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China ranks back among the bitcoin mining leaders despite restrictions

China ranks back among the bitcoin mining leaders despite restrictions

China holds second place in mining even though the local government imposed a ban on mining last year.

Cointelegraph reports that miners in China comprised 21.1% of the total global hash rate distribution in January 2022. At the top of the mining list in terms of volume was the United States, which mined 37.8% of the global bitcoin volume in January. Then, following China, there was Kazakhstan with 13.2%, Canada (6.48%), and Russia (4.66%). The origin of the 9% global BTC hash rate remains to be determined.

Recall that in 2019, China was the world's largest bitcoin mining country, with a local BTC hash rate of more than 75%. In the summer of 2021, following China's official ban on mining and cryptocurrency transactions, the country's hash rate dropped to 0%. However, only six months later, the rate has regained more than 20%.

In July 2021, the State Electricity Corporation of China officially banned the use of electricity for mining any cryptocurrency in all regions of the country, causing miners to flee abroad. Meanwhile, the People's Bank of China's launch of the digital yuan has also prompted a ban on cryptocurrency transactions.

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