Are Chinese bitcoin miners giving up?

New research from the Cambridge Centre for Alternative Finance shows that Chinese bitcoin mining activity has quickly rebounded. By September 2021, China made up just over 22% of the total bitcoin mining market, according to Cambridge University research. Bitcoin miners aren’t giving up in China despite Beijing’s ban on the practice.

Is China the epicenter of bitcoin mining?

China had long been the epicenter of bitcoin miners, with past estimates indicating that 65% to 75% of the world’s bitcoin mining happened there, but a government-led crackdown has effectively banished the country’s crypto miners.

Did China ban bitcoin?

China Banished Cryptocurrencies. Now, ‘Mining’ Is Even Dirtier. New research shows that China’s Bitcoin ban has sent the process of creating new coins, known as mining, to countries where it uses far less renewable energy.

Why is bitcoin so popular in China?

China’s cheap electricity keeps Chinese miners at peak efficiency and allows them to outlast their foreign competitors. A very large portion (if not the majority) of Bitcoin’s energy comes from China, and most notably in “green” powered areas like Sichuan and Xinjiang where renewable sources like hydroelectric, solar, and geothermal are common.