China Returns as Third Largest BTC Mining Hub With a 14% Share: Reuters
China has revived its Bitcoin mining presence, reaching the third-largest global share at 14% despite the 2021 ban.Summary
Bitcoin mining is significantly reviving in China, which has climbed back to the third position globally with an estimated 14% share of mining by October, according to Hashrate Index, despite the activity being formally banned in 2021. This resurgence is fueled by miners operating quietly in regions like Xinjiang and Sichuan, which offer abundant and inexpensive electricity, leading to new underground projects. Data provider CryptoQuant estimates China's current global mining capacity at 15% to 20%. Furthermore, leading rig producer Canaan has seen a sharp rebound in domestic sales, supported by higher Bitcoin prices and uncertainty surrounding U.S. tariffs. While the Chinese government has not officially reversed its ban, signals suggest a softening stance, evidenced by Hong Kong's stablecoin legislation and discussions around yuan-backed stablecoins. Separately, the article notes that Bitcoin hashprice hit an all-time low of $34.2 PH/s due to Bitcoin's price drop, subdued transaction fees, and high network hashrate.
(Source：CoinDesk)