美國超過中國作為頂級比特幣採礦中心

劍橋最近的一份報告證實，美國現在領導全球比特幣採礦，引發了有關中國將如何反應的問題。

The United States has overtaken China as the world’s largest Bitcoin mining hub, according to a recent report by the Cambridge Centre for Alternative Finance (CCAF).

根據劍橋替代金融中心（CCAF）最近的一份報告，美國已成為全球最大的比特幣礦業中心。

The US is now home to 75.4% of the reported hashrate, confirming a notable reversal of power over Bitcoin mining dominance.

現在，美國擁有報告的哈希雷特（Hashrate）的75.4％，這證實了對比特幣採礦主導地位的權力逆轉。

China emerged as the world’s leading Bitcoin mining nation as early as 2017, leveraging its extensive mining infrastructure and low electricity costs to contribute upwards of 75% of the global hash rate at one point.

早在2017年，中國就成為全球領先的比特幣採礦國家，利用其廣泛的採礦基礎設施和低電力成本在某一時刻佔全球哈希速度的75％以上。

However, the country’s stance toward crypto has long been ambivalent.

但是，該國對加密貨幣的立場長期以來一直是矛盾的。

The National Development and Reform Commission of China (NDRC) signaled its intention to prohibit cryptocurrency mining by releasing a draft law categorizing it as an “undesirable industry.”

中國國家發展與改革委員會（NDRC）表示，其意圖是通過釋放法律草案將其歸類為“不良行業”，以禁止加密貨幣開採。

Two years later, at least four Chinese provinces began shutting down mining operations. These crackdowns intensified amid concerns over excessive energy consumption.

兩年後，至少有四個中國省開始關閉採礦業。這些鎮壓激發了人們對過度能源消耗的擔憂。

Toward the end of 2021, the government declared all crypto-related transactions illegal, further solidifying the ban and prohibiting overseas exchanges from serving Chinese citizens.

到2021年底，政府宣布所有與加密相關的交易是非法的，進一步鞏固了禁令，並禁止在海外交流中國公民。

Yet, China possesses a proven capacity to adjust to geopolitical shifts that could jeopardize its economic dominance, and the current environment may present such a challenge.

然而，中國具有適應地緣政治轉變的可靠能力，這可能會危及其經濟主導地位，而當前的環境可能會帶來這樣的挑戰。

Has Bitcoin Mining in China Truly Stopped?

中國的比特幣開採真的停止了嗎？

Even with China’s official stance toward crypto, mining activity has not stopped within the region. In July 2024, Bitcoin environmental impact analyst Daniel Batten reported that the hashrate within China currently accounts for approximately 15% of the global total.

即使中國對加密貨幣的官方立場，該地區的採礦活動也沒有停止。 2024年7月，比特幣環境影響分析師丹尼爾·巴頓（Daniel Batten）報告說，中國內部的哈希酸鹽目前約佔全球總數的15％。

Despite the official ban, the infrastructure is already in place: from offshore mining to cross-border trading hubs. With more global momentum behind crypto adoption and the US taking the lead, China may find itself incentivized to lean in more strategically, even if unofficially.

儘管有官方禁令，但基礎設施已經到位：從離岸採礦到跨境交易中心。加密採用和美國領先的全球動力，中國可能會發現自己在戰略上更具戰略性，即使是非正式的。

China also has a geographical advantage over the United States, especially regarding technological advancements.

中國也比美國具有地理優勢，尤其是在技術進步方面。

Crypto mining, especially for proof-of-work cryptocurrencies like Bitcoin, depends on Application-Specific Integrated Circuit (ASIC) equipment to handle the necessary complex calculations for validation and mining.

加密挖掘，尤其是用於像比特幣這樣的工作證明加密貨幣，取決於應用特定的集成電路（ASIC）設備來處理必要的複雜計算以進行驗證和採礦。

China’s position as a top exporter of crypto mining hardware, particularly to the US, gives it a potential advantage should it decide to revive its mining sector.

中國作為加密礦業硬件的頂級出口國，尤其是對美國的出口商，如果決定恢復其採礦業，它具有潛在的優勢。

The unfolding tariff dispute between the two nations adds a layer of uncertainty to the long-term cost efficiency of US mining operations.

兩國之間的不斷增長的關稅糾紛增加了美國採礦業務的長期成本效率的一層不確定性。

According to Puckrin, the combination of trade friction and the US’s invigorated push for crypto dominance might be sufficient to make China reconsider its position.

