Overview
- Hashrate Index estimates China held about 14% of global bitcoin hashrate by late October, returning it to third place worldwide.
- CryptoQuant gauges China’s share at roughly 15%–20%, highlighting the uncertainty of location data where miners hide activity.
- Underground operations cluster in Xinjiang and Sichuan as surplus electricity and legacy data-center capacity lower mining costs.
- Canaan’s filings show China generated 30.3% of its 2024 revenue, with a source saying domestic sales exceeded 50% in Q2 2025, signaling stronger local demand for rigs.
- The ban remains official as Hong Kong’s new stablecoin regime and discussions of yuan-backed tokens suggest a softer policy tone, even while record-low hashprice squeezes miner margins.