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💸The ban didn't work: bitcoin mining in China is growing again
Bitcoin mining is quietly reviving in China, although it was banned back in 2021. According to industry data and sources from the South China Morning Post, private and corporate miners are utilizing cheap electricity and the growth of data centers in resource-rich provinces.
After China's share of the global hashrate fell to zero, the country has risen again to third place — with a share of 14% at the end of October, according to Hashrate Index.
📈 The recovery is confirmed by the growing sales of equipment from Canaan. This revival of mining may further support the demand and price of Bitcoin.
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