Despite a nationwide ban on cryptocurrency mining and trading implemented in 2021, Chinese Bitcoin miners continue to dominate the market, accounting for 55% of the global Bitcoin hashrate, compared to 40% managed by U.S. pools, according to Ki Young Ju, CEO of CryptoQuant. This persistence underscores the complexities of China’s crackdown aimed at mitigating financial risks.
In a potential policy shift, reports suggest that China may revise its anti-money laundering laws in 2025 to encompass cryptocurrency transactions, responding to increasing calls for oversight. As mainland users circumvent the ban, concerns about money laundering are escalating. Additionally, Mike Novogratz, CEO of Galaxy Digital, indicated on X that China might consider “unbanning” Bitcoin by late 2024, a move that could reshape the global crypto landscape.
However, the revenue for Bitcoin miners fell to $827.56 million in August, marking a 10.5% decrease from July’s $927.35 million and the lowest monthly total since September 2023, when miners earned $727.79 million.
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