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flag China's bitcoin mining is rebounding due to cheap power and rising prices, despite the 2021 ban.

flag Bitcoin mining is seeing a resurgence in China, with the country now accounting for 14% to 20% of global mining capacity despite the 2021 ban. flag Driven by cheap electricity in Xinjiang and Sichuan, excess data center power, and rising bitcoin prices, miners are returning, and Chinese rig sales have surged. flag Canaan reports China now makes up over half its global revenue, up from 2.8% in 2022. flag While mining remains officially prohibited, signs of a more lenient approach include Hong Kong’s stablecoin regulations and Beijing’s exploration of yuan-backed digital currency, suggesting a cautious policy shift.

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