Despite China’s 2021 ban on cryptocurrency mining and trading, the nation continues to dominate Bitcoin mining operations, controlling an estimated 55% of the global Bitcoin hashrate.

This ongoing influence highlights the resilience of Chinese miners, who have adapted by either moving their operations underground or relocating to crypto-friendly regions nearby, like Sichuan, which boasts abundant hydroelectric power.

This dominance remains surprising, considering the strict regulations China has enforced against crypto activities. Chinese mining pools cater to smaller, more localized miners, while U.S.-based mining firms, which hold about 40% of the global hashrate, are increasingly serving large institutional investors.

There are growing discussions within the crypto community that China might reconsider its ban on Bitcoin by 2025. The nation plans to integrate cryptocurrency transactions into its Anti-Money Laundering regulations, which could potentially lead to a more regulated but open approach to crypto mining​.

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