Bitcoin

Bitcoin Mining In China Still Growing Despite Last Year’s Ban

Bitcoin Mining In China Still Growing Despite Last Year's Ban

Despite the crypto mining ban from last July, Bitcoin (BTC) mining in China continues to grow and hit new highs seemingly every week.

Bitcoin Mining In China Still Growing Despite Last Year's Ban 3

Notably, Bitcoin’s hash rate has hit a new record, more than three times the lows it reached during China’s mining ban, according to crypto and trade-exclusive research firm Reflexivity Research on October 5.

On July 2, 2021, during the Chinese government’s well-publicized crackdown on cryptocurrencies, which ended in a countrywide ban on crypto mining, BTC’s hash rate had decreased to a low of 86.292 million TH/s.

According to Blockchain.com statistics, Bitcoin’s mining power has increased even higher, standing at 254.33 million terahashes per second (TH/s) as of October 6. CoinCu also reported that Bitcoin had a spike in hashrate at the end of August.

Bitcoin Mining In China Still Growing Despite Last Year's Ban 4

China’s crypto prohibition was implemented gradually, beginning in May 2021, when the government forbade financial institutions from engaging in cryptocurrency trading. It effectively halted all domestic crypto mining in June.

Surprisingly, the crackdown and prohibition on all crypto-related services have not prevented China from placing among the top 10 nations in terms of digital asset use.

Despite the mining prohibition, records from June 2022 reveal that approximately 100 accessible Bitcoin nodes protecting the Bitcoin network were still operational in China at the time. According to Bitrawr statistics, this number was 77 at the time of publication.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.