China’s underground Bitcoin mining hashrate contributes 22% to global mining hashrate as it increases by 3% in the three months leading to January, 2022 amidst government crackdown. Per data from a chart provided by Cambridge Bitcoin Electricity Data, mining hashrate seems to be on the increase in Mainland China despite the government crackdown on Bitcoin mining.
China contributed over half of global BTC hashrate in January, 2022
On the chart presented by the university, China’s hashrate reached 22% of global hashrate in January of this year, second only to the US which contributes 37.84% average monthly hashrate. Kazakhstan comes third with a hashrate of 13.22%.
China contributed to over half of global Bitcoin hashrate in January, 2021, standing firmly at a rate of 53% with the United States coming second at a contribution rate of 10.55%. China’s hashrate gradually and persistently decreased the following months following the country’s heated efforts at clamping down on BTC mining.
The Chinese government intensified its antagonism towards Bitcoin and Bitcoin mining mid last year as it stepped up its attempts at enforcing the ban on Bitcoin, forcing mainstream mining firms to cease operations in the region.
Bitcoin trading volume in China took a nosedive when the country’s capital and second most populous city Beijing officially placed a ban on the digital asset in 2017. The Chinese government has since then occasionally expressed its disapproval of the asset.
Trending Stories
Chinese Bitcoin mining ban not proving effective
As part of efforts to enforce the ban, a committee led by the Vice Premier of China, Liu He revealed moves to clamp down on Bitcoin mining operations within the country mid last year – efforts that saw mining companies like BTC.TOP and Huobi Mall suspend operations to seek shelter abroad.
The heated efforts saw BTC tumble by 50% around that time as there arose some major FUD within the crypto space which saw investors capitulate their holdings in preparation for what might come next.
Despite the ban, mining operations have gradually picked up again in China, surpassing other countries besides the US, with miners resorting to underground activities in the bid to circumvent government legislation.
- Uniswap ($UNI) Surges 45% As Trading Fees Surpass Ethereum
- Ethereum Merge Delay? Developers Concerned Over Shadow Fork
- MINA Price Jumps By 20% Over This Announcement
- Bitcoin Mining Data Suggests More Price Dumps Ahead; Details
- This Bitcoin Bear Market Is Unlike Any Other, Here’s Why
- Here’s Why Shiba Inu Ecosystem Tokens’ Prices Are Shooting Up
- Goldman Sachs Likely to Raise $2 Billion To Acquire Celsius Assets, But Here’s the Catch
- Here’s Why SEC Chair Wants Single Rulebook For All Crypto Trading
- Huge Cardano Breakout Imminent After This Resistance Level?
- Shibarium To Launch Soon; How It Can Pump Shiba Inu Prices?
- Solana Price Analysis: SOL Price Rallying North With Eyes On $59
- XRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
- AXS Price Analysis: Rising AXS Price Aims To Reclaim $17.6 Mark
- Polygon Price Analysis: Can Trendline Breakout Lead MATIC to $0.75?
- ArbiSmart Price Analysis: RBIS Retests Multi-month Support; Buy this Dip?
- Waves Price Analysis: Emerging Pattern Threatens to Break $4.16 Support
- Apecoin Price Analysis: Trendline Fakeout Could Tumble APE by 25%
- Uniswap Price Analysis: Can Ongoing Recovery Carry UNI Price to $8?
- SHIB Price Analysis: $0.00001 Breakout Could Pump SHIB by 33%
- Graph Price Analysis: High Volume Reversal may Drive GRT to $0.15
