Despite one of the most intense crackdowns on BTC mining anywhere in the world in September 2021, the latest CBECI data appears to show that Chinese hashrate actually climbed to 22.3% in September. And, in the months following (up to January this year), the data shows that Chinese BTC hashrate did not fall below the 18% mark.
In an article on the body’s website, the University of Cambridge’s Judge Business School wrote of a “surprising resurgence” as the trend from zero to the high teens and then over 20% “quickly reversed” – due to “significant underground mining activity” that had “formed in the country” – and “empirically confirm[ing] what industry insiders have long been assuming.”
Reports in China continue to suggest that some miners continued to operate underground in the months following the crackdown, but the majority of major industrial players are believed to have shut down their rigs.
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