Market News
Bitcoin mining in China rebounds, defying 2021 ban - REUTERS
Summary
- China's bitcoin mining market share rebounds to 3rd globally, Hashrate Index shows
- Beijing’s softening stance, cheap electricity attract crypto miners
- Bitcoin seen as strategic asset amid Sino-US rivalry, analyst says
Nov 24 (Reuters) - 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 center boom in some energy-rich provinces, according to miners and industry data.
China had been the world's biggest crypto mining country until Beijing banned all cryptocurrency trading and mining in 2021, citing threats to the country's financial stability and energy conservation.
