According to CryptoQuant data, China still holds 55% of the global Bitcoin (BTC) hash rate despite the bans imposed on mining and trading since 2021.
According to data from CryptoQuant, despite China’s bans on cryptocurrency mining and trading since 2021, the country still accounts for 55% of the global Bitcoin (BTC) hash rate. However, this dominance is now being challenged by the rise of other countries like the United States. The CEO of CryptoQuant stated that American mining pools now control 40% of Bitcoin’s network hash rate. Meanwhile, underground cryptocurrency markets in China remain active, with an estimated annual transaction volume of $86 billion.
Source: cryptoslate.com
