65% of Global Bitcoin Hashrate Concentrated in China. Half of the country’s hash rate is produced in just one place, the autonomous Xinjiang region, which makes up 35.76% of the global total. Can bitcoin be banned there and, if so, will it effect the crypto market?
If a BTC mining ban happens,all the companies that produce mining hardware will have to shut down,which will cause unemployment.All the mining facilities located in Xinjiang will have to close too,which will cause more unemployment.The economy of China won't be in such great shape,since the global corona recession(or maybe depression) is a fact.Solutions that increase the unemployment won't be very popular.
Anyway,I think that the Chinese will rather use somehow their advantage in BTC mining,for some hidden purposes,instead of completely destroying it.