<p>中國比特幣挖礦的輕微回升引發了對北京放寬限制的呼聲，讓這個耗電量巨大的行業能夠利用國內的能源過剩，但專家表示中國結束挖礦禁令的可能性較低。\n 根據美國比特幣挖礦公司 Luxor Technology 運營的數據平台 Hashrate Index，中國的比特幣挖礦市場份額按哈希率計算，從 2025 年第一季度的 13.75% 上升至當前季度的 14.06%，成為僅次於美國和俄羅斯的第三大比特幣挖礦國。\nHashrate Index 在今年之前並未披露各國的市場份額。根據劍橋比特幣電力消耗指數（CBECI）2021 年的數據，中國的哈希率在 2021 年 7 月降至零，距北京承諾打擊比特幣挖礦僅兩個月。\n 哈希率是衡量比特幣網絡處理能力的單位，用於驗證交易和挖掘新的加密貨幣代幣。CBECI 的挖礦地圖數據顯示，到 2021 年 9 月，中國的比特幣挖礦市場份額已反彈至 22.29%。該組織在 2022 年 2 月停止更新其地圖數據。\n\n 今年中國比特幣挖礦活動的回升與學者們對北京重新考慮其嚴格的比特幣挖礦禁令的呼聲增加相吻合。近年來，北京加大了對各種與加密貨幣相關的業務的打擊，認為這些業務擾亂了經濟和金融秩序，並滋生了犯罪活動。\n 在一篇題為《恢復加密挖礦以促進中國向碳中和轉型》的文章中，香港大學經濟學教授何國俊建議國家利用加密挖礦來幫助利用其過剩的可再生能源。\n 何國俊指出，中國某些地區的太陽能過剩率已超過 10%，而風能的過剩率已達到 15%，他引用了政府的數據。將加密挖礦納入電網調整系統將吸收多餘電力，穩定電網運行併產生經濟效益，何國俊寫道。\n 曾任香港科技大學副校長的王揚在去年 6 月表示，中國完全禁止加密挖礦是 “不明智的”，因為這將相關業務驅趕到美國。\n 美國總統唐納德·特朗普對加密行業的支持以及今年美國穩定幣法案的通過，使許多行業參與者相信北京正在改變對數字資產的態度，承認其在與美國競爭中的戰略價值。\n 這也引發了一些行業人士的猜測，認為中國當局在推動中國比特幣挖礦活動的增加。一位不願透露姓名的中國加密貨幣行業高管表示，中國的一些地方政府可能鼓勵國有企業參與比特幣挖礦，因為這可以減少電力浪費併產生收入。\n 儘管如此，專家表示，中國當局正式允許加密挖礦的可能性仍然不大。\n“從能源的角度來看，中國的發電能力近年來迅速擴張，這客觀上為一些灰色市場的加密貨幣挖礦操作提供了暫時便宜的電力，” Trivium China 的宏觀經濟學和政策分析師 David Zhang 表示。\n 但張表示，北京始終將戰略重點放在工業人工智能應用和高性能計算等領域，這些領域在未來 5 到 10 年內將產生巨大的電力需求。因此，國家不會允許與其發展目標相悖的耗能活動，如比特幣挖礦，持續或擴展。\n 中國人民銀行行長潘功勝最近對數字資產風險的警告也反映了中國未改變的立場，北京德恆律師事務所合夥人劉揚表示。\n“我認為國家在短期內無法鼓勵挖礦活動，更不用説參與挖礦本身了，” 劉揚説。</p>

GBTC

<p>專家們對中國是否會解除比特幣挖礦禁令表示懷疑，儘管挖礦活動略有增加且能源供應過剩。中國的比特幣挖礦市場份額在本季度上升至 14.06%，但專家認為北京將繼續維持其限制，原因在於對人工智能和高性能計算的戰略關注。呼籲重新考慮禁令的聲音，指出利用過剩可再生能源的好處，似乎不太可能改變政府的立場</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>中國比特幣挖礦的輕微回升引發了對北京放寬限制的呼聲，讓這個耗電量巨大的行業能夠利用國內的能源過剩，但專家表示中國結束挖礦禁令的可能性較低。\n 根據美國比特幣挖礦公司 Luxor Technology 運營的數據平台 Hashrate Index，中國的比特幣挖礦市場份額按哈希率計算，從 2025 年第一季度的 13.75% 上升至當前季度的 14.06%，成為僅次於美國和俄羅斯的第三大比特幣挖礦國。\nHashrate Index 在今年之前並未披露各國的市場份額。根據劍橋比特幣電力消耗指數（CBECI）2021 年的數據，中國的哈希率在 2021 年 7 月降至零，距北京承諾打擊比特幣挖礦僅兩個月。\n 哈希率是衡量比特幣網絡處理能力的單位，用於驗證交易和挖掘新的加密貨幣代幣。CBECI 的挖礦地圖數據顯示，到 2021 年 9 月，中國的比特幣挖礦市場份額已反彈至 22.29%。該組織在 2022 年 2 月停止更新其地圖數據。\n\n 今年中國比特幣挖礦活動的回升與學者們對北京重新考慮其嚴格的比特幣挖礦禁令的呼聲增加相吻合。近年來，北京加大了對各種與加密貨幣相關的業務的打擊，認為這些業務擾亂了經濟和金融秩序，並滋生了犯罪活動。\n 在一篇題為《恢復加密挖礦以促進中國向碳中和轉型》的文章中，香港大學經濟學教授何國俊建議國家利用加密挖礦來幫助利用其過剩的可再生能源。\n 何國俊指出，中國某些地區的太陽能過剩率已超過 10%，而風能的過剩率已達到 15%，他引用了政府的數據。將加密挖礦納入電網調整系統將吸收多餘電力，穩定電網運行併產生經濟效益，何國俊寫道。\n 曾任香港科技大學副校長的王揚在去年 6 月表示，中國完全禁止加密挖礦是 “不明智的”，因為這將相關業務驅趕到美國。\n 美國總統唐納德·特朗普對加密行業的支持以及今年美國穩定幣法案的通過，使許多行業參與者相信北京正在改變對數字資產的態度，承認其在與美國競爭中的戰略價值。\n 這也引發了一些行業人士的猜測，認為中國當局在推動中國比特幣挖礦活動的增加。一位不願透露姓名的中國加密貨幣行業高管表示，中國的一些地方政府可能鼓勵國有企業參與比特幣挖礦，因為這可以減少電力浪費併產生收入。\n 儘管如此，專家表示，中國當局正式允許加密挖礦的可能性仍然不大。\n“從能源的角度來看，中國的發電能力近年來迅速擴張，這客觀上為一些灰色市場的加密貨幣挖礦操作提供了暫時便宜的電力，” Trivium China 的宏觀經濟學和政策分析師 David Zhang 表示。\n 但張表示，北京始終將戰略重點放在工業人工智能應用和高性能計算等領域，這些領域在未來 5 到 10 年內將產生巨大的電力需求。因此，國家不會允許與其發展目標相悖的耗能活動，如比特幣挖礦，持續或擴展。\n 中國人民銀行行長潘功勝最近對數字資產風險的警告也反映了中國未改變的立場，北京德恆律師事務所合夥人劉揚表示。\n“我認為國家在短期內無法鼓勵挖礦活動，更不用説參與挖礦本身了，” 劉揚説。</p>
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儘管比特幣挖礦活動有所增加且能源供應過剩，專家仍然懷疑中國是否會解除比特幣挖礦禁令