In May 2021, China officially banned the mining and trading of cryptocurrencies in the country. However, China is the second most productive country in the world in Bitcoin mining, according to data from the Cambridge Center for Alternative Finance (CCAF).
China’s ban on cryptocurrency mining had a profound effect on the whole world. The crypto money market, which has shown a great decline since then, still has not recovered. According to the research reports, the USA has the highest share in cryptocurrency mining with 37.84 percent, followed by China with 21.11 percent. While Kazakhstan is in the 3rd place with 13.22 percent, Canada is in the 4th place with 6.48 percent.
Kazakhstan, which ranks 3rd in the list, owes this to China a little bit. After the cryptocurrency mining was banned in China, the country, which started to host an extra activity of over 18 percent in this area, was faced with local power cuts in the process. The country’s electricity grid operator, KEGOC, said that high demands caused blackouts at 3 power plants in October, and that for this reason, the energy of 50 crypto currency miners registered in the country could be limited.
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