China Controls 55% Of Bitcoin Hashrate Despite Crypto Ban, But The US Is Catching Up
Posted On September 23, 2024
Despite China’s ongoing ban on cryptocurrency trading and mining, the country continues to dominate the Bitcoin network, controlling 55% of the global hashrate, according to data shared by Ki Young Ju, CEO of CryptoQuant.
What Happened: This information is corroborated by Bitbo‘s mining data, which shows China’s sustained influence over Bitcoin (CRYPTO: BTC) mining pools.
In contrast, U.S.-based mining companies manage approximately 40% of the global Bitcoin hashrate, signaling a significant but still smaller share of the market.
Ju’s tweet highlighted the growing presence of U.S. mining pools, which primarily cater to large-scale institutional miners across North …
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