It seems impossible to compete with China when it comes to cheap energy.
China is quietly re-emerging as a major force in global bitcoin mining four years after Beijing issued its nationwide ban.
New on-the-ground reports indicate that rising hashrate readings and increased mining rig orders point to miners restarting operations in energy-rich regions such as Xinjiang and Sichuan.
This resurgence has been building throughout the second half of the year, pushing China back into the top tier of global mining hubs.
Notably, authorities have not reversed the 2021 restrictions. Instead, the revival is being driven by economic incentives including access to cheap electricity and surplus data-center capacity that can be quietly repurposed for mining. Analysts say the rebound is now visible both in domestic hardware demand and in global network metrics.
Data from Hashrate Index shows that by late October, China had reclaimed roughly 14 percent of global Bitcoin (BTC) hashrate, placing it behind only the United States (37.75 percent at 389 EH/s) and Russia (15.5 percent at 160 EH/s).
Several forces also indicate this comeback:
• Inland provinces continue to produce extremely cheap electricity that cannot be fully transmitted to urban centers, making mining a cost-effective outlet for excess energy.
• Heavy investment in data centers and AI infrastructure has resulted in excess capacity that miners can rent discreetly.
• Bitcoin’s October price rally improved miner profitability, prompting operators to restart machines that had been idle.
Hardware sales tell a similar story. Mining rig manufacturer Canaan reported that China accounted for 30.3 percent of its global revenue last year, a figure that climbed above 50 percent in Q2 2025. Stronger Bitcoin prices, uncertainty around U.S. tariffs, and a subtle easing in China’s digital-asset posture have all contributed. Research and manufacturing of mining equipment remain permitted despite the mining ban.
Technical metrics further confirm the increase in activity:
• Weekly hash volume sits near 1,042 EH
• Network difficulty is around 152.27T
• Hashprice continues to soften, putting pressure on higher-cost miners
• Current mining rewards average 3.14 BTC/day, with transaction fees contributing ~0.55 percent
• The next difficulty adjustment is scheduled for November 27, 2025
Below is a concise table comparing selected major public miners and their current positioning as global hashrate continues to shift.
| Company | Primary Focus | Recent Key Metric |
| Marathon Digital (MARA) | Large-scale U.S. mining and global expansion | • Hashrate: 57.4 EH/s (Q2) • Treasury: 52,850 BTC |
| Riot Platforms (RIOT) | U.S. miner with integrated power strategy | • BTC mined: 1,406 (Q3) • Hashrate: 36.5 EH/s |
| Bitfarms (BITF) | Cost-efficient mining across LatAm & North America | • Hashrate: 19.5 EH/s • Energy capacity: 461 MW |
| Hut 8 (HUT) | Low-cost, sustainability-focused North American miner | • Hashrate: 12 → 26.8 EH/s • BTC holdings: 10,278 |
Liu on China’s mining: “Growth driven by economics, not policy”
Liu Honglin, a long-time observer of China’s mining ecosystem, said the country may gradually soften its stance as economic incentives outweigh enforcement pressure.
“I personally think government policies against mining will be gradually loosened, because you simply cannot stop such activities completely,” he said.
It remains to be seen how much of an impact the resurgent Chinese Bitcoin mining sector will have on the rest of the crypto market, but at the very least, it represents a significant amount of competition for current mining companies.
