According to data from the crypto analytics platform CryptoQuant, China continues to lead the world in Bitcoin 
$97,951 mining, contributing 55% of the global Bitcoin hash rate in 2021, despite a crackdown on cryptocurrency mining. This significant share persists even after many miners exited the country following the implementation of the ban.
China’s Dominance in Hash Rate
CryptoQuant’s recent report highlights that China still plays a crucial role in Bitcoin’s hash rate. Although the country’s dominance has diminished due to the departure of numerous miners, it still retains a substantial portion of the mining market.
Increasing Mining Activities in Other Countries
Following China’s stringent measures on crypto mining, there has been a noticeable rise in mining activities in countries like the United States, Kazakhstan, and Russia. The U.S. share in mining pools has steadily increased, with American miners generally operating at an institutional level.
Ki Young Ju, CEO of CryptoQuant, notes that U.S. miners are predominantly institutional, while Chinese miners usually conduct smaller-scale operations. Ju stated, “The dominance of Bitcoin hash rate is shifting towards U.S. mining companies, with U.S. pools managing 40% of the network compared to 55% by Chinese pools.”
Competition and Global Implications in the Crypto Sector
Some experts believe that a possible victory for Donald Trump could create a crypto-friendly environment, prompting China to enhance its role in the crypto sector. Justin Sun, founder of Tron, commented that “the competition between China and the U.S. regarding Bitcoin policy will benefit the entire sector.”
While the U.S. and China dominate Bitcoin mining, other countries are also making strides in the crypto space. Hong Kong is allowing trading of Spot Bitcoin and Ethereum 
$3,474 ETFs while seeking to bolster the crypto and traditional finance sectors through regulations in artificial intelligence.
Additionally, Russia is experimenting with cryptocurrencies for cross-border payments and has started to approve mining activities. Bhutan, a country in South Asia, has also emerged as one of the largest holders of Bitcoin.
The increasing acceptance of cryptocurrencies by traditional finance, institutional investors, and governments presents promising prospects for the sector. The competition between China and the U.S., alongside the rise of other countries, will continue to shape the global dynamics of the crypto industry.
