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.
China had no other game plan aside from forcing crypto to shut down. They actually win on their country but their want to stop it fully, that is impossible.
For several times that China is urging their people to stop mining and using crypto, the more it makes their people moving out from their country for the sake that they will continue what they are doing. It is very unfortunate how these people suffer such terrible actions which Bitcoin hasn't done bad to the economy instead it helps people to live comfortably and generate income. They are wrong chasing Bitcoin down, they will just fail.