Seems like China is done with Bitcoin. Hash rate has dropped by over 60% in the last few weeks, which confirms that miners are exiting China for good.
How does a Bitcoin exit benefit China in the long term? What do you guys think is China's game plan?
A lot of chatter about this being "China's trillion dollar mistake". I don't think China's dumb, so keen to hear what they might have up their sleeves.
Overall, I don't think the Chinese government is worried about miners. For China, politics has been much more important than economics. This means China would not allow their resources to be used for anything which doesn't give them enough revenues at the same time they ensure that they have strict control over the spread of information due to that thing. Bitcoin promotes a free economy which is entirely opposite of the ideology that China has, when they are working okay after banning social media websites like Facebook, Twitter and even Google, then banning bitcoin won't be a big loss for them.