Following a complete ban in 2021, Chinese Bitcoin mining rebounded to third place globally by the end of October, with its market share rising to 14%.

According to a Reuters report, despite China's complete ban on cryptocurrency trading and mining in 2021, Bitcoin mining has recently made a quiet comeback in China. As of the end of October this year, China's global Bitcoin mining market share had risen to 14%, ranking third. Miner and industry data show that some energy-rich provinces have attracted individual and corporate miners back to the mining field due to low electricity costs and data center expansion.

Analysis indicates that China's policy flexibility is driven by economic interests. Although the government has not officially relaxed mining restrictions, related activities remain active in regions with abundant electricity, such as Xinjiang. Sales data from mining machine manufacturer Canaan also shows a significant rebound in demand in the Chinese market, with sales in China accounting for over 50% of its total sales in the second quarter of this year.

Furthermore, the implementation of Hong Kong's stablecoin law and the potential development of RMB-denominated stablecoins indicate a softening of China's stance on digital assets. CryptoQuant estimates that approximately 15%-20% of global Bitcoin mining capacity is currently operating in China. Industry insiders believe that as mining becomes more profitable, related policies may gradually loosen.