Despite a nationwide ban on cryptocurrencies, Chinese Bitcoin miners continue to dominate the global network.
According to Ki Young Ju, founder and CEO of CryptoQuant, over 55% of the Bitcoin mining network is still under the control of Chinese mining pools.
Ju noted in a September 23 post that while Chinese pools account for 55% of the network, U.S. pools manage about 40%. U.S. pools primarily serve institutional miners, whereas their Chinese counterparts tend to support smaller miners in Asia.
China’s significant presence in the Bitcoin mining landscape is surprising, especially since the country enacted a comprehensive ban on mining and trading in 2021.
Looking ahead, China plans to amend its Anti-Money Laundering (AML) regulations in 2025 to include cryptocurrency transactions, responding to demands for stricter oversight. Experts involved in the discussions on these changes indicated that while the AML law’s scope is broad, the initial draft will focus on urgent issues.
Since the ban, Chinese users have circumvented restrictions, raising concerns about potential money laundering risks associated with cryptocurrency. The upcoming regulations aim to tighten controls on these activities.
Galaxy Digital CEO Mike Novogratz recently mentioned on X that reports suggest China may “unban” Bitcoin by late 2024.
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