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Cryptocurrencies

China vaults back to No. 2 bitcoin miner on suspected covert activity

Report says global share went from zero to 20% despite Beijing's ban

Chinese bitcoin miners are suspected of using VPNs to circumvent the ban on their activities.   © Reuters

CAMBRIDGE, U.K. -- China has reemerged as the world's second-largest miner of bitcoin, according to data released on Tuesday by the University of Cambridge, powered by what appears to be operators working without the permission of authorities.

China's share had recently been reduced to zero due to a ban on mining operations, but the Cambridge Center for Alternative Finance (CCAF) estimates that in January the country's share was 21.1%, second only to the United States' 37.8%. Third place went to Kazakhstan with 13.2%.

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