China had been the world's biggest crypto mining country until Beijing banned all cryptocurrency trading and mining in 2021, citing threats to the country's financial stability and energy conservation. After having seen its global bitcoin mining market share slump to zero as a result of the ban, China crept back to third place with a 14% share at the end of October, according to Hashrate Index, which tracks bitcoin mining activities.
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Bitcoin mining in China rebounds, defying 2021 ban
“Chinese policy flexibility emerges when economic incentives are strong in specific regions,” said Patrick Gruhn, CEO of Perpetuals.com, a provider of crypto market infrastructure.
