Xiao Yi, the former Chinese Communist Party secretary of Fuzhou, has confessed to “acting recklessly” in support of crypto mining during a state-run television broadcast.
In an interview
Despite the country’s ban on crypto mining, China’s miners accounted for more than 20% of the total global Bitcoin (BTC) hash rate as of January 2022. While some firms have relocated to countries like the United States — still the leader in the BTC hash rate with more than 37% as of December 2021 — China-based firm Canaan reported its business grew in 2022.
