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Reuters: China's Bitcoin mining market share has returned to third place globally after the comprehensive ban in 2021.
On November 24, according to a Reuters report citing Hashrate Index data, China was once the world's largest crypto mining country, but in 2021 it fully banned all cryptocurrency trading and mining due to concerns about national financial stability and energy conservation. With the market share gradually recovering to 14% by the end of October, China has returned to third place globally. A private miner in Xinjiang, Wang, stated that he is mining in areas abundant in electricity, saying, “Much of the energy cannot be transmitted out of Xinjiang, so it is used through crypto mining.” Meanwhile, as investors' distrust of the US dollar increases, mining has become more profitable. CryptoQuant estimates that currently about 15%-20% of the global Bitcoin computing power comes from China.