They own one of the biggest exchanges.
They have most of the mining power.
Miners have also a lot of coins, most of the new wealth was acquired by miners, so I think the wealth centralization is also from there.
In short, I would say yes.
Indeed, mining farms located in China do "own" the majority of the mining power, but when it comes to their exchanges, they suffered a serious blow if you pay close attention to their volumes;
https://bitcoinity.org/markets/list From millions in traded Bitcoins every day, to just ten thousand today. Important to know is, how much lower will their volumes drop if traders from abroad start ditching these exchanges? It's basically pointless to go through the hassle of getting CNY converted to USD or EUR as they lost the ability of zero fee trading. It's just a matter of time before they hop over to USD exchanges.
What are you telling me? Most exchanges do have fees on trading, to prevent spam trades. Of course.
But most Chinese are pretty wealthy, definitely more wealthy than the average westerner being sucked dry by the last bailout and endless welfare.
So middle class Chinese are probably trading big sums of money even without the leverage. And there are many Chinese ppl, so that will only grow.
Besides a light regulation is still better than the threats of ban from Russia and others. So if many Chinese will start trading that will just grow the real volume of trade, and not the fake leveraged one.
I bet Asia is at least 6 steps ahead in BTC usage than the west. The westerners are clueless fools, they just love their fiats so much.
