Recently, China is moving away from the fossil fuel-based mining industry, which helps to gradually solve the environmental problems of BTC. 56% of the global BTC mining business is conducted using green energy. Is China's withdrawal from BTC mining really beneficial to the long-term development of BTC?
Lot of that hashrate will still be owned by chinese individuals but they will move and operate in other countries, so I am expecting hashrate to get back up again.
It takes time to move all asic machines from China and set up everything in other places, but it is generally better than holding everything in one place under dictatorship and communism.