China, Driving the Bitcoin Wagon with BitMEX and Others

China is the biggest contributor to the Bitcoin sector in many ways. We all know that majority of the hashing power is currently contributed by the Chinese mining pools; it probably has more Bitcoin mining data centers than any other country, and most of the Bitcoin ASICs are designed and fabricated in there.

The Chinese contribution is not only limited to the technological infrastructure; the Chinese are also active traders, and a significant number of transactions over the Bitcoin blockchain originate from mainland China and other territories like Hong Kong, Taiwan, etc. The region also leads when it comes to Bitcoin-based businesses and trading volumes.

To give an overview, two of the top three Bitcoin exchanges in terms of volume distribution are based out of China. OKCoin and BTC China take the top two positions with 65 percent and 14 percent, respectively, followed by the US-based BitFinex at 8 percent. Even in terms of currency pairs, the largest market share is held by Chinese yuan at 78%, followed by the US Dollar at 19% and Euro at 3%.

ChinaChinaRead more ... source: TheBitcoinNews