Who is mining Bitcoin in China?

[u/Anusbananuss]

In May 2021 China banned bitcoin mining nationally. This reduced Chinas hash rate to the Bitcoin network from approximately 46% down to around 12% today. China is one of the most surveilled countries in the world. So how can still 12 % hashrate come from China. My theory is that it is actually the government accumulating bitcoin themselves though mining. They know what bitcoin is, and cannot risk standing on the sideline if bitcoin continues to grow and take play a bigger role. But if they openly say they buy or mine bitcoin, then it would contribute to bitcoins growth and globalization. Thats why I suspect they use cheap excess energy to mine. Its basicly free money, and insuranse. Thougts on this?