The post China’s Illegal Bitcoin Mining Rebounds to 14% Hashrate appeared on BitcoinEthereumNews.com. Key Notes The USA leads global hashrate at 37.75% while Russia holds second place at 15.51%, with China trailing as the third-largest mining hub. Bitcoin mining machine maker Canaan generated 30.3% of its 2024 global revenues from China, up from 2.8% in 2022 following the crackdown. Hong Kong’s stablecoin bill took effect in August 2025 while Beijing considers yuan-backed stablecoins for global currency adoption. Bitcoin BTC $86 173 24h volatility: 0.3% Market cap: $1.72 T Vol. 24h: $69.93 B mining is quietly staging a comeback in China four years after Beijing banned all cryptocurrency mining, with the country reclaiming a 14% share of global hashrate and ranking third worldwide as of late October. The resurgence comes despite the 2021 ban remaining officially in effect, with miners exploiting cheap electricity and a data center boom in energy-rich provinces. China’s state planning agency and central bank have not issued any policy reversals since declaring all crypto transactions illegal in September 2021. Bitcoin BTC $86 173 24h volatility: 0.3% Market cap: $1.72 T Vol. 24h: $69.93 B mining activity in China reached 145 exahashes per second as of late October, according to Hashrate Index, which tracks Bitcoin mining activities. The USA leads at 37.75% with 389.3 EH/s, supported by aggressive expansion from US mining firms, while Russia holds second place at 15.51% with 160 EH/s. Hashrate data relies on IP-based geolocation, which can be distorted by VPN usage in regions where mining is banned. Underground Mining Resurgence Xinjiang has emerged as the primary hub for the mining rebound due to abundant, cheap electricity that cannot be transmitted out of the province. Private miners told Reuters they started operations late last year, with new projects currently under construction in the region. Hardware sales data independently corroborates the resurgence. Canaan Inc., the world’s second-largest Bitcoin… The post China’s Illegal Bitcoin Mining Rebounds to 14% Hashrate appeared on BitcoinEthereumNews.com. Key Notes The USA leads global hashrate at 37.75% while Russia holds second place at 15.51%, with China trailing as the third-largest mining hub. Bitcoin mining machine maker Canaan generated 30.3% of its 2024 global revenues from China, up from 2.8% in 2022 following the crackdown. Hong Kong’s stablecoin bill took effect in August 2025 while Beijing considers yuan-backed stablecoins for global currency adoption. Bitcoin BTC $86 173 24h volatility: 0.3% Market cap: $1.72 T Vol. 24h: $69.93 B mining is quietly staging a comeback in China four years after Beijing banned all cryptocurrency mining, with the country reclaiming a 14% share of global hashrate and ranking third worldwide as of late October. The resurgence comes despite the 2021 ban remaining officially in effect, with miners exploiting cheap electricity and a data center boom in energy-rich provinces. China’s state planning agency and central bank have not issued any policy reversals since declaring all crypto transactions illegal in September 2021. Bitcoin BTC $86 173 24h volatility: 0.3% Market cap: $1.72 T Vol. 24h: $69.93 B mining activity in China reached 145 exahashes per second as of late October, according to Hashrate Index, which tracks Bitcoin mining activities. The USA leads at 37.75% with 389.3 EH/s, supported by aggressive expansion from US mining firms, while Russia holds second place at 15.51% with 160 EH/s. Hashrate data relies on IP-based geolocation, which can be distorted by VPN usage in regions where mining is banned. Underground Mining Resurgence Xinjiang has emerged as the primary hub for the mining rebound due to abundant, cheap electricity that cannot be transmitted out of the province. Private miners told Reuters they started operations late last year, with new projects currently under construction in the region. Hardware sales data independently corroborates the resurgence. Canaan Inc., the world’s second-largest Bitcoin…