Despite the ban on cryptocurrency mining in 2021, China is still mining Bitcoin, according to data from crypto data platform CryptoQuant. $63,729 maintains its world leadership in mining.
China’s Dominance in Hash Rate
According to a recent report by CryptoQuant, China continues to contribute 55 percent of the global Bitcoin hashrate, a significant share despite China’s dominance in mining diminishing as many miners left the country following the ban.
Mining Activities Are Increasing in Other Countries
Following China’s crackdown on crypto mining, mining activity has surged in countries like the United States, Kazakhstan, and Russia. The U.S. share of mining pools has been steadily increasing, with U.S. miners often operating at an institutional level.
CryptoQuant CEO Ki Young Ju stated that US miners are predominantly institutional, while Chinese miners perform smaller-scale operations. Ju said, “Bitcoin hashrate dominance is shifting to US mining companies. Chinese pools operate 55% of the network, while US pools manage 40%. US pools mainly serve institutional miners in the US, while Chinese pools support smaller miners in Asia.”
Competition and Global Impacts in the Crypto Industry
With a possible Donald Trump election victory likely to create a crypto-friendly environment, some experts believe China should increase its role in the crypto sector. “The Bitcoin policy competition between China and the US will be beneficial for the entire industry,” said Tron founder Justin Sun. “China needs to strengthen its position against the heated US policies.”
While the US and China dominate Bitcoin mining, other countries are also making moves towards crypto. Hong Kong, Spot Bitcoin and Ethereum 
$2,656 It aims to develop the crypto and traditional finance sectors with regulations in the field of artificial intelligence while allowing trading of its ETFs.
Russia has started experimenting with crypto for cross-border payments and has approved mining, while the South Asian nation of Bhutan is also currently one of the largest Bitcoin holders.
The increasing acceptance of cryptocurrencies by traditional finance, institutional investors, and governments is promising for the future of the sector. The competition from China and the US in this space and the rise of other countries will continue to shape the global dynamics of the crypto industry.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
