Bitcoin: In May 2021, China revealed that it would no longer allow Bitcoin trading and mining on Chinese territory — it even helped to cause one of the latest slumps in the cryptocurrency market, which is still rising. Since then, the country has gone from being the place with the highest percentage of Bitcoin mining in the world to now the United States.
According to a survey carried out by the Cambridge Center for Alternative Finance (CCAF), at the University of Cambridge, Chinese legislation caused a crack in the market that put the US first.
China dropped from 75% to 0% in two years
Until May this year, China was responsible for 44% of all Bitcoin mining around the world, and in 2019, the number was even higher: Chinese miners accounted for up to 75% of the sector. Shortly after the decision, in July 2021, the number of Chinese mining companies zeroed.
As a result of the decisions taken by the Chinese government, until the end of August, the North American country was already responsible for 35.4% of the world mining market, followed by Kazakhstan (18.1%) and Russia (11%).