Bitcoin mining in China is rebounding in force, marking a stunning reversal for an industry that was forced underground after Beijing’s 2021 crackdown. New data from Hashrate Index shows China climbed back to the world’s No. 3 mining hub at the end of October, capturing roughly 14% of the global bitcoin hashrate, up from effectively zero after the ban.

The resurgence is being driven by a mix of cheap electricity, excess data-center capacity, rising bitcoin prices, and what many miners interpret as a softening regulatory posture. The rebound adds a new layer to bitcoin’s global mining narrative, particularly as geopolitical tensions between Washington and Beijing intensify.

Industry players, including mining-rig giant Canaan, are seeing clear evidence of revival. Canaan’s sales in China surged from just 2.8% of revenue in 2022 to 30.3% in 2023, and surpassed 50% in Q2 of this year, according to a source familiar with the data. The company attributed the shift to tariff uncertainty in the U.S., higher bitcoin prices, and China’s evolving digital-asset strategy.

Read more: Google Throws Bitcoin a Lifeline

While Beijing has not officially lifted the mining ban, analysts say policy flexibility often emerges when economic incentives align. The country’s recent moves, such as discussions around yuan-backed stablecoins, suggest a wider reassessment of digital-asset frameworks.

Bitcoin mining might still be officially banned in China, but the data suggests that the mining capacity in the country is growing rapidly.

FAQ🌐

• Is bitcoin mining still banned in China?
  Yes, but enforcement varies by region, and activity continues underground.
• Why is mining returning to China?
  Cheap electricity, unused power capacity, and policy shifts are drawing miners back.
• How big is China’s mining share now?
  Estimates place it at 14–20% of global hashrate.
• Are mining-rig sales rising in China?
  Yes, rig makers report a sharp rebound in domestic demand.

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