China drops to Third-Largest Contributor To Global Bitcoin Mining

China was once the undisputed center for Bitcoin mining. Known for its cheap power and access to leading hardware manufacturers, all of this positioned China as a leader in global Bitcoin mining.

However, this changed when mining was banned by the Chinese government in 2021. In late September 2021, the People’s Bank of China (PBOC) further banned all cryptocurrency transactions. The PBOC cited the role of cryptocurrencies in facilitating financial crime as well as posing a growing risk to China’s financial system.