Despite the ban on mining cryptocurrencies in China, Chinese mining pools occupy 54% of the market share. This was announced by the CEO of CryptoQuant, Ki Yun Joo.
Despite China's ban on #Bitcoin mining, Chinese mining pools still hold nearly 54% market share.
While not all participants in these pools are Chinese, some mining farms might still be operating covertly in China, with authorities possibly concealing data. https://t.co/OqEYB5R69w pic.twitter.com/JKCvcj2R3X
"Although not all participants in these pools are Chinese, some mining farms may still be secretly operating in the country, and the authorities may be hiding data," the analyst admitted.
Ju suggested that a number of cryptocurrency mining pools could be controlled by the government.
The CEO of CryptoQuant responded to the post of the head of VanEck, Matthew Siegel, in which he drew attention to the cessation of publication of data on the use of renewable energy in China.
According to Bloomberg, China has not provided information on the amount of wasted "green" capacity. In recent months, the country has been facing an overabundance of renewable energy, although it still occupies a leading position in this direction, the newspaper writes.
"If the Chinese Communist Party wanted to start mining some bitcoin, wouldn't one of the important steps be to refuse to publish data on renewable energy?" asked Siegel.
According to the World Population Review, the largest share of hashrate in the bitcoin network belongs to the United States (37.8%), followed by China (21.1%), and then Kazakhstan (13.2%).
Recall that in 2021, the Chinese authorities imposed a de facto ban on trading cryptocurrencies. Digital asset traders face fines and even imprisonment.
Nevertheless, the interest of local investors in digital assets is growing against the background of problems in the economy. In January 2024, Reuters confirmed the existence of a thriving underground crypto market in China.
At the end of the same month, the Hong Kong division of the Chinese asset manager Harvest Fund Management applied to launch a spot bitcoin ETF.
https://forklog.com/news/kitajskim-investoram-napomnili-o-zaprete-bitkoina