Despite Beijing’s ban, Bitcoin miners continue to operate in China. China was the first country to achieve world-class cryptocurrency mining. The country supplied between 65 and 75 percent of the network’s processing power, or hash rate. However, according to Cambridge University data, China’s share of the world’s capacity to mine bitcoin fell to zero in July and August 2021. This was following the government’s new crackdown on cryptocurrencies. China has decided to halt crypto mining, a high-energy process that creates new digital currencies. This was one of their actions. As a result, many miners relocated to neighboring countries like the United States and Kazakhstan. There has been the establishment of different Chinese underground mining companies, and miners have taken precautions to avoid Beijing’s ban. Reports have shown that Chinese people mining bitcoins has increased dramatically. China accounted for slightly more than 22% of the global bitcoin mining market in September 2021. It indicates that China is once again the world’s largest bitcoin miner in bitcoin mining by country 2022 statistics. It is trailing only behind the United States, which surpassed China last year. The research method uses aggregate geolocation data from large Bitcoin mining pools to determine the concentration of mining activity in different countries. The mining pools combine computing resources to create new tokens. Bitcoin miners who use a ...
