Even though China has banned cryptocurrency trading and mining, it still holds a commanding position in the Bitcoin network. Data from CryptoQuant CEO Ki Young Ju reveals that China controls a staggering 55% of the global hashrate, meaning they are responsible for processing that much of Bitcoin’s transactions.
This dominance is further confirmed by Bitbo’s mining data, which shows China’s continued influence over Bitcoin mining pools. Although the United States has gained significant ground, with U.S.-based mining companies managing roughly 40% of the global Bitcoin hashrate, they still lag behind China. Ju’s tweet highlighted the rapid growth of U.S. mining pools, which cater primarily to large-scale institutional miners across North America.
Meanwhile, Chinese pools tend to support smaller miners throughout Asia, demonstrating their continued dominance in the sector despite the country’s strict regulations against cryptocurrency.
While Chinese mining pools maintain their lead, U.S. pools are quickly catching up, primarily serving institutional miners within America. This shift in hashrate dominance, as noted by Ki Young Ju, indicates a changing landscape in the Bitcoin mining world.
The influence of these shifts on the Bitcoin ecosystem remains to be seen. However, this dynamic development adds another layer to the ongoing debate surrounding the future of cryptocurrency and its regulatory landscape.
