After the ban in 2021, Bitcoin mining activities in China have unexpectedly bounced back strongly. According to Hashrate Index, China has returned to the 3rd position in the world, accounting for about 14-20% of the total hashrate.
Sales of mining machines in China have also surged, indicating that mining activities are bouncing back. Although the government has not lifted the ban, the attitude towards crypto is becoming softer, as evidenced by Hong Kong having stablecoin regulations and China considering the issuance of a stablecoin pegged to the Renminbi.
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