根據Puckrin的說法，貿易摩擦和美國為加密統治的激動人心的努力的結合可能足以使中國重新考慮其地位。

“It’s unlikely China will make a public U-turn on its crypto mining and trading ban anytime soon. However, with US-based miners accounting for higher and higher proportions of Bitcoin’s hashrate, China is bound to be paying attention and may well be quietly reassessing its stance,” Puckrin told BeInCrypto.

“中國不太可能會在不久的將其加密礦業開采和交易禁令上公開掉頭。但是，隨著總部位於美國的礦工的比特幣哈希拉特的比例越來越高，中國一定會引起人們的注意，並且很可能會悄悄地重新評估其立場，” Puckrin告訴Buckrin Beincrypto。

However, China has strategies beyond restarting its Bitcoin mining industry to undermine the United States’ dominance.

但是，中國除了重新啟動其比特幣礦業行業以破壞美國的統治地位外，中國採取了策略。

China’s Nuanced Approach Beyond US Influence

中國的細微差別是美國的影響力

Even though China opposes the widespread use of cryptocurrencies domestically, it may still see value in digital assets to counterbalance the US dollar’s global currency dominance.

即使中國在國內反對廣泛使用加密貨幣，但它仍然可以看到數字資產的價值，以抵消美元的全球貨幣優勢。

Several countries worldwide have either adopted or are considering central bank digital currencies (CBDCs) to strengthen their domestic currencies. China is at the forefront of these developments.

全球多個國家已經採用或正在考慮中央銀行數字貨幣（CBDC）來加強其家用貨幣。中國處於這些發展的最前沿。

“Despite the ban on Bitcoin mining, China has actively participated in the digital asset space, through initiatives like CDBC research and the digital yuan, or e-CNY,” Wanchain CEO Temujin Louie told BeInCrypto.

Wanchain首席執行官Temujin Louie告訴BeinCrypto：“儘管禁止比特幣採礦，但中國還是通過CDBC Research和Digital Yuan或E-CNY等計劃積極參與了數字資產領域。”

In fact, China’s efforts to create a digital yuan are partly driven by its desire to de-dollarize its economy and lessen its dependence on the US dollar.

實際上，中國創建數字人民幣的努力部分是由於其渴望減少經濟並減少對美元的依賴的願望所驅動的。

Louie also suggested that whatever move China makes, it won’t solely base its decision on what the US does or does not do.

路易（Louie）還建議，無論中國採取什麼行動，它都不僅僅基於美國做什麼或不做的事情。

“As always, with China, a nuanced approach is best. Any shifts in policy will not be due to US tariffs. Rather, China’s decisions will be informed by global market trends and China’s own domestic strategy,” Louie added.

路易補充說：“與往常一樣，有了中國，最好的方法是最好的。政策上的任何轉變都不會歸功於美國關稅。相反，中國的決定將由全球市場趨勢和中國自己的國內戰略告知。”

That said, China’s decisions about digital currency will, in turn, affect how its position on crypto continues to develop.

話雖如此，中國對數字貨幣的決定將反過來影響其在加密貨幣上的立場繼續發展。

“Weakening USD dominance, whether exacerbated or caused by President Trump’s approach to tariffs, may embolden China to be more aggressive in [its] efforts to internationalise the yuan, including the digital yuan, or e-CNY. Any change to China’s broader strategy will be reflected in [its] stance towards crypto,” he concluded.

他總結道：“無論是加劇還是由特朗普總統對關稅的態度加劇或引起的，都可能使中國更具侵略性，以更具侵略性，以在包括數字元素在內的人民幣國際化的努力中更具侵略性。在[中國對中國更廣泛戰略的任何變化中，都將在對Crypto的[它]立場中反映出。

China’s activity in other areas of international trade already proves how nuanced its policy changes tend to be.

中國在國際貿易其他領域的活動已經證明了其政策變化往往是如何差異的。

Could China’s Conflicting Crypto Policies Signal a Change?

中國的加密政策衝突是否可以表明變化？

Aside from its appreciation of digital currencies like the e-CNY, China’s stance on crypto has already proven somewhat contradictory. These discrepancies may fuel the belief that the country might just be willing to revert—or

除了對E-CNY這樣的數字貨幣欣賞之外，中國對加密貨幣的立場已經證明有些矛盾。這些差異可能會激發人們的信念，即該國可能願意恢復或