CHINA RETURNS AS BITCOIN MINING HUB WITH 14% MARKET SHARE

Summary from the TLDR Crypto newsletter

China reclaimed the third-largest Bitcoin mining position with approximately 14% of global hashrate by October despite the 2021 ban, driven by cheap electricity and excess data center capacity in Xinjiang and Sichuan provinces. 15-20% of global mining capacity now operates underground in China, which has softer policy signals, including Hong Kong's stablecoin legislation and yuan-backed stablecoin discussions indicating a more flexible stance. Bitcoin hashprice hit an all-time low of $34.2 per petahash per second on Friday, driven by Bitcoin's 30%+ decline from October peaks, subdued transaction fees, and network hashrate above one zettahash (10% below recent highs). The next difficulty adjustment is expected on Wednesday.