Chinese miner exodus adds great value to Bitcoin through increased decentralization of mining hash power. This has created opportunities for nations around the world to support and benefit, welcoming the fleeing miners recently ousted from China. Hash power charts are recording a return of those Chinese miners to the Bitcoin network, as they set up shop again elsewhere. The result of this Chinese crackdown on miners is a more decentralized Bitcoin, suddenly increased application of renewable clean energy and Bitcoin&39s fully transparent victory in yet another great test of its staying power and resilience.
The charts are showing us presently that Chinese miners are returning to the Bitcoin network in countries outside China. After the Bitcoin hashrate witnessed a reduction of 54% initially, studies now show that more than 20% of that has returned to the network. Chinese mining dominance which has previously peaked above 75% of all BTC hash power, now after the ban is sitting at less than 50%, with miners returning daily outside China. The United States has shown a big gain in hash power market share. Other countries like Russia, Canada, and Kazakhstan, which have shown support for fleeing miners, are also reaping rewards in increased Bitcoin mining market share.
In today&39s crypto market with the exploding popularity of more centralized coin options and consensus models, it is important to reflect on the most valuable component to the market leader Bitcoin, its decentralized nature. As exampled by China and many others, governments and regulations will play a role in the future of crypto. Seizures, hacks, and sudden adverse regulations should be planned for. The solution to this in most cases is simply Bitcoin&39s greatest value proposition, its decentralization. Seek to control of your own crypto, and invest to propagate the most decentralized platforms. Power to the people. Everyone gets a Ledger.