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


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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...