Bitcoin computing power migration, who will be the final winner?

Bitcoin has fallen 6.55% in the past 24 hours to $33,068, and has fallen 17.66% this week. This is directly related to the large-scale crackdown on Bitcoin mining and trading in China.
The crackdown began in late May and immediately caused a 30% drop in the price of Bitcoin and billions of dollars in losses for the entire cryptocurrency industry. So far, many Bitcoin miners, including in Inner Mongolia and Sichuan, have been forced to permanently close their mines, and many Bitcoin miners have moved their operations to overseas regions that are more conducive to Bitcoin mining.
On May 21, senior domestic officials officially stated that China will become the first country in the history of cryptocurrency to suspend cryptocurrency mining and trading activities.
The reason for the closure is due to the energy consumption of Bitcoin mining. Bitcoin mining in China uses more electricity than the Netherlands each year.
The country has been looking for ways to reduce carbon emissions, and Bitcoin mining still uses fossil fuels as the main source. According to statistics, 8,000 megawatts of electricity have been restored in the country due to the closure of mining platforms.
Meanwhile, mining companies are likely to relocate to North America and Europe. In addition to hitting bitcoin prices, the crackdown has also led to a sharp drop in the price of cryptocurrency mining equipment in China, the world's largest producer and exporter of mining equipment.
“In the long run, as Chinese regulators crack down on mining activities at home, almost all crypto mining platforms in China will move overseas.”
Prior to the crackdown, China accounted for more than 70% of the world’s total mining hash rate, but the current shutdown will ultimately distribute computing power to foreign markets, particularly North America and Europe.
Some analysts predict that this is good news for Bitcoin, whose price and hash rate are often heavily influenced by domestic mining trends.
Crypto investor Lark Davis stated on Twitter: “We are experiencing a huge mining restructuring, the largest and most severe crackdown ever by China. Expect a completely new geographical distribution of computing power in the coming weeks.”
At present, more than 3 tons of Bitcoin mining machines have been shipped from China to the United States. Texas may accept some Chinese mining companies. Texas is one of the preferred addresses for mining companies in the United States. Its affordable energy prices and huge investment in renewable energy have accounted for 20% of the US energy supply.
The mayor of Miami also launched a plan in late May to make the city a Bitcoin mining hub.
A new report from the South China Morning Post shows that GPUs were being sold at a significant premium in early 2021. Six months later, following the crackdown, GPU prices have dropped by around 66%. Meanwhile, in Australia, the GPU stock market has corrected by 5-10% as mining in the region begins to heat up.
There are many factors that influence miners to choose a new mine site, the first of which is low electricity costs. Since mining is an energy-intensive industry, energy prices must be low enough for miners to make a profit, which means that the new location must have lower energy costs.
Another factor is the supply chain, established technical management, and stable mining machines are all very important. (Blockchain Knight)