<\/a><\/figure><\/div>\n\n\n\nData from crypto analytics firm Chainalysis shows that between January and July 2021 alone, cryptocurrencies worth over $150 billion have flown into China.<\/p>\n\n\n\n
In addition, China has also dominated the Bitcoin mining industry in particular in the past. At times, it is estimated that the Middle Kingdom was even responsible for around 65 percent of the global Bitcoin hash rate.<\/p>\n\n\n\n
However, China is increasingly losing its status as a crypto superpower. And that’s because the Chinese government is cracking down harder and harder on cryptocurrency trading and the mining industry.<\/p>\n\n\n\n
In May 2021, government officials announced their intention to crack down on mining and trading of cryptocurrencies. Shortly after, the global hashrate dropped as many Chinese miners shut down operations. Poolin, AntPool, F2Pool, BTC.top, and ViaBTC are all mining pools that have been primarily based in China and caused a sharp drop in the Bitcoin hash rate in the wake of the May 2021 Bitcoin mining ban.<\/p>\n\n\n\n