The crackdown of the Chinese government on the crypto industry in the country seems to have benefited the US the most, at least thus far as the US has been able to quickly grasp what China has dropped.
It does seem to be a strategy of the US authorities to ensure that the US gains the most out of the latest crackdown, not only on the crypto industry but across the various industries in the country, and so far they have even managed to achieve that to a great extent. This is evident from the fact that the share of the US in the bitcoin mining hash rate globally has increased manifold, partly because some the mining has shifted to the US despite the higher rates for electricity and also the hash rate overall has reduced due to the crackdown in China which has begun to take full effect only in recent months.
China has been trying to put an end to crypto quite a few times over the years but it is only now that it is turning out to be very serious as this seems to be a shutdown for not only the crypto industry but for many other industries to plug leaks in the economy and also to avoid monopolies emerging over some time. There does seem to be a method to the madness this time which is what makes it a bit scary that this time it is indeed for real and we may not be able to see the crypto industry rising back again in China shortly.
It is reported that the US now accounts for 35.4% of the global bitcoin mining hash rate overtaking China in this aspect. Officially, the mining of bitcoin in China is shut down which means that the hash rate from there has pretty much fallen to zero though this has helped other regions with cheap electricity to be able to climb up the hash rate global ladder as many of the miners have shifted to these regions in search of cheap electricity. This global shakeup is likely to continue not only in the mining industry but in other parts of the crypto ecosystem as well but so far, the industry has held up pretty well to this news and it is hoped that once other countries also continue their adoption of cryptos, this chapter would be long forgotten.