China Has Once Again Become One of The World's Largest Bitcoin Mining Hubs

China accounts for 21% of the total global bitcoin hashrate after the local government banned all cryptocurrency operations in the country last year. According to a new report, the Chinese government hasn't managed to completely stop crypto operations as part of its crypto ban.

China has become the second largest provider of Bitcoin hashrate as of January 2022, according to the latest update from the Cambridge Bitcoin Electricity Consumption Index (CBECI). As of early 2022, Bitcoin miners in China accounted for 21.1% of the total global hashrate distribution, following only the US, which produced 37.8% of the total hashrate as of January, according to the data.

China was once the largest bitcoin mining country in the world. In 2019, the Bitcoin local hashrate power was over 75%. The hashrate then dropped to 0% in July and August 2021 following a series of closures of cryptocurrency mining farms in the country. According to CBECI project leader Alexander NEUMUELLER, there is enough new data to conclude that Bitcoin mining in China still exists.

Image: The European Business Review