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Despite China’s ban on mining, the industry seems to be thriving. A CoinDesk report published on May 17 said that according to the Bitcoin Mining Electricity Consumption Index (CBECI), which displays mining activity around the world based on geolocation data provided by partner pools, China was in second place after the US between September 2021 and January 2022. It turns out that mining is flourishing, even despite the tough measures of the Chinese government regarding the mining of cryptocurrencies, which were adopted in July and August 2021.
The latest CCAF data shows that China’s share of global mining was 22.29% in September 2021 and remained stable at around 20% until the end of the year.
The report is based on the article “Bitcoin Mining – An (Un)Surprising Revival?” published on May 17 by the University of Cambridge’s School of Judges Business.
This article states:
“This fact convincingly indicates that a significant underground mining of cryptocurrencies has formed in the country, which empirically confirms what industry insiders have long assumed. Access to autonomous electricity and geographically dispersed small mining farms allow cryptocurrency miners to hide their activities and circumvent the prohibitions of the authorities.”
#Mining #companies #thrive #China #ban
