Looking at a chart showing the total network's hash rate is pretty scary. Looks like an altcoin after a huge sell-off. From around 150 TH/s at the beginning of June, the hash rate dropped by almost 50% in July. But it seems to be taking a turn for the better now after reaching a bottom at around 84 TH/s if the data I am looking at is correct.
I don't find it scary at all, it's good news all around. There's now far less of a concentration of miners in China. The difficulty has dropped making mining more profitable for everyone else. The mempool didn't get excessively congested while it happened so fees weren't too bad. Eventually, all those mining rigs will find their way out of China and get redeployed somewhere else.