Bitcoin faced a major setback earlier this year when China took tough action on cryptocurrency and mining operations. The situation resulted in Bitcoin losing almost half of its value in just a couple of months, but in hindsight it turned out to be more of a hiccup than an obstacle. When mining companies were forced to leave China, they did not close all stores or disrupt the network. Of course, some cashed out and switched to other businesses, but many just moved. According to the latest data Cambridge Bitcoin Electricity Consumption Index many of them ended up in the United…