Coinpost reports:
According to the latest data from CryptoQuant, China continues to dominate the global Bitcoin hash rate in 2021, accounting for 55% of the total. Despite the strict measures taken by the government on cryptocurrency mining, which led to several miners leaving the country, China’s dominance in this area remains intact.
How strong is China’s control over the Bitcoin hash rate?
China’s influence in the Bitcoin mining industry still exists, although it has weakened to some extent after many miners left due to regulatory crackdowns. However, as emphasized by recent findings from CryptoQuant, the country still maintains a strong position in the global hash rate.
Are other countries catching up in the mining industry?
Following China’s tough stance on cryptocurrency mining, other countries such as the United States, Kazakhstan, and Russia have seen an increase in mining activities. In particular, the United States has witnessed a rise in institutional mining activities, gradually narrowing the gap with China’s mining power.
Ki Young-Ju, the CEO of CryptoQuant, pointed out that the dominance of Bitcoin mining is shifting towards the United States, with U.S. mining pools accounting for approximately 40% of the network. This is in sharp contrast to China’s control of 55%. While U.S. miners typically operate on a larger institutional scale, Chinese miners are characterized by smaller operations.
Key points in the global cryptocurrency landscape include:
Potential policy changes in the United States that may impact China’s cryptocurrency strategy.
Sun, the founder of Tron, believes that the competition between the United States and China in cryptocurrency is beneficial for the industry.
Other countries are making progress in the field of cryptocurrency as Hong Kong and Russia strengthen their regulations and approvals.
Bhutan has become an important holder of Bitcoin in South Asia.
The increasing integration of cryptocurrency into traditional finance, along with institutional support and favorable government policies, indicates a positive development trajectory for the cryptocurrency industry. The competitive dynamics between China and the United States, coupled with the ambitions of other countries, will have a significant impact on the future landscape of global cryptocurrency mining and trading.
