Bitcoin

Chinese mining pools now control 54% of Bitcoin’s hashrate despite the country’s strict regulations on crypto mining. Analysts speculate that China might be quietly easing its hostile stance towards Bitcoin, as suggested by recent policy changes and the dominance of Chinese mining pools. This significant control by Chinese pools has led to further speculation that the government may have secretly relaxed mining restrictions, according to <a href="https://www.cryptopolitan.com/china-control-bitcoin-mining-pool-hashrate/">Cryptopolitan</a>. 
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Blockchain analytical firm CryptoQuant's CEO, Ki Young Ju, revealed that Chinese mining pools have held over 50% of Bitcoin's hashrate for the past 12 months. However, Ju noted that these pools might include miners from other countries. Mining pools are groups of miners that combine computational resources for more efficient mining operations. 
Recent policies from China have fueled speculation that the government is secretly mining Bitcoin. Mathew Sigel, head of digital assets research at VanEck, suggested that China’s cessation of publishing renewable energy usage data might be a strategy to mine Bitcoin covertly. Environmental analyst Daniel Batten added that the supposed ban on Bitcoin mining was likely a temporary suspension and that many miners operate with government approval using renewable energy. 
Despite Chinese mining pools' dominance, Bitcoin’s hashrate has been declining. In recent months, BTC’s hashrate fell below 560 EH/s, its lowest in five months, as miners struggle with profitability. Reduced block subsidies and high operational costs have forced many miners to unplug their machines and sell their <a href="https://ultramining.com/news/en/rising-mining-difficulty-squeezes-bitcoin-miners-sparks-accumulation-among-whales/">Bitcoin holdings</a> to sustain operations. 
Moreover, some miners have shifted their focus to providing power for artificial intelligence to stay afloat. A report from VanEck indicated an increase in <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a>' coin sales due to low profitability, with many redirecting their power capacity to AI. This pivot, however, might not be enough to prevent some miners from capitulating, especially if Bitcoin prices continue to fall. Ironically, miners' sell-offs contribute to the downward pressure on Bitcoin’s price.&nbsp;

Chinese Mining Pools Dominate 54% of Bitcoin Hashrate Despite Ban

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