China’s share of global Bitcoin mining rises to 14%

China has reemerged as one of the world’s largest centers for bitcoin mining, reaching the third-highest share of global activity at the end of October, figures from Hashrate Index show. The country’s participation had fallen to nearly zero after authorities introduced a nationwide ban on mining operations in 2021.

Industry analysts say the renewed activity stems from access to inexpensive power and surplus electricity in regions including Xinjiang and Sichuan. Rising bitcoin prices and unused computing capacity from past investments in data centers have also contributed to the increase, according to sector sources.

Canaan, a Singapore-based manufacturer of bitcoin mining equipment, has seen a sharp rise in orders linked to China. The company’s revenue from the Chinese market grew from 2.8% of global sales in 2022 to more than 30% in 2024. A source familiar with the matter said over half of Canaan’s sales in the second quarter of 2025 came from China, though the company did not confirm this figure.

While mining remains officially prohibited under national regulations, industry estimates suggest that between 15 and 20% of global bitcoin mining capacity is currently operating inside China.

Earlier, Qazinform reported that Bitcoin dropped nearly 10%, falling to its lowest level since April.