%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Despite a reported government ban on the industry, Bitcoin (CRYPTO: $BTC ) mining in China is quietly staging a comeback. Authorities in Beijing banned cryptocurrency mining four years ago as companies increasingly exploited China's cheap electricity and hydro power. The ban initially led to a mass exodus of crypto miners from China to the U.S., Canada, and elsewhere in Asia. But after seeing its global Bitcoin mining market share fall to zero, China has crept back to third place globally with a 14% share at the end of October this year, according to Hashrate Index. The resurgence in Bitcoin mining in China could act as a demand and price support for the world's largest cryptocurrency. The rebound in Bitcoin mining across China coincided with the digital asset hitting record highs in early October, making crypto mining more profitable. However, Bitcoin's price has since fallen by roughly a third as investors' risk appetite wavers. China has not officially relaxed Bitcoin mining curbs, but miners have quietly resurfaced across the country despite risks of a government crackdown. Recent media reports out of China say that Beijing has begun to soften its attitude toward digital assets amid a prolonged economic slowdown in the nation of 1.4 billion people. China is also reportedly considering allowing the use of Yuan-backed stablecoins to boost the wider adoption of its currency globally and catch-up with a U.S. push into stablecoins. BTC is currently trading at $86,000 U.S., down 31% since mid-October of this year.