China's BTC mining share ranks third globally despite ban: Reuters

Bitcoin mining activity in China is showing signs of a resurgence despite a nationwide ban implemented in 2021, Reuters reported. Citing data from Hashrate Index, the report noted that as of October this year, China's share of global Bitcoin mining had risen to 14%, placing it third after the U.S. and Russia. This revival is attributed to improved mining economics, driven by a combination of cheap electricity in energy-surplus regions and the expansion of data center infrastructure. For example, private miners in the Xinjiang region are reportedly using surplus power that exceeds transmission grid capacity. While many Chinese miners relocated to North America and Central Asia after the ban, profitability recovered around October amid a pro-crypto stance in the U.S. and a bullish Bitcoin market, leading to an increase in reactivated operations within China. The report estimates that the country now accounts for between 15% and 20% of the global Bitcoin mining hashrate.