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Cryptocurrency News Articles
China Doesn't Control 55% of Bitcoin hashrate, CryptoQuant Founder Ki Young Ju Misses the Point
Sep 27, 2024 at 04:01 am
CryptoQuant founder Ki Young Ju’s recent claim that China currently controls 55% of the Bitcoin ( BTC ) network hashrate sparked a debate within the crypto community. However, this common metric misses a critical point about miner distribution.
While BTC mining pools such as Antpool, F2pool, MARA Pool, and Foundry have management teams or are headquartered within a specific country, the miners themselves, who contribute hashrate to the pool, are geographically distributed. This means that Chinese mining pools include miners from all around the globe — including the United States.
In fact, according to a recent analysis from TheMinerMag, two US-based mining pools — MARA Pool and the USA Foundry Pool — mined 33.6% of all blocks in August 2024. The hashrate coming from these pools doesn’t even include US-based miners that may have joined a mining pool operating in a different country.
Furthermore, due to the somewhat opaque nature of Bitcoin mining, attempting to pinpoint the exact geographic breakdown of hashrate is a difficult task — adding a layer of nuance to the global hashrate wars.
China still controls 55% of Bitcoin hashrate despite crypto ban
China passed a blanket ban on cryptocurrency activities in 2021, but in July 2024, rumors began to circulate that mainland China would unban Bitcoin — leaving the crypto community divided on the veracity of the rumors.
In January 2024, the Chinese government announced a new anti-money laundering framework that will come into effect in 2025 and include provisions to combat money laundering through digital assets.
More recently, China’s Legislative Affairs Commission considered revising an earlier ruling from China’s Supreme People’s Court to establish methods of monitoring new financial technology for money laundering.
At the time, Legislative Affairs Commission spokesperson Wang Xiang explained that financial institutions would also be tasked with gauging the new risks posed by emerging technologies and evaluating new business models that arise from nascent technologies.
The newly proposed Anti-Money Laundering regulatory framework also seeks collaboration from China’s central bank and other financial institutions to offer guidelines on combating the perceived money laundering risks from emerging financial technologies like cryptocurrencies and digital assets.
Magazine: How Chinese traders and miners get around China’s crypto ban
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- The Philippines Is Moving Toward Blockchain-Enabled Tech in Education
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- Hamster Kombat Airdrop: Binance Captures the Largest Token Inflow, Price Drops 29.50%
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- Raboo Dominates Crypto Market News With Its Innovative Post-to-Earn Platform and a 90% Presale Price Jump
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