Chinese Bitcoin miners continue to dominate despite a cryptocurrency ban in China.
Chinese Bitcoin miners continue to dominate despite a cryptocurrency ban in China. According to Ki Young Ju, founder and CEO of CryptoQuant, while Chinese mining pools are responsible for 55% of the Bitcoin hashrate, U.S. pools manage about 40%.
The dominance of China miners is noteworthy considering the complete ban of mining and Bitcoin trading in this country in 2021.The measure was implemented by the Chinese authorities to crackdown on cryptocurrencies to reduce financial risks and manage the flow of money in the system.
However, according to reports, China is considering a major revision in its anti-money laundering legislation in 2025, extending its scope to cryptocurrency transactions. The changes would be in response to the growing demands for increased oversight into the sector.
Proposed amendments come at a time when mainland users have found ways to get around the existing ban to access the crypto market, exposing the potential for money laundering.
Mike Novogratz, CEO of Galaxy Digital, shared on X that he has been hearing reports suggesting China might "unban" Bitcoin by late 2024. That would be a policy reversal with significant implications for the global cryptocurrency market.
Miner revenue fell to $827.56 million in August, which is more than 10.5% below the figure of $927.35 posted for the previous month of July. This represents the worst month for revenue taken in by Bitcoin miners since September 2023, when they made $727.79 million.
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