China Reclaiming Its Position As Major Contributor to Bitcoin Global Network Hash Rate

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Evening

China is reemerging as a major contributor to bitcoin network global hash rate, thanks to the covert mining operations accounting for one fifth of global hash rate.

As per data from Cambridge Digital Assets Programme (CDAP) for January this year, Chinese miners still account for 21% of the Bitcoin global hash rate. This makes the China the second biggest country contributing to Bitcoin network after USA.

Following the Chinese government blanket ban on crypt mining last year, China's Bitcoin mining share dropped to zero. But Chinese Bitcoin hash rate again started to recover towards the end of last year. It seems the Chinees miners have found a way to adapt to mining restrictions using proxy services to hide their mining activities.

It is noteworthy that after the China mining ban bitcoin network hash rate tanked to 57 exahashes per second (EH/s) but latter slowly started to recover as displaced miners relocated to mining friendly territories like Kazakhstan, Russia, Canada and USA. In fact USA emerged as a major player in Bitcoin network hash rate as Chinese miners went dark.

But it seems Chinese miners are again on track to reclaim their position as leading Bitcoin mining country. But how far the covert mining operations can go, no body can tell. As of now Bitcoin network hash rate is at an impressive level of 223 exahashes per second (EH/s), as miners are getting more confident to vest more and more mining power into the network. And Chinese covert miners are having their fair share of pie, making one fifth contribution towards securing the Bitcoin network which is no minor feat.