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?
Big business should be flexible. Once China starts moving towards the ban, they'll just relocate their equipment. Of course, it'll take time and money, but big players have the necessary resources for that. But let's say something goes wrong and all those miners suddenly stop doing the job. Well, right now it could lead to halving being postponed a big, I guess, but within a short period of time the difficulty rate will adjust, and those who left would not matter. I agree, it's not completely unalarming that such kind of centralization is the case, but it's not the end of the world.