Bitcoin production roars back in China despite Beijing's ban on crypto mining

Bitcoin miners aren't giving up in China despite Beijing's ban on the practice. China was once the world's biggest crypto mining hub, accounting for between 65% to 75% of the total "hash rate" — or processing power — of the bitcoin network. But the country's share of global bitcoin mining capacity plummeted to zero in July and August 2021, according to Cambridge University data, after authorities launched a fresh crackdown on cryptocurrencies. Among the steps China took was to abolish crypto mining , the power-intensive process that leads to the creation of new digital currency. That resulted in several miners…