Here’s something pretty crazy. Bitcoin mining is making a comeback in China even though it’s still technically banned. Chinese miners now control around 14% of global Bitcoin mining, according to data from late October. That’s insane considering the government banned all crypto mining and trading back in 2021.
The ban was supposed to protect financial stability and help China hit its energy conservation targets. But enforcement’s been really weak lately, and miners are reading that as a subtle hint to get back into things. They’re buying new equipment and setting up facilities again.
The numbers really tell the story here. Canaan, one of the biggest mining hardware companies, made 30.3% of its revenue from China last year. Back in 2022, right after the ban, it was only 2.8%. That’s over ten times more. In Q2 2025 anonymous sources claim Chinese buyers accounted for about 50% of Canaan’s sales, though the company hasn’t officially confirmed that yet.
One miner explained to Reuters that a lot of energy in places like Xinjiang can’t even be transmitted out, so they just use it for crypto mining instead. Where electricity’s cheap, people mine. Simple as that. If China actually lifts the ban for real, it could give Bitcoin the push it needs after falling 30% from its October peak of $125,000.
Conclusion
China’s resurgent Bitcoin mining activity despite official restrictions hints at shifting government attitudes, potentially reshaping global mining landscapes and providing market momentum as enforcement loosens considerably.
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