China has regained its position as the third-largest Bitcoin mining hub globally, with its hashrate share rising to 14% as of October 2025. This resurgence comes despite the country's 2021 ban on cryptocurrency mining and trading. The increase in mining activity is attributed to low electricity costs, the repurposing of idle AI data centers, and rising Bitcoin prices. The United States and Russia remain ahead, with hashrate shares of 37.75% and 15.51%, respectively. Canaan's Q2 2025 financial report highlights a significant increase in China's revenue share, now exceeding 50%, compared to less than 3% in 2022. However, potential regulatory crackdowns and China's 2026 carbon neutrality goals pose ongoing risks to the mining sector.