- TRON, NEO, VeChain and Conflux prices gain slightly on Wednesday, OKB dips slightly.
- Top US-China officials are scheduled to meet later this week for the first time since President Donald Trump imposed sweeping tariffs against China.
- The US currently leads in Bitcoin mining hashrate, while concerns brew as China still exports the majority of ASIC miners.
- Traders speculate about the impact of China’s shadow crypto economy on Bitcoin price and the future of BTC mining.
The United States (US) and China’s trade negotiations are likely to take place this week with news of key Trump administration officials visiting Switzerland for a meeting with Chinese officials. According to a CNN report, Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will meet with Chinese officials.
While the US Treasury Secretary made it clear that market participants should not expect a major trade deal out of the meetings, it marks an important step in negotiations between the two nations.
Top 5 cryptos from the ‘Made in China’ category on CoinGecko gained slightly on Wednesday, amidst anticipation of meaningful negotiations between the US and China.
Top 5 Made in China cryptos price performance
Tron (TRX), NEO (NEO), VeChain (VET) and Conflux (CFX) gained between 0.5% and 3%, while OKB (OKB) noted a slight decline, down 0.16% in the last 24 hours, according to CoinGecko.
‘Made in China’ cryptocurrencies are tokens of blockchain projects developed in or with ties to China. Notable among these are NEO, considered an Ethereum equivalent, and Tron, famous for high transaction throughput and low fees.
Top 5 Made in China coins | Source: CoinGecko
The price performance of these tokens could be influenced by the trade negotiations between the US and China, as updates influence the sentiment of traders and market participants. After weeks of tariff concerns, news of negotiations between the two countries could likely act as a catalyst for the ‘Made in China’ coins.
US dominates Bitcoin mining activity, for how long?
A Cambridge Digital Mining Industry report from April 2025 ranks the top 5 countries in Bitcoin mining. Notably, China, once a leader in Bitcoin mining, has slipped in the ranks. China retains dominance as the country that exports a majority of ASIC miners (specialized hardware devices).
Global Distribution of Bitcoin Mining Activity | Source: Cambridge Digital Mining industry Report
China retains its Bitcoin mining infrastructure despite the nationwide ban, fueling speculation of a shadow crypto mining economy.
A research report published by the University of Cambridge Centre for Alternative Finance in October 2024 attributed 21% of the global Bitcoin mining hash power to China. Access to cheap electricity and locations like inner Mongolia that are isolated and focused on renewable energy are likely choices for underground Bitcoin mining operations.
Estimated Hash Power by Country | Source: University of Cambridge study
Nic Puckrin, co-founder of Coin Bureau and an expert on crypto, told to BeInCrypto:
“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.”
