There was a time when China was the main player when it came to crypto mining and especially Bitcoin mining due to the cheap availability of modern hardware and cost-effective electricity. China was the very center of Bitcoin mining. But all of this came crashing down in the recent crypto crash of May 2021, and China issued a severe crackdown against all crypto miners, especially on those who did Bitcoin mining.
This might be due to the excessive use of electrical energy and, in return, the mass production of hazardous carbon-heavy exhaust that can directly harm our environment. The reason behind it could be fairly more direct such as China might be excessively worried about the dominance of cryptocurrencies over the traditional mode of finance that is centralized and thus could be easily controlled. But if the cryptocurrencies were given any preference, then the very idea of a state-controlled fiat would be lost, and China didn’t want it to originate from its own regions. That explains such a hard stance against crypto mining and banning major crypto changes within the country.
China doesn’t Hold much Power on Bitcoin Mining Anymore
Anyway, coming to the point, the overall mining hash rate originating from China for Bitcoin trading was more than 70%, but the recent events have made its descent to less than 50%, and the numbers are rapidly declining as more and more Bitcoin miners are leaving China for good and are settling in crypto-friendly frontiers. The overall reflection of China on the mining of Bitcoin is not the same that it used to, and the country has brought this day on itself, willingly trying to ditch the regulatory burdens and environmental concerns that originate from the process of Bitcoin mining. The USA has taken second place when it comes to Bitcoin mining and might soon replace China overall as China is continually losing the edge for Bitcoin mining. Apart from the USA, Europe is also a serious contender when it comes to Bitcoin mining; it seems that the overall trend is shifting with the emergence of Bitcoin mining dominance from the east to the west.