket ban on Bitcoin mining in 2021, the latest data shows that Chinese miners still firmly control 55% of the global Bitcoin network hash rate, which is even more than the 40% in the United States.
CryptoQuant CEO Ki Young Ju shared this amazing trend on social media X, and the analysis pointed out that Chinese mining pools still dominate the global mining field.
China has tried to completely eradicate Bitcoin mining, but the ban does not seem to have stopped the pace of Chinese miners. Although many miners have been forced to move overseas, they seem to have found ways to continue to play an important role in the global mining industry.
However, it is worth noting that there were rumors earlier this year that China might lift its long-standing ban on Bitcoin, especially since Hong Kong approved the spot Bitcoin ETF.
In this regard, Galaxy Digital CEO Mike Novogratz and Tron founder Justin Sun have both publicly discussed this possibility, sparking widespread speculation in the market.
If China does lift its ban on Bitcoin, Bitcoin prices could see a big rally. However, some industry observers are skeptical, believing that mainland China's attitude toward Bitcoin is unlikely to change radically.
🤓 Viewpoint:
In summary, the approval of the Hong Kong spot Bitcoin ETF highlights the region's positive stance on cryptocurrencies, aimed at attracting investors and business and enhancing its position as a financial center.
In contrast, mainland China has taken a conservative stance, strictly prohibiting cryptocurrency mining and related financial activities, probably to maintain financial stability, control capital flows, and prevent illegal activities such as money laundering.
This strategy is reasonable to some extent, as it allows financial innovation and experimentation in a more open economic environment while maintaining strict control over financial stability and security in the mainland.
💬 Finally, do you think China will lift its Bitcoin ban? If the ban is lifted, what will be the impact on Bitcoin prices? What impact will the ban have on Chinese miners and the global mining landscape?
