<p>中国比特币挖矿的轻微回升引发了对北京放宽限制的呼声，让这个耗电量巨大的行业能够利用国内的能源过剩，但专家表示中国结束挖矿禁令的可能性较低。\n 根据美国比特币挖矿公司 Luxor Technology 运营的数据平台 Hashrate Index，中国的比特币挖矿市场份额按哈希率计算，从 2025 年第一季度的 13.75% 上升至当前季度的 14.06%，成为仅次于美国和俄罗斯的第三大比特币挖矿国。\nHashrate Index 在今年之前并未披露各国的市场份额。根据剑桥比特币电力消耗指数（CBECI）2021 年的数据，中国的哈希率在 2021 年 7 月降至零，距北京承诺打击比特币挖矿仅两个月。\n 哈希率是衡量比特币网络处理能力的单位，用于验证交易和挖掘新的加密货币代币。CBECI 的挖矿地图数据显示，到 2021 年 9 月，中国的比特币挖矿市场份额已反弹至 22.29%。该组织在 2022 年 2 月停止更新其地图数据。\n\n 今年中国比特币挖矿活动的回升与学者们对北京重新考虑其严格的比特币挖矿禁令的呼声增加相吻合。近年来，北京加大了对各种与加密货币相关的业务的打击，认为这些业务扰乱了经济和金融秩序，并滋生了犯罪活动。\n 在一篇题为《恢复加密挖矿以促进中国向碳中和转型》的文章中，香港大学经济学教授何国俊建议国家利用加密挖矿来帮助利用其过剩的可再生能源。\n 何国俊指出，中国某些地区的太阳能过剩率已超过 10%，而风能的过剩率已达到 15%，他引用了政府的数据。将加密挖矿纳入电网调整系统将吸收多余电力，稳定电网运行并产生经济效益，何国俊写道。\n 曾任香港科技大学副校长的王扬在去年 6 月表示，中国完全禁止加密挖矿是 “不明智的”，因为这将相关业务驱赶到美国。\n 美国总统唐纳德·特朗普对加密行业的支持以及今年美国稳定币法案的通过，使许多行业参与者相信北京正在改变对数字资产的态度，承认其在与美国竞争中的战略价值。\n 这也引发了一些行业人士的猜测，认为中国当局在推动中国比特币挖矿活动的增加。一位不愿透露姓名的中国加密货币行业高管表示，中国的一些地方政府可能鼓励国有企业参与比特币挖矿，因为这可以减少电力浪费并产生收入。\n 尽管如此，专家表示，中国当局正式允许加密挖矿的可能性仍然不大。\n“从能源的角度来看，中国的发电能力近年来迅速扩张，这客观上为一些灰色市场的加密货币挖矿操作提供了暂时便宜的电力，” Trivium China 的宏观经济学和政策分析师 David Zhang 表示。\n 但张表示，北京始终将战略重点放在工业人工智能应用和高性能计算等领域，这些领域在未来 5 到 10 年内将产生巨大的电力需求。因此，国家不会允许与其发展目标相悖的耗能活动，如比特币挖矿，持续或扩展。\n 中国人民银行行长潘功胜最近对数字资产风险的警告也反映了中国未改变的立场，北京德恒律师事务所合伙人刘扬表示。\n“我认为国家在短期内无法鼓励挖矿活动，更不用说参与挖矿本身了，” 刘扬说。</p>

GBTC

<p>专家们对中国是否会解除比特币挖矿禁令表示怀疑，尽管挖矿活动略有增加且能源供应过剩。中国的比特币挖矿市场份额在本季度上升至 14.06%，但专家认为北京将继续维持其限制，原因在于对人工智能和高性能计算的战略关注。呼吁重新考虑禁令的声音，指出利用过剩可再生能源的好处，似乎不太可能改变政府的立场</p>

