Making is own state mining enterprise I believe will be out of the question. If the Chinese government have outrightly putting a ban to Bitcoin mining in China, I don't think they will now establish there own Bitcoin mining enterprise
They allowed the industry to grow up in China mainland because they are aware that they can gain beneficiaries from Bitcoin mining. From selling ASICs, tax to several other things. They will lift their ban on bitcoin mining soon.
The terrible flood days ago in China can be a good evidence that this drop of hashpower can be just seasonal drop because of weather, flood, lack of energy in the nation. When the rain and flood season ends, mining in China will be back.
I think because of the negative FUD that