China is still the world's second largest Bitcoin mining region after the ban

China is still the world's second largest Bitcoin mining region after the ban

 After the Bitcoin (BitfinexUSD) mining ban in June 2021, the hashrate in China plummeted to zero during the following two months. 



However, in September, the index suddenly increased to 30.47 terahashes per second (TH/s), making China the second largest region globally, accounting for 22.29% of the total market.



In the following months, the country's hashrate index fluctuated only slightly and remained in second place. As of the end of January, China is still the major Bitcoin mining hub with 21.11%.


According to CoinDesk's assessment, the recovered hashrate shows that many Bitcoin miners in the country are still secretly mining cryptocurrencies despite the ban. 


Instead of going public as before, they find ways to circumvent the law by hiding their IP addresses on proxy servers, using private grid electricity to avoid government scrutiny, and even building underground mines in areas secluded so as not to be detected.



As of April 2021, China accounted for 46% of the global Bitcoin network activity, while the US came in second with 16.8%. Beijing's ban brought about an almost immediate halt to cryptocurrency mining operations. The "buffalo plows" are then transported by diggers all over the world, mostly through the US and Kazakhstan.



In addition to China, some places like Kosovo, Kazakhstan and Iran are also tightening Bitcoin mining operations.




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