BlockBeats News, November 24th, according to Reuters citing Hashrate Index data, China was once the world’s largest cryptocurrency mining country, but in 2021, it fully banned all cryptocurrency transactions and mining due to concerns about national financial stability and energy conservation.
With its market share gradually recovering to 14% by the end of October, China has returned to the global third place. Wang, a private miner in Xinjiang, said that he mines in a region abundant in electricity, stating, “A lot of energy cannot be transmitted from Xinjiang, so I use it through cryptocurrency mining. New mining projects are under construction. I can be sure that people will mine where electricity is cheap.”
CryptoQuant estimates that currently about 15%-20% of the world’s Bitcoin hashrate comes from China.
