_đâïžâïžChina's Bitcoin Mining Dominance Defies Crypto Ban đ_
$BTC $ETH $SHIB đ‎ïžđȘ
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 đ€Ż.
_Global Hashrate Distribution:_
- China: 55% đšđł
- US: 40% đșđž
- Rest of the world: 5% đ
_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 đž
- Annual Volume of Crypto Transactions in China: $86B đ
_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.
