According to Mars Finance, despite China's comprehensive ban on crypto asset trading and mining in 2021, Bitcoin mining activities are quietly reviving in China. Data from the Hashrate Index shows that China's Bitcoin mining market share has rebounded from zero after the ban to 14% by the end of October, ranking third globally. Miners primarily utilize cheap electricity from energy-rich provinces like Xinjiang and surplus capacity from data centers. Mining rig manufacturer Canaan's sales in China in the second quarter of this year have exceeded 50% of its global revenue.
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