Crypto’s Great Return: China Secretly Rebuilds Bitcoin Mining Empire to 14% Global Share

Four years after Beijing’s sweeping ban supposedly ended China‘s cryptocurrency mining dominance, the industry is staging a shadow comeback as miners exploit cheap power and booming data center infrastructure in energy-surplus provinces.

China’s mining market share plummeted from world leader to zero following the 2021 crackdown on crypto trading and mining—justified by authorities as necessary for financial stability and energy conservation.

But Hashrate Index data shows the nation has quietly reemerged in third place globally, controlling 14% of Bitcoin mining by late October.

This underground revival, confirmed by surging Chinese sales from equipment maker Canaan Inc, could bolster support for the world’s largest cryptocurrency. “A lot of energy cannot be transmitted out of Xinjiang, so you consume it in the form of crypto mining,” said private miner Wang, who restarted operations last year in the electricity-rich province.