Bitcoin 
$86,950.13 mining Although it was banned in 2021, it has started to rise again in China. According to Reuters, the country rose to third place, accounting for nearly 14 percent of the global hash rate as of October. This turnaround is supported by cheap electricity, excess energy production and increasing data center capacity. Low-cost infrastructure, especially in Xinjiang and Sichuan, has made underground mining attractive again.
China’s Mining Comeback in the Shadow
Hashrate Index data ChineseIt confirms that ‘s has made a strong return to the global mining scene. Miners who spoke to Reuters say that companies operating in regions with intense energy surplus have started to work again secretly. According to CryptoQuant data, 15 to 20 percent of the worldwide hash rate originates from China. This increase in hash rate shows that despite the bans, the sector cannot be stopped completely and low electricity costs maintain their effect.
However, a significant softening is observed in the political line of the government. Hong Kong’s new stablecoin law and yuan-backed cryptocurrency discussions in Beijing cryptocurrencyIt reinforces his comments that he has adopted a more flexible perspective in his approach to the world. Although the ban is officially in effect, gaps in implementation and regional differences pave the way for the re-growth of mining activities.
Falling Hashprice Challenges Miners
mining equipment manufacturer Canaanannounced that sales in the domestic market increased rapidly, and especially the recovery in the price of Bitcoin strengthened local demand. While trade uncertainties in the USA weakened the company’s foreign sales, it contributed to domestic miners increasing their activities. However, this recovery did not increase miners’ incomes to the same extent.
Luxor Showing the income miners earn per unit hash power according to data Bitcoin hashprice The indicator dropped to an all-time low of $34.2/PetaHash. The 30 percent drop in Bitcoin’s price, low transaction fees and high network difficulty continue to keep revenues under pressure. While the network’s hash rate remains at one zettahash level, the difficulty adjustment expected next week is predicted to bring a decrease of around 2 percent.
