Fried Bitcoin Hash: China's Takeout Will Be Delivered Globally

China has forced many Bitcoin miners to cease operations, including some of the largest operators.The Bitcoin hash rate declined to levels not seen since last summer, but it appears likely to rebound in Q3.The removal of such substantial productive capacity benefits all continuing operations.Suppliers of Bitcoin hardware should suffer from reduced demand for miners and a robust used market, both of which shall pressure margins.Large North American miners with access to clean energy continue to appear to be the best-in-class investments through this cycle.