Overview
- China accounts for roughly 14% of global bitcoin hashrate as of late October, placing it third worldwide, with CryptoQuant estimating a broader 15%–20% range.
- Miners report renewed operations in energy‑rich hubs such as Xinjiang and Sichuan, where cheap, stranded electricity and overbuilt data‑center infrastructure lower costs.
- Canaan’s sales point to a domestic rebound, with 30.3% of 2024 revenue from China and more than 50% of sales in Q2 2025, aided by higher bitcoin prices and U.S. tariff uncertainty.
- The national ban remains on the books and regulators did not comment, yet signals like Hong Kong’s new stablecoin law and discussions of yuan‑backed stablecoins suggest a softer posture.
- Bitcoin set record highs in October before falling about a third, a swing that improved mining economics earlier in the fall even as recent revenue pressure persists.