China’s Comeback: Bitcoin Mining Resurrected with 14% Share! 🤔

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Bitcoin mining in China

What to know:

  • China has slyly crept back into the game, grabbing about 14% of the world’s bitcoin mining pie, all thanks to cheap electricity and overflowing data centers in regions like Xinjiang. Who knew? 🕵️‍♂️
  • As if by magic, domestic mining rigs are flying off the shelves, and despite the official bans, clandestine mining activities are expanding-because who doesn’t love a little secret rebellion? 🔥
  • Meanwhile, the bitcoin hashprice has plummeted to a new all-time low, making miners feel like they’re mining for pennies-in funny money, no less. Lower prices, lower fees, higher difficulty-sounds like a miner’s nightmare, or perhaps a comedy show. 😅

Bitcoin mining in China is staging an impressive comeback, despite the government’s stern warnings and the official ban back in 2021. Truly, the art of doing something unofficially is alive and well.

After almost vanishing from the global scene, China has made a sneaky return to the third spot, amassing roughly 14% of the worldwide mining capacity by October, according to Hashrate Index. Talk about an undercover operation! 🕵️‍♀️

This resurrection is orchestrated by miners operating under the radar in regions blessed with abundant, dirt-cheap electricity-mainly Xinjiang-where excess power and rapid data center building create a veritable playground for clandestine mining. 🏗️

Insiders told Reuters that surplus electricity and a few rebellious miners are fueling new underground projects, with some veterans returning from retirement like seasoned actors reappearing on stage. CryptoQuant estimates that China’s hidden capacity now accounts for 15 to 20% of global mining-who needs transparency, right? 🌎

Meanwhile, Canaan, a top mining rig producer, reports a sharp uptick in local sales-because nothing says confidence like higher bitcoin prices and a dash of US tariff paranoia. Although official China mostly keeps mum, signs hint at a softer stance-perhaps a sign that even the dragon is cautiously blinking. 🐉

Hashprice Hits an All-Time Low

In a cruel twist of fate, the bitcoin hashprice-the gig that miners rely on-slid to a historic low on Friday. Currently, it stands at $34.2 per PH/s. Yes, you read that right. Mining for less than a fancy coffee. ☕️

The hashprice hinges on four main factors: network difficulty, bitcoin’s current price, block subsidies, and transaction fees. When bitcoin dips and network difficulty soars, miners take a hit-like trying to sell snow in the desert.

Since October’s peak, bitcoin has declined over 30%, transaction fees are as scarce as unicorns, and the total hashing power is just slightly above one zettahash-meaning miners are basically just spinning their wheels. The next difficulty tweak is expected on Wednesday, with projections showing another dip of over 2%. Looks like the miners are in for a rough week. 😬

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2025-11-24 14:23