Originally published on: September 23, 2024
Even with China’s ban on cryptocurrencies, Chinese Bitcoin miners continue to dominate the global network, controlling over 55% of the Bitcoin mining network, as reported by Ki Young Ju, founder and CEO of CryptoQuant.
While Chinese mining pools still hold a significant share, there is a shift in Bitcoin mining dominance towards US mining firms, according to Ju’s analysis.
Despite the ban on Bitcoin mining and trading in China, the country continues to play a pivotal role in the cryptocurrency market. Plans for a major amendment to Anti-Money Laundering regulations in 2025 highlight the government’s efforts to tighten oversight on cryptocurrency transactions.
In response to growing concerns over money laundering risks, Chinese authorities aim to implement stricter guidelines for crypto activities. Despite the ban, mainland users have found ways to access the crypto market, posing challenges for regulatory authorities.
There are speculations that China may lift the ban on Bitcoin by late 2024, as suggested by Galaxy Digital CEO Mike Novogratz. This potential change could have a significant impact on the global cryptocurrency market.
In August, Bitcoin miners faced pressure as revenue dropped to its lowest point in a year. Despite this, Bitcoin mining remains a crucial aspect of the cryptocurrency ecosystem.
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