禁令之下，中国比特币挖矿算力回升，重返全球第三大挖矿国？

Core Viewpoint - China's Bitcoin mining activities have surprisingly revived four years after a comprehensive ban, with its hash rate now ranking third globally, driven by economic incentives, local agreements, and technological realities [1][2]. Group 1: Market Share and Hashrate - As of October 2025, China's Bitcoin network hash rate has rebounded to approximately 14.1%, equating to 145 EH/s, making it the third-largest mining country after the United States (37.8% or 389 EH/s) and Russia (15.5% or 160 EH/s) [2]. Group 2: Factors Driving the Resurgence - The resurgence of Bitcoin mining in China is attributed to three core factors: 1. Cheap Electricity: Regions like Xinjiang, Sichuan, and Inner Mongolia offer industrial electricity prices as low as 0.2 to 0.35 RMB per kWh, significantly below the international average, creating a cost advantage for miners [4]. 2. AI Data Centers' Unintentional Support: The construction of AI and cloud computing data centers has led to idle facilities and power quotas, allowing local governments to tacitly permit these facilities to pivot to Bitcoin mining, thus utilizing excess electricity and generating local tax revenue [5]. 3. High Bitcoin Prices: Bitcoin prices surged to a historical high of $126,000 in 2025, with subsequent prices stabilizing between $80,000 and $90,000, providing substantial profit margins for miners, which incentivized their return despite regulatory risks [5][6]. Group 3: Historical Context and Global Dynamics - The expulsion of Chinese mining companies and engineers in 2021 led to their migration to the U.S., particularly Texas, where they adapted to local energy markets and became crucial in addressing the electricity demands of AI data centers [8][9]. - The irony lies in the fact that while China aimed to enhance energy security and financial sovereignty by banning mining, the displaced capacity and expertise have become vital assets for U.S. AI strategies [9]. Group 4: Regulatory Environment and Future Outlook - Despite the thriving underground mining activities, the Chinese government's ban on cryptocurrency mining remains in effect, posing risks of sudden crackdowns and penalties [11]. - Analysts suggest that as long as Bitcoin prices remain high and local governments face fiscal pressures, the ongoing "cat-and-mouse" game between regulation and market activity will continue, with the future direction remaining uncertain [11].