How Did the Shift in Chinese Mining Regulation Affect the Global Distribution of Hash Rate?

The Chinese government's ban on cryptocurrency mining in 2021 forced a massive, rapid migration of ASICs out of the country. This led to a dramatic and sudden drop in the global hash rate, followed by a period of re-distribution to more favorable jurisdictions like the US, Kazakhstan, and Canada.

This event ultimately increased the geographic decentralization of the hash rate.