China outlawed Bitcoin mining last May. Exactly a year later, the country has re-emerged as the leading venue for mining operations.
A new study revealed underground mining activity in the country had catapulted it to second place globally in terms of installed mining capacity.
China’s Apparent Comeback
Cambridge Centre for Alternative Finance (CCAF) reported the surprising resurgence and further stated that China currently dominates with a 21.11% market share just behind the US with 27.69%. On the other hand, countries that were earlier perceived as stronger Bitcoin mining hubs, such as Kazakhstan, Canada, and Russia, are trailing far behind with 13.22%, 6.48%, and 4.66%, respectively.
The reported mining hash rate for the entire country effectively went to zero during the months of July and August, as per the Cambridge Bitcoin Electricity Consumption Index (CBECI).
In the following month, the reported hash rate suddenly climbed back to 30.47 EH/s. According to the study, this trend
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