Don’t Trust Bitcoin Mining Data From China

China has “re-emerged” as a major bitcoin mining hub in 2022, representing more than 20% of the Bitcoin network’s hash rate, according to new data from Cambridge’s Centre for Alternative Finance (CCAF). The October 2021 data update from CCAF indicated that “mining operations in mainland China have effectively dropped to zero.”

So, what caused this purported enormous whiplash in mining activity from a CCAF-reported high of 75% in September 2019, to 0%, and now back to 20%? Since July 2021, Bitcoin’s hash rate has grown at a steady pace, paring its losses from China’s original ban and continuing to set record highs in recent months. But what happened in China? And is the new CCAF data an accurate representation of the state of bitcoin mining?

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