Bitcoin mining in China rebounds, defying 2021 ban
Individual and corporate miners exploit cheap electricity and a data-centre boom in some energy-rich provinces, miners and industry data say
Bitcoin mining is quietly staging a comeback in China despite being banned four years ago, as individual and corporate miners exploit cheap electricity and a data-centre boom in some energy-rich provinces, according to miners and industry data.
The resurgence in bitcoin mining, which has also been corroborated by rig maker Canaan’s fast-rebounding sales in China, could act as a demand and price support for the world’s largest cryptocurrency.
“A lot of energy cannot be transmitted out of Xinjiang, so you consume it in the form of crypto mining,” Wang said, asking to be identified only by his family name. “New mining projects are under construction. What I can say is that people mine where electricity is cheap.”