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According to Reuters, while China, one of the world’s largest economies, continues to implement strict bans on Bitcoin (BTC) and cryptocurrencies, a surprising incident has occurred.
According to the latest data, China has increased its global share in Bitcoin mining to 14%, ranking 3rd worldwide.
It was stated that low electricity prices in regions with electricity surplus in China and the recent increase in Bitcoin price volatility have increased profitability.
While China’s share of Bitcoin mining fell to zero after the bans in 2021, it rose to 14 percent by the end of October, making the country the world’s third-largest miner again.
The United States is far and away the world’s number one Bitcoin mining leader, ahead of China, with Russia in second place.
Based on data from the Hashrate Index, individual and corporate miners in China have reportedly resumed mining operations, especially in some energy surplus regions.
It has been reported that the demand for Bitcoin mining has increased due to the energy surplus, especially in high-production regions such as Xinjiang and Sichuan.
āRecent increases in Bitcoin’s price volatility, discussions about the US’s pro-cryptocurrency policies and weakening confidence in the dollar have boosted mining profitability and revitalized the economy in China,ā analysts said.
*This is not investment advice.
