Sometimes I have to wonder if folks in the crypto space just aren’t that curious or they’re naive. It’s easy to find this information:

“China is the world’s largest producer of bitcoin and many other cryptocurrencies. From September 2019 to April 2020, China produced 71.7% and Inner Mongolia 7.71% of the world’s hashrate for bitcoin, according to the Cambridge Centre for Alternative Finance. In comparison, the bitcoin computing power generated by all of the United States was only 5.29% over that same period.” (https://forkast.news/inner-mongolia-shut-down-crypto-mining-china-bitcoin-miners/#:~:text=China's%20Inner%20Mongolia%2C%20once%20a,in%20China%20or%20even%20overseas.)

The question you should really be asking is why in November of 2019 did Xi Jinping and the CPC:
1. Make it illegal for all Chinese citizens to buy or sell crypto

2. To possess an account on an exchange that permits buying and selling crypto

3. Outlawed all existing crypto exchanges on Chinese territory

4. Forced all blockchain projects of any kind onto BNS, the Chinese government platform

NOTE: An odd feature of this sudden legal frame work is that all Chinese citizens in possession of crypto at the time would be permitted to keep it. Of course, that meant what they had in their wallets they could never use. This thereby effectively immobilized, as per current estimates, somewhere north of $1BB of mostly BTC. One can speculate on this, too.

But truly, the most curious thing in the aftermath is that there were no restrictions placed on the businesses of mining and supplying mining gear. You have to think very hard that no other similar decision by any government on any issue is so inexplicable (but not): outlaw a thing for your citizens and at the same time become the primary producer of that thing for the rest of the world.

But you can read even further into the subject by following me on Medium and catching up on your knowledge of the subject, both technically, operationally, economically, and politically.

Cheers.