Mid-september last year, Chinese regulators decided to ban the Chinese currency, such as encryption currency trade channel, accusing it of be used to create all kinds of illegal fund raising, financial fraud and pyramid schemes, including contract fraud, money laundering, to avoid government regulation to transfer money overseas.

China's financial regulator has been "dismissive" of bitcoin and continued to monitor it.

While China's bitcoin mining companies cannot benefit from low electricity prices, they are still profitable.