Despite China’s 2021 ban on Bitcoin mining and trading, Chinese miners still dominate the global Bitcoin network. According to CryptoQuant CEO Ki Young Ju, Chinese mining pools contribute 55% of the Bitcoin hashrate, while U.S. pools manage around 40%.
China’s cryptocurrency ban aimed to reduce financial risks and control money flow. However, reports suggest that Chinese users have found ways to bypass the ban and access the crypto market. In response, China is considering revising its anti-money laundering laws in 2025 to include cryptocurrency transactions, increasing regulation of the sector.
There are also rumors that China might “unban” Bitcoin by late 2024, according to Mike Novogratz, CEO of Galaxy Digital. If true, this would have major implications for the global cryptocurrency market.
Bitcoin miners have faced challenges recently, with August 2024 seeing a significant drop in revenue. Miners earned $827.56 million, down over 10% from July, making it the worst month for mining revenue since September 2023.
