FX168 Financial News Agency (Asia Pacific) reports that CryptoQuant's founder and CEO Ki Young Ju stated that despite China's ban on cryptos in 2021, Chinese bitcoin miners still control 55% of the hashrate. However, he pointed out that the dominance of bitcoin mining is gradually shifting to American mining companies, which now hold a 40% share. #LatestBitcoinNews#

In a post on Monday, September 23, Ki wrote: "Chinese pools operate 55% of the network, while American pools manage 40%. American pools mainly cater to institutional miners in the USA, while Chinese pools support relatively smaller miners in Asia."

(Source: Twitter)

Despite China's comprehensive ban on bitcoin mining and trading that took effect in 2021, China still surprisingly holds a dominant position in the Bitcoin network.

China plans a major revision of its Anti-Money Laundering (AML) regulations by 2025, expanding it to cover crypto transactions to meet the increasingly strict regulatory requirements.

Prominent scholars and financial experts participating in discussions on the revision of the Anti-Money Laundering regulations all agree that AML laws have a broad scope, making it difficult for the draft to cover everything comprehensively. The most urgent content can only be outlined within a framework.

CoinTelegraph points out that China fully banned the use of cryptos in 2021, prohibiting offshore exchanges from providing services and banning all forms of mining.

However, with the advancement of technology and the decentralized nature of cryptos, Chinese users have found ways to enter the crypto market, bringing about money laundering risks. The newly revised regulations aim to implement stricter guidance to curb such activities.

On July 14th, Galaxy Digital CEO Mike Novogratz shared on Twitter that he heard reports suggesting that China is 'likely to lift the ban on bitcoin by the end of 2024.'

(Source: Twitter)

However, Mike later deleted the original post.

Just in August, global bitcoin miners faced significant pressure, recording the lowest monthly earnings in a year.

According to Bitbo data, miners' income in August reached 0.82756 billion USD, a decrease of over 10.5% from July's 0.92735 billion USD, but an increase of 5% from August 2023.

This marks the worst month for bitcoin miners' income since September 2023, when miners' income was 0.72779 billion USD. Throughout the month, the bitcoin price lingered around $25,000.

At the same time, the number of bitcoins mined in the month slightly decreased from 14,725 bitcoins in July to 13,843 bitcoins in August.