<p>A mild uptick in bitcoin mining in China has prompted calls for Beijing to loosen its restrictions and let the power-hungry industry tap into the country’s oversupply of energy, but experts said the likelihood of China ending its mining ban was low.\nChina’s bitcoin mining market share by hash rate rose from 13.75 per cent in the first quarter of 2025 to 14.06 per cent in the current quarter, making it the third largest bitcoin mining country behind the US and Russia, according to Hashrate Index, a data platform operated by US bitcoin mining firm Luxor Technology.\nThe Hashrate Index did not disclose market share by country before this year. China’s hash rate plunged to zero in July 2021, two months after Beijing vowed to crack down on bitcoin mining, according to 2021 data by the Cambridge Bitcoin Electricity Consumption Index (CBECI).\nHash rate is a unit of measure for the bitcoin network’s processing power for verifying transactions and mining new cryptocurrency tokens. CBECI mining map data showed that China’s bitcoin mining market share had already bounced back to 22.29 per cent by September 2021. The organisation stopped updating its map data in February 2022.\n\nThe uptick in bitcoin mining activity in China this year coincides with increased calls from scholars for Beijing to reconsider its rigid bitcoin mining ban. In recent years, Beijing has escalated its crackdown on various cryptocurrency-related businesses, maintaining that they disrupted economic and financial order and were a breeding ground for criminal activity.\nIn an article titled “Reinstate Crypto Mining to Facilitate China’s Transition to Carbon Neutrality” published in March, Guojun He, professor in Economics at the University of Hong Kong (HKU) and the associate director of HKU’s Institute of China Economy, suggested that the country use crypto mining to help utilise its excess renewable power.\nChina’s oversupply rate of solar energy in some regions had exceeded 10 per cent while that of wind energy had reached up to 15 per cent, He noted, citing government data. Integrating crypto mining into the power grid adjustment system would absorb surplus power, stabilise grid operations and generate economic benefits, He wrote.\nWang Yang, previously vice-president at the Hong Kong University of Science and Technology before joining HKU earlier this year, said in June last year that it was “unwise” for China to completely ban crypto mining as it drove related businesses to the United States.\nUS President Donald Trump’s embrace of the crypto sector and the passing of the US stablecoin law this year have prompted many industry participants to believe that Beijing was shifting its attitude about digital assets, acknowledging their strategic value amid competition with the US.\nThat has also fuelled speculation by some in the industry that Chinese authorities are behind the increased bitcoin mining activity in China. Some local governments in China may have encouraged state-owned firms to take up bitcoin mining as it could reduce electricity waste and generate income, according to one Chinese executive in the cryptocurrency industry, who declined to be identified due to the sensitive nature of the matter.\nStill, it was unlikely that Chinese authorities would officially allow crypto mining, experts said.\n“From an energy perspective, China’s power generation capacity has expanded rapidly in recent years, which – objectively speaking – has provided temporarily cheap electricity for some grey-market cryptocurrency mining operations,” said David Zhang, a macroeconomics and policy analyst at Trivium China.\nBut Beijing has always placed its strategic focus on industrial artificial intelligence applications and high-performance computing, sectors that would generate soaring demand for electricity over the next 5 to 10 years, according to Zhang. The country therefore would not permit energy intensive activities that contradict its development goals, such as bitcoin mining, to persist or expand, he said.\nA recent warning about the risks of digital assets from Pan Gongsheng, governor of the People’s Bank of China, also reflected China’s unchanged stance, according to Yang Liu, a partner at DeHeng Law Offices in Beijing.\n“I don’t think the country will be able to encourage mining activities in the short term, let alone get involved in mining itself,” Liu said.\n</p>
<div class="lb-trans"><p>中国比特币挖矿的轻微回升引发了对北京放宽限制的呼声，让这个耗电量巨大的行业能够利用国内的能源过剩，但专家表示中国结束挖矿禁令的可能性较低。\n 根据美国比特币挖矿公司 Luxor Technology 运营的数据平台 Hashrate Index，中国的比特币挖矿市场份额按哈希率计算，从 2025 年第一季度的 13.75% 上升至当前季度的 14.06%，成为仅次于美国和俄罗斯的第三大比特币挖矿国。\nHashrate Index 在今年之前并未披露各国的市场份额。根据剑桥比特币电力消耗指数（CBECI）2021 年的数据，中国的哈希率在 2021 年 7 月降至零，距北京承诺打击比特币挖矿仅两个月。\n 哈希率是衡量比特币网络处理能力的单位，用于验证交易和挖掘新的加密货币代币。CBECI 的挖矿地图数据显示，到 2021 年 9 月，中国的比特币挖矿市场份额已反弹至 22.29%。该组织在 2022 年 2 月停止更新其地图数据。\n\n 今年中国比特币挖矿活动的回升与学者们对北京重新考虑其严格的比特币挖矿禁令的呼声增加相吻合。近年来，北京加大了对各种与加密货币相关的业务的打击，认为这些业务扰乱了经济和金融秩序，并滋生了犯罪活动。\n 在一篇题为《恢复加密挖矿以促进中国向碳中和转型》的文章中，香港大学经济学教授何国俊建议国家利用加密挖矿来帮助利用其过剩的可再生能源。\n 何国俊指出，中国某些地区的太阳能过剩率已超过 10%，而风能的过剩率已达到 15%，他引用了政府的数据。将加密挖矿纳入电网调整系统将吸收多余电力，稳定电网运行并产生经济效益，何国俊写道。\n 曾任香港科技大学副校长的王扬在去年 6 月表示，中国完全禁止加密挖矿是 “不明智的”，因为这将相关业务驱赶到美国。\n 美国总统唐纳德·特朗普对加密行业的支持以及今年美国稳定币法案的通过，使许多行业参与者相信北京正在改变对数字资产的态度，承认其在与美国竞争中的战略价值。\n 这也引发了一些行业人士的猜测，认为中国当局在推动中国比特币挖矿活动的增加。一位不愿透露姓名的中国加密货币行业高管表示，中国的一些地方政府可能鼓励国有企业参与比特币挖矿，因为这可以减少电力浪费并产生收入。\n 尽管如此，专家表示，中国当局正式允许加密挖矿的可能性仍然不大。\n“从能源的角度来看，中国的发电能力近年来迅速扩张，这客观上为一些灰色市场的加密货币挖矿操作提供了暂时便宜的电力，” Trivium China 的宏观经济学和政策分析师 David Zhang 表示。\n 但张表示，北京始终将战略重点放在工业人工智能应用和高性能计算等领域，这些领域在未来 5 到 10 年内将产生巨大的电力需求。因此，国家不会允许与其发展目标相悖的耗能活动，如比特币挖矿，持续或扩展。\n 中国人民银行行长潘功胜最近对数字资产风险的警告也反映了中国未改变的立场，北京德恒律师事务所合伙人刘扬表示。\n“我认为国家在短期内无法鼓励挖矿活动，更不用说参与挖矿本身了，” 刘扬说。</p>
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尽管比特币挖矿活动有所增加且能源供应过剩，专家仍然怀疑中国是否会解除比特币挖矿禁令