China ranks second in the world in terms of BTC mining

  • Miners in China “went underground” and continued mining cryptocurrencies
  • Hashrate in the country rose from 0% to 21% in just two months
  • This puts China in second place in the world among the countries with the most mining farms.

Censorship and fines did not become a hindrance for Chinese “farmers”. According to CCAF, between September and January, China accounted for more than 20% of the global BTC hash rate. China is second only to the US (37.8%).

Recall that in the summer of last year, the level of activity of miners in China dropped to zero. The country has taken a course to ban cryptocurrencies, which led to a massive “exodus” of fintech companies to other markets, including the United States.

But in September, activity resumed. Until January, the share of China in the global hash rate was 21.1%. The maximum value for the analyzed period is 22.3%, the minimum is 18%.

Thus, we can conclude that the mining of cryptocurrency in China continues. Probably, miners use proxy services and intermediaries to bypass blocking.

“Access to autonomous electricity and the geographical remoteness of cryptocurrency mining centers shows that “farmers” in China hide their activities” – says the representative of the CCAF.

The Cambridge Center for Alternative Finance (CCAF) publishes the CBECI index on a regular basis. It is calculated based on aggregated geolocation data from different mining pools.

Recall that in China, not only cryptocurrency mining sites, but even crypto media are banned. The country is betting on CBDC while limiting the distribution of other digital assets.

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