Why China’s Bitcoin mining activity is surging again after a 4-year crackdown - Source: CoinTelegraph

Before 2021, China controlled a large share of global Bitcoin mining. Data from the Cambridge Bitcoin Electricity Consumption Index shows that Chinese miners produced about 65% of the world’s Bitcoin computing power in 2020.

In 2021, the Chinese government moved to stop mining activity. Authorities cited concerns about financial risks, capital outflows and the high electricity use required for mining. In September 2021, the People’s Bank of China declared all cryptocurrency transactions illegal and confirmed the nationwide ban on mining.

Story continues: https://cointelegraph.com/explained/why-china-s-bitcoin-mining-activity-is-surging-again-after-a-4-year-crackdown