How can an industry with all that equipment and complicated energy needs move so quickly to a new location? What are geopolitical implications of China’s bitcoin mining leadership – once as high as 75% of total hashrate – now being ceded to the U.S., Kazakhstan and Russia? What does this mean for regulation, especially in the U.S., where new chairman of the Securities and Exchange Commission Gary Gensler has been talking a hardline against crypto? Would the presence of a dominant, profitable and strategically important bitcoin industry sway policymakers toward being more or less crypto-friendly?

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