Tuesday, February 18, 2025

China’s Bitcoin Dominance Holds Strong at 55% Despite Crypto Ban

Article Image

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.

Stay informed about the latest developments in the world of finance and cryptocurrencies by subscribing to our Finance Redefined newsletter. Get exclusive insights, analysis, and financial opportunities delivered to your inbox every Friday. Join us on this exciting journey towards financial empowerment.

Hot this week

Study Finds 1 in 5 US Voters Engaged with Cryptocurrency

Originally published on: December 18, 2024A recent survey conducted...

Revolutionizing Blockchain Technology: Key Takeaways from G6 Networks AMA

Originally published on: December 18, 2024Gabor Bovai and David...

HashKey Group Unveils Revolutionary Ethereum Layer-2 HashKey Chain Mainnet

Originally published on: December 18, 2024HashKey Group, a pioneering...

Beware of Phishing Scammers: A Warning from Ledger’s Users

Originally published on: December 18, 2024Reports have surfaced indicating...

Avara Founder Supports Removal of Polygon Markets from Aave Platform

Originally published on: December 18, 2024Stani Kulechov, the CEO...

Topics

Study Finds 1 in 5 US Voters Engaged with Cryptocurrency

Originally published on: December 18, 2024A recent survey conducted...

Revolutionizing Blockchain Technology: Key Takeaways from G6 Networks AMA

Originally published on: December 18, 2024Gabor Bovai and David...

HashKey Group Unveils Revolutionary Ethereum Layer-2 HashKey Chain Mainnet

Originally published on: December 18, 2024HashKey Group, a pioneering...

Beware of Phishing Scammers: A Warning from Ledger’s Users

Originally published on: December 18, 2024Reports have surfaced indicating...

Avara Founder Supports Removal of Polygon Markets from Aave Platform

Originally published on: December 18, 2024Stani Kulechov, the CEO...

Crypto Communities Across the US Gear Up for Festive Meetups

Originally published on: December 18, 2024As the holidays approach...

Ethena Labs Joins Forces with Trump-Backed World Liberty Financial for Exciting Partnership

Originally published on: December 18, 2024Ethena Labs, a leading...

Unlock Your Football Skills with Cristiano Ronaldo and Binance Partnership

Originally published on: December 18, 2024Binance and Cristiano Ronaldo...
spot_img

Related Articles

Popular Categories

spot_imgspot_img