Overview
- Hashrate Index places China at third globally with a 14% share of bitcoin mining by late October, after falling to near zero following the 2021 crackdown.
- CryptoQuant estimates China’s contribution at 15%–20%, with researcher Julio Moreno noting that significant capacity persists despite the official prohibition.
- Miners and rig makers report activity concentrated in energy-rich regions such as Xinjiang and Sichuan, leveraging surplus electricity and underused data‑center infrastructure.
- Canaan’s filings show 30.3% of 2024 revenue came from China, and a source says China exceeded 50% of sales in Q2 2025, aided by higher bitcoin prices and U.S. tariff uncertainty.
- Policy signals remain mixed as Hong Kong’s stablecoin law takes effect and Beijing weighs yuan‑backed stablecoins, while U.S. leads global hashrate and Russia ranks second.