China has had a rocky relationship with crypto. Bitcoin’s 2013 bull run was driven by Chinese investment, a bull run that died a death when the government banned banks from dealing with Bitcoin-originated funds in December of that year. Since then they have banned, tried to ban, or have been rumored to want to ban ICOs, airdrops, trading, and mining in the country. However, their attempts at banning aspects of cryptocurrency rarely work. China currently accounts for some 70% of the Bitcoin hash rate thanks to the cheap energy costs and sources of renewable energy in the country.