China still controls 55% of the global Bitcoin (BTC) network hashrate despite banning cryptocurrency mining and trading from 2021, according to CryptoQuant data, although China's dominance is now being challenged by the increasing share of countries such as the United States. The CEO of CryptoQuant pointed out that US mining pools account for about 40% of the Bitcoin network hashrate. Despite the strict bans, underground cryptocurrency trading markets in China continue to thrive, with an estimated annual trade volume of around $86 billion.

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