Reuters: China's Bitcoin Mining Market Share Rebounds to Third Place Globally in 2021 After Comprehensive Ban

On November 24th, according to Reuters citing Hashrate Index data, China used to be the world's leading cryptocurrency mining country. However, in 2021, due to concerns about national financial stability and energy conservation, it completely banned all cryptocurrency trading and mining. With the market share gradually recovering to 14% by the end of October, China has re-entered the global third position. Wang, a private miner in Xinjiang, stated that he mines in an area abundant in electricity, saying, "A large amount of energy cannot be transmitted from Xinjiang, so it is used through cryptocurrency mining." At the same time, as investors' distrust of the dollar intensifies, mining has become more profitable. CryptoQuant estimates that currently about 15% to 20% of the global Bitcoin hashrate comes from China.