China Reinforces Its Position in Global Mining, Reclaiming Third Place
Date: 2025-11-25 Author: Henry Casey Categories: IN WORLD
By the end of Q4 2025, China's share of global Bitcoin computing power exceeded 14%, allowing the country to regain its third place in the global hashrate distribution. These data are cited in Hashrate Index statistics cited by Reuters. The United States remains the leader, controlling almost 38% of mining activity, followed by Russia, whose share exceeds 15%.
Despite the formal ban on cryptocurrency mining imposed in China in 2021, some companies continued to operate. Following the industry restrictions, many companies relocated to other jurisdictions—the United States, Russia, Kazakhstan, and several neighboring countries—but authorities were unable to completely halt the sector. Several miners confirmed in interviews with Reuters that domestic operations are continuing, particularly in regions with excess electricity.
Experts note that the sector's revival is due to several factors. Some provinces have an excess of cheap electricity that cannot be efficiently redirected to other parts of the country. Furthermore, significant government investments in building powerful computing infrastructure have left some equipment unused and are now being leased or sold at significant discounts.
ASIC hardware manufacturer Canaan also indirectly confirms this trend. The company reported that the Chinese market will account for over 30% of its revenue in 2024, and according to internal estimates by some employees, the share of shipments to China will exceed 50% in the second quarter of 2025. Although the company avoids direct comment, it attributes the sales growth to US tariff policies, which make domestic shipments more attractive.
Miners operating in the Sichuan and Xinjiang regions say it's impossible to completely halt mining in the country. One source told Reuters that many entrepreneurs involved in the industry have resumed operations, relying on cheap local resources. Another miner from Xinjiang noted that the region's abundant electricity continues to create favorable conditions for the development of cryptocurrency mining, despite the current restrictions.
Some analysts suggest that the regulatory regime could be relaxed in the coming years. Infrastructure company representatives and legal experts believe that completely banning such a large-scale and distributed sector is virtually impossible. Moreover, even the anticipation of a possible policy review could trigger further growth in mining activity in the country.
Some sources previously reported that Chinese authorities continue to sell confiscated crypto assets, although such transactions are also formally prohibited. This only highlights the ambiguity of the current situation and the continued interest of the state and businesses in digital assets.
