Crypto investors especially Chinese Bitcoin miners dominate the largest part of the global network despite the country's ban on cryptocurrencies.
According to CryptoQuant CEO, Ki Young Ju said over 55% of the Bitcoin mining network is still controlled by Chinese mining groups.
However, Bitcoin mining dominance is slowly shifting to mining firms in the United States.
China's dominance decision shocked the crypto market despite the country's blanket ban on Bitcoin mining and trading effective in 2021.
China is planning significant amendments to its Anti-Money Laundering (AML) regulations in 2025, expanding to cover cryptocurrency transactions in response to growing demand for tighter oversight.
They also ban foreign exchanges from offering services and ban all forms of mining.
However, technological advances and the decentralized nature of cryptocurrencies have found ways to access the crypto market and lead to the risk of money laundering.
The new amended rules aim to impose stricter guidelines to curb such activities.
Meanwhile, Bitcoin miners around the world faced significant pressure in August and this marked the lowest income month of the year.
