Bitcoin Mining Returns to China Despite 2021 Ban, Reaches 14% Market Share

China’s Bitcoin mining industry has experienced a dramatic resurgence despite the country’s four-year ban. As of late October, according to Hashrate Index data, China holds 14% of the global market share, marking a significant reversal from its near-zero position after Beijing’s 2021 crackdown. This comeback is driven by cheap electricity and excess data center capacity in provinces like Xinjiang, indicating a subtle shift in enforcement despite the official prohibition remaining in place.