China is in third place with a 14% share in Bitcoin mining.

China's Rise in Bitcoin Mining

China has returned to account for approximately 14% of global Bitcoin mining, thanks to low electricity costs and excess data center capacity in regions like Xinjiang. This situation is seen as an indicator of the resurgence of mining activities internationally.

Increased local miner hardware sales and softer policy signals indicate that underground mining activities have expanded despite official bans. However, in this process, the Bitcoin hash rate has reached a new historic low due to weak prices, low transaction fees, and high network difficulty. This situation continues to put pressure on miners' revenues.