美国超过中国作为顶级比特币采矿中心

剑桥最近的一份报告证实，美国现在领导全球比特币采矿，引发了有关中国将如何反应的问题。

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).

根据剑桥替代金融中心（CCAF）最近的一份报告，美国已成为全球最大的比特币矿业中心。

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

现在，美国拥有报告的哈希雷特（Hashrate）的75.4％，这证实了对比特币采矿主导地位的权力逆转。

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，中国就成为全球领先的比特币采矿国家，利用其广泛的采矿基础设施和低电力成本在某一时刻占全球哈希速度的75％以上。

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

但是，该国对加密货币的立场长期以来一直是矛盾的。

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.”

中国国家发展与改革委员会（NDRC）表示，其意图是通过释放法律草案将其归类为“不良行业”，以禁止加密货币开采。

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

两年后，至少有四个中国省开始关闭采矿业。这些镇压激发了人们对过度能源消耗的担忧。

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，政府宣布所有与加密相关的交易是非法的，进一步巩固了禁令，并禁止在海外交流中国公民。

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，中国具有适应地缘政治转变的可靠能力，这可能会危及其经济主导地位，而当前的环境可能会带来这样的挑战。

Has Bitcoin Mining in China Truly Stopped?

中国的比特币开采真的停止了吗？

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.

即使中国对加密货币的官方立场，该地区的采矿活动也没有停止。 2024年7月，比特币环境影响分析师丹尼尔·巴顿（Daniel Batten）报告说，中国内部的哈希酸盐目前约占全球总数的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.

尽管有官方禁令，但基础设施已经到位：从离岸采矿到跨境交易中心。加密采用和美国领先的全球动力，中国可能会发现自己在战略上更具战略性，即使是非正式的。

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

中国也比美国具有地理优势，尤其是在技术进步方面。

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，尤其是用于像比特币这样的工作证明加密货币，取决于应用特定的集成电路（ASIC）设备来处理必要的复杂计算以进行验证和采矿。

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.

中国作为加密矿业硬件的顶级出口国，尤其是对美国的出口商，如果决定恢复其采矿业，它具有潜在的优势。

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

两国之间的不断增长的关税纠纷增加了美国采矿业务的长期成本效率的一层不确定性。

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.

根据Puckrin的说法，贸易摩擦和美国为加密统治的激动人心的努力的结合可能足以使中国重新考虑其地位。

“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.

“中国不太可能会在不久的将其加密矿业开采和交易禁令上公开掉头。但是，随着总部位于美国的矿工的比特币哈希拉特的比例越来越高，中国一定会引起人们的注意，并且很可能会悄悄地重新评估其立场，” Puckrin告诉Buckrin Beincrypto。

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

但是，中国除了重新启动其比特币矿业行业以破坏美国的统治地位外，中国采取了策略。

China’s Nuanced Approach Beyond US Influence

中国的细微差别是美国的影响力

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.

即使中国在国内反对广泛使用加密货币，但它仍然可以看到数字资产的价值，以抵消美元的全球货币优势。

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.

全球多个国家已经采用或正在考虑中央银行数字货币（CBDC）来加强其家用货币。中国处于这些发展的最前沿。

“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首席执行官Temujin Louie告诉BeinCrypto：“尽管禁止比特币采矿，但中国还是通过CDBC Research和Digital Yuan或E-CNY等计划积极参与了数字资产领域。”

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.

实际上，中国创建数字人民币的努力部分是由于其渴望减少经济并减少对美元的依赖的愿望所驱动的。

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）还建议，无论中国采取什么行动，它都不仅仅基于美国做什么或不做的事情。

“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.

路易补充说：“与往常一样，有了中国，最好的方法是最好的。政策上的任何转变都不会归功于美国关税。相反，中国的决定将由全球市场趋势和中国自己的国内战略告知。”

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

话虽如此，中国对数字货币的决定将反过来影响其在加密货币上的立场继续发展。

“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.

他总结道：“无论是加剧还是由特朗普总统对关税的态度加剧或引起的，都可能使中国更具侵略性，以更具侵略性，以在包括数字元素在内的人民币国际化的努力中更具侵略性。在[中国对中国更广泛战略的任何变化中，都将在对Crypto的[它]立场中反映出。

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

中国在国际贸易其他领域的活动已经证明了其政策变化往往是如何差异的。

Could China’s Conflicting Crypto Policies Signal a Change?

中国的加密政策冲突是否可以表明变化？

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

除了对E-CNY这样的数字货币欣赏之外，中国对加密货币的立场已经证明有些矛盾。这些差异可能会激发人们的信念，即该国可能愿意恢复或