Bitcoin mining activities in China rebound, market share jumps to third globally

Despite China's comprehensive ban on cryptocurrency trading and mining in 2021, Bitcoin mining activities are quietly reviving in the country.

According to Hashrate Index data, China's share of the Bitcoin mining market has rebounded from zero after the ban to 14% by the end of October, ranking third globally. Miners primarily take advantage of cheap electricity and surplus data center capacity in energy-rich provinces such as Xinjiang. Mining machine manufacturer Canaan's sales in China in the second quarter of this year have exceeded 50% of its global revenue.