Bitcoin: In May 2021, China announced it would no longer allow Bitcoin trading and mining in Chinese territory – it even helped to trigger one of the latest slump in the cryptocurrency market, which is still rising. Since then, the country is no longer the place with the highest percentage Bitcoin mining in the world to now the United States.
According to a study conducted by the Cambridge Center for Alternative Finance (CCAF), at the University of Cambridge, China’s legislation created a rift in the market that put the US in first place.
China fell from 75% to 0% in two years
Until May this year, China was responsible for 44% of all Bitcoin mining around the world, and in 2019 the number was even higher: Chinese miners accounted for 75% of the industry. Shortly after the decision, in July 2021, the number of Chinese mining companies reached zero.
As a result of the decisions of the Chinese government, the North American country was already responsible for 35.4% of the world mining market until the end of August, followed by Kazakhstan (18.1%) and Russia (11%).