Bitcoin production is rolling on in China despite Beijing’s strict ban on crypto mining
China was once the world’s biggest crypto mining hub.
And Bitcoin miners aren’t giving up, despite Beijing’s ban on the practice.
Several underground mining operations have since emerged in China, with miners taking care to work around Beijing’s ban.
Last year Chinese authorities launched a fresh crackdown on crypto, abolishing mining to combat the creation of new digital currency.
Many miners fled to other countries, including the U.S. and Kazakhstan, which borders China.
But now, fresh research from Cambridge shows that Chinese bitcoin mining activity has quickly rebounded.
This is a remarkable comeback following China’s share of global bitcoin mining plummeting to zero in July
Within a few short months, the new data suggests China made up just over 22 per cent of the total bitcoin mining market