China has re-emerged as a major bitcoin mining hub, despite the country’s complete ban on the practice a year ago, according to data from the Cambridge Centre for Alternative Finance (CCAF) on Tuesday.
From last September to January, traffic from China accounted for about 20 per cent of bitcoin’s total hash rate, a measure of the network’s processing power for verifying transactions and mining new cryptocurrency tokens. The uptick in activity came after data suggested it had
fallen to zero in July, following a
ban on mining last May.