Despite a nationwide ban on cryptocurrencies, Chinese Bitcoin miners continue to dominate the global network.
According to Ki Young Ju, founder and CEO of CryptoQuant, over 55% of the Bitcoin mining network is still under the control of Chinese mining pools.
#Bitcoin hashrate dominance is shifting to U.S. mining companies.
Chinese mining pools operate 55% of the network, while U.S. pools manage 40%.
U.S. pools primarily cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia. pic.twitter.com/kepopLWBSD
— Ki Young Ju (@ki_young_ju) September 23, 2024
Ju noted in a September 23 post that while Chinese pools account for 55% of the network, U.S. pools manage about 40%. U.S. pools primarily serve institutional miners, whereas their Chinese counterparts tend to support smaller miners in Asia.
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