The Chinese authorities may have been cracking down on the cryptocurrency industry for quite a while now, but the industry is clearly not down for the count. If anything, it has seen a clear resurgence, with the United States emerging as the biggest producer of Bitcoin in the world. As a result of the devastating crackdown in China many Bitcoin miners simply moved overseas. The Chinese Hash Rate, which is the the total amount of computing power used to mine bitcoins and process transactions as a percent of the global Bitcoin Network has essentially dropped down from 44% in May to zero in July this year. In 2019 that rate was 75%! After all that happened the Chinese miners headed mainly to North America and Central Asia. Mining rig manufacturers also headed for those markets. This massive shift in the industry resulted in a surge in mining Bitcoin in the USA. By the end of August the US accounted for 35.4% of the Hash Rate, followed by Kazakhstan and Russia. Previously, the Bitcoin Hash Rate in the us was just 17%. When Bitcoin started rallying it became obvious that the industry was merely kicked out of China, not even remotely destroyed. I was not expecting such a fast resurgence though.
So So bullish IMO. Hashrate being concentrated in China was a very valid concern (not FUD imo), but that concern is now gone. Just made the network even more decentralized and hash rate is ALREADY back to the highs even after a ban in the biggest market. Oh yea, and the network had 0% downtime. As Cramer would say - BUY BUY BUY New highs imminent