China's Bitcoin mining activity is experiencing a resurgence, four years after a nationwide crackdown. Despite a 2021 ban that saw China's share of global Bitcoin mining plummet, recent data from Hashrate Index indicates that China now accounts for approximately 14% of global mining, ranking third after the US and Kazakhstan. Analysts suggest the real figure could be as high as 20%. The revival is driven by the availability of inexpensive, surplus energy in regions like Xinjiang and Sichuan, where excess power is used for mining. Additionally, overdeveloped data centers are renting space to miners, and rising Bitcoin prices since 2024 have boosted profitability. This resurgence aligns with China's evolving stance on digital assets, moving from outright bans to strategic acceptance, as seen in Hong Kong's stablecoin licensing and the development of the e-CNY.