🧔♂️ A friendly human may check it before it goes live. More news here
China’s bitcoin mining rebounds to 14%
Bitcoin mining activity in China has rebounded, reaching the third-largest market share globally despite a government ban imposed in 2021, according to data from Hashrate Index.
China accounted for 14% of global bitcoin mining at the end of October, up from nearly zero after the ban.
This resurgence comes as miners make use of cheap electricity and surplus power in provinces such as Xinjiang and Sichuan.
Canaan, a Singapore-based bitcoin mining rig maker, reported its China revenues rise from 2.8% of global sales in 2022 to 30.3% in 2024, and a source said over half of its Q2 2025 sales were from China, though Canaan did not confirm this figure.
Industry sources said the renewed mining activity is also driven by higher bitcoin prices and excess computing power from over-investment in data centers.
Despite the increase, bitcoin mining remains officially banned in China, though analysts estimate that 15%–20% of global mining capacity now operates in the country.
🔗 Source: Reuters
🧠 Food for thought
Implications, context, and why it matters.
China’s ban stays in place as activity rebounds
- China’s 2021 national ban on cryptocurrency mining remains in effect. The share rebounded to about 14% of global hashrate (the total computing power devoted to mining) by end-October, with activity in Xinjiang and Sichuan.
- Before the crackdown, many operators moved with the seasons between Xinjiang’s coal power in dry months and Sichuan’s hydropower in wet months to cut costs. Whether that pattern survives current enforcement is unclear.
- Industry contacts tie the rebound to higher bitcoin prices, cheap or surplus electricity and excess compute from overbuilt data centers while mining remains illegal.
Rig makers and hosts should line up compliant backup markets
- For rig maker Canaan, based in Singapore, China brought in 30.3% of 2024 revenue. That reliance is risky given uneven enforcement and the chance of sudden crackdowns.
- Hosting providers (data center operators that house miners’ hardware) and infrastructure vendors in places with clear rules and low power costs should add capacity faster to win business if China tightens again.
- Investors need to check where revenue comes from, since a company with a large share from China could lose that income within months.
- Competitors in North America, Kazakhstan, and the Nordic region can lock in long-term hosting deals with miners that want stable policy.
