Chinese mining pools control around 54% of the cryptocurrency market, as revealed by CryptoQuant’s CEO Ki Young Ju. This dominance persists despite China’s ban on Bitcoin mining since September 2021.
Interestingly, not all participants in these pools are Chinese nationals. Some operations may still be covertly active in China. U.S. mining pools, meanwhile, hold about 40% of the market share.
Historically, China’s ban on cryptocurrency mining has been controversial. Despite the ban, Chinese mining farms propelled the country to the second position in Bitcoin production by May 2022. This underscores the complex and often contradictory nature of China’s stance on cryptocurrency.
The global crypto market continues to adapt, highlighting the dynamic and unpredictable landscape of digital currencies. This ongoing situation has significant implications for the strategic and long-term evolution of the global crypto market.
