Ki Young Ju emphasized that not every mining pool participant is a Chinese citizen. Some cryptocurrency mining farms are still secretly operating in the country, although the government is either unaware of this or deliberately does not advertise the information.
“Mining pools from China control 54% of the market, and after them, the largest part of the mining industry is occupied by pools from the United States of America – about 40%.”
In the fall of 2021, the Chinese authorities banned Bitcoin mining and increased surveillance of companies that continue to mine cryptocurrencies. However, despite the ban and fines, some Chinese mining farms continue their work.
According to the CEO of CryptoQuant, the ban on cryptocurrency mining was an unwise move by the government of the People’s Republic of China and led to many companies moving their facilities to the United States.
Earlier, Ki Young Ju said that the speed of transactions in the network of the first cryptocurrency has dropped to the level of 13 years ago. The reason is that Bitcoin has not been able to become an asset for everyday payments.
Source: Bits
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