Key Notes
- The USA leads global hashrate at 37.75% while Russia holds second place at 15.51%, with China trailing as the third-largest mining hub.
- Bitcoin mining machine maker Canaan generated 30.3% of its 2024 global revenues from China, up from 2.8% in 2022 following the crackdown.
- Hong Kong’s stablecoin bill took effect in August 2025 while Beijing considers yuan-backed stablecoins for global currency adoption.
Bitcoin
BTC
$86 173
24h volatility:
0.3%
Market cap:
$1.72 T
Vol. 24h:
$69.93 B
mining is quietly staging a comeback in China four years after Beijing banned all cryptocurrency mining, with the country reclaiming a 14% share of global hashrate and ranking third worldwide as of late October.
The resurgence comes despite the 2021 ban remaining officially in effect, with miners exploiting cheap electricity and a data center boom in energy-rich provinces. China’s state planning agency and central bank have not issued any policy reversals since declaring all crypto transactions illegal in September 2021.
Bitcoin
BTC
$86 173
24h volatility:
0.3%
Market cap:
$1.72 T
Vol. 24h:
$69.93 B
mining activity in China reached 145 exahashes per second as of late October, according to Hashrate Index, which tracks Bitcoin mining activities. The USA leads at 37.75% with 389.3 EH/s, supported by aggressive expansion from US mining firms, while Russia holds second place at 15.51% with 160 EH/s. Hashrate data relies on IP-based geolocation, which can be distorted by VPN usage in regions where mining is banned.
Underground Mining Resurgence
Xinjiang has emerged as the primary hub for the mining rebound due to abundant, cheap electricity that cannot be transmitted out of the province. Private miners told Reuters they started operations late last year, with new projects currently under construction in the region.
Hardware sales data independently corroborates the resurgence. Canaan Inc., the world’s second-largest Bitcoin mining machine maker, generated 30.3% of its 2024 global revenues from China compared to just 2.8% in 2022. China’s share of Canaan sales exceeded 50% in the second quarter of 2025, according to a source with direct knowledge of the figures. CryptoQuant estimates that 15% to 20% of global Bitcoin mining capacity currently operates in China.
The rebound in Bitcoin mining coincides with digital asset prices hitting record highs in October, when Bitcoin reached $126,000 for the first time. The cryptocurrency has since retreated to approximately $86,500, a decline of roughly 31% from its peak, as global risk appetite wanes.
Signs of Policy Shift
The mining rebound coincides with signs that Beijing has softened its stance toward digital assets. Hong Kong’s stablecoin bill took effect in August 2025, and Beijing is reviewing a roadmap for yuan-backed stablecoins to boost global adoption of its currency.
Patrick Gruhn, CEO of crypto market infrastructure provider Perpetuals.com, told Reuters that the resurgence of mining activity in China is one of the most important signals the market has seen in years.
The resurgence raises questions about Bitcoin’s decentralization as mining concentrates among three dominant nations controlling over 67% of global hashrate. Whether Beijing will formalize tolerance or crack down again remains uncertain, but the economic incentives driving Xinjiang’s underground operations show no signs of fading.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
