Political Economy of Cryptocurrency Mining: China's Dominance and Implications for Global Governance

This study critically examines the political economy of cryptocurrency mining, focusing on China’s enduring dominance and its implications for global governance in the post-ban era. Before the 2021 regulatory crackdown, China accounted for over 65 per cent of the global Bitcoin hash rate, leveraging cheap electricity, advanced hardware manufacturing, and a favourable policy environment. Although the ban prompted a redistribution of mining activities to countries such as the United States and Kaz