In 2020, Chinese miners produced 65% of global Bitcoin computing power. By 2021, the government banned mining due to financial risks and high electricity use. As a result, global hashrate dropped, but global electricity use by BTC miners increased from 89 TWh in 2021 to 121.13 TWh in 2023.

China now accounts for about 14% of global Bitcoin mining, making it the third-largest mining country. Canaan’s sales indicate a resurgence in mining, with China accounting for over 50% of its revenue in Q2 2025. Bitcoin’s network resilience is evident as mining shifts globally from China to the US and Central Asia.

China’s mining resurgence is fueled by surplus energy in regions like Xinjiang, Sichuan, and other western provinces. Rising Bitcoin prices and surplus data center capacity have made mining profitable. Beijing’s changing attitude towards digital assets includes exploring yuan-backed stablecoins and advancing the e-CNY for international use and retail payments.

Read more at Cointelegraph: Why China’s Bitcoin mining activity is surging after a 4-year crackdown