Follow Us @
China surpasses the US and controls 55% of the Bitcoin network
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
Despite severe restrictions imposed by the Chinese government on cryptocurrency mining and trading since 2021, China continues to be the leading power in the global Bitcoin hashrate, controlling 55% of the global network.
This surprising data, revealed by reports from CryptoQuant, defies expectations that the country would lose its influence in the Bitcoin mining sector after the ban.
The hashrate refers to the computational power used in the Bitcoin network to validate transactions and secure the system. The higher the hashrate, the more robust and secure the network.
Even with legal restrictions, Chinese miners continue to dominate this activity. The Asian country surpasses the United States, which has 40% of the global hashrate.
Bitcoin Mining in China
The ability of Chinese miners to stay on top despite bans may be related to the decentralized nature of Bitcoin and the creativity of operators in the country.
Underground cryptocurrency mining and transaction networks continue to operate, often utilizing VPNs and other methods to circumvent regulations. According to estimates, illegal cryptocurrency transactions in China generate approximately US$86 billion annually.
Furthermore, Chinese mining pools have proven resilient, supporting small miners operating locally. This contrasts with large US mining pools, which are dominated by institutional operations with access to cutting-edge technology and vast financial resources.
In the United States, Bitcoin mining has grown substantially. The activity is driven by the search for energy independence and increased interest from institutional investors. Mining in the country represents around 40% of global hashrate, growth that challenges China’s dominance. However, it is still not enough to overcome it.
Technological advancement and massive investment in mining infrastructure in the US, especially in states like Texas, position the country as China’s main competitor in the sector. However, even with this accelerated growth, Chinese dominance persists.
China’s stance on cryptocurrencies continues to be one of the strictest in the world. Since 2017, the Chinese government had already banned Initial Coin Offerings (ICOs) and closed local cryptocurrency exchanges.
China surpasses the US and controls 55% of the Bitcoin network
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
China surpasses the US and controls 55% of the Bitcoin network
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
China surpasses the US and controls 55% of the Bitcoin network
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
China surpasses the US and controls 55% of the Bitcoin network
