China prohibits mining, but its mining share is the largest. What is this phenomenon?
China continues to exert a strong influence in the global Bitcoin mining industry despite the government's ban on all cryptocurrency-related activities from 2021. CryptoQuant founder and CEO Ki Young Ju said that China currently holds 55% of the total global computing power, while the United States ranks second with a 40% market share.
Computing power is an important indicator reflecting the difficulty of Bitcoin mining, and also reflects the computing power of miners to verify transactions and protect the Bitcoin network.
China Still Leads in Bitcoin Hashrate Despite Ban
Although the Bitcoin mining ban remains in effect, many miners in China continue to operate quietly, mainly in small groups. In contrast, in the United States, most miners are large organizations with resources and advanced technology, which helps them maintain a competitive advantage in the market.
This shows that despite the restrictions imposed by laws and regulations in China, small miners continue to operate while facing fierce competition from other countries such as the United States. Despite a complete ban on Bitcoin mining and trading activities from 2021, China's dominance in Bitcoin mining remains surprising.
At the same time, the Chinese government plans to revise anti-money laundering regulations in 2025 to expand control over cryptocurrency transactions and strengthen supervision.
Bitcoin mining revenue drops sharply in August
Last August was the lowest revenue month for Bitcoin miners in a year, with total revenue of only $827.56 million, a 10.5% decrease from the previous month. However, this revenue was still 5% higher than the same period last year.
The number of Bitcoins mined also fell slightly, from 14,725 BTC in July to 13,843 BTC in August.
