Core Insights - Bitcoin mining is experiencing a resurgence in China despite a ban imposed in 2021, driven by cheap electricity and a boom in data centers in energy-rich provinces [1][2][6] - China's global bitcoin mining market share has increased to 14% by the end of October, recovering to the third position after previously dropping to zero due to the ban [2] - The rebound in mining activity is supported by rising bitcoin prices and a surplus of electricity and computing power from over-investment in data centers [6] Industry Dynamics - The ban in 2021 led to a mass exodus of miners to regions like North America and Central Asia, but some miners are now returning to China [4] - The mining resurgence is linked to favorable economic conditions in specific regions, particularly where electricity costs are low, such as Xinjiang [3][6] - Industry experts suggest that even hints of policy easing in China could positively influence bitcoin's perception as a resilient global asset [6] Market Impact - The increase in bitcoin mining activity coincides with the cryptocurrency reaching record highs in October, influenced by U.S. policies and growing skepticism towards the dollar [5] - Despite the recent price drop of approximately one-third from its peak, the mining sector remains optimistic due to the underlying economic incentives [5]

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