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China Becomes the World’s Third-Largest Bitcoin Mining Hub
In October, China accounted for 14.06% of global Bitcoin hashrate. The country has adopted a so-called “cypherpunk mining method” — as long as miners have access to power and hardware, underground operations continue to extract BTC while avoiding detection by authorities, according to Luxor analysts.
More than 95% of ASIC-based Bitcoin mining hardware is manufactured by Chinese companies such as Bitmain, MicroBT, and Canaan. Analysts at Miner Weekly, citing several anonymous sources within ASIC supply chains, suggested that one of the main hubs of underground mining is the Xinjiang Uyghur Autonomous Region — known for its relative isolation and cheap electricity ($0.03–0.04 per kWh). Before the 2021 mining ban, the region was already one of China’s leading Bitcoin mining centers.
According to Hashrate Index, most of the global Bitcoin hashrate is now concentrated in five countries:
- United States — 37.8% (389 EH/s)
- Russia — 15.5% (160 EH/s)
- China — 14.06% (145 EH/s)
- Paraguay — 3.9% (40 EH/s)
- United Arab Emirates — 3.2% (33 EH/s)
Kazakhstan ranks eighth with 2.1% (22 EH/s), behind Canada and Oman, both holding 2.9% (30 EH/s).
Earlier, Eric Trump, son of the U.S. president, stated that China remains one of the largest players in the global crypto market despite its nationwide ban on mining and digital asset trading.
See also: "VanEck: Bitcoin Miners’ Debt Soars 500% in a Year to $12.7 Billion"
