TechFlow news, November 24 — According to Reuters, despite China's comprehensive ban on cryptocurrency trading and mining in 2021, Bitcoin mining activities are quietly reviving within the country. Data from Hashrate Index shows that China’s share of global Bitcoin mining has rebounded from zero after the ban to 14% by the end of October, ranking third worldwide. Miners are primarily leveraging cheap electricity and excess data center capacity in energy-rich provinces such as Xinjiang. Canaan, a mining hardware manufacturer, reported that its sales in China exceeded 50% of its global revenue in the second quarter of this year.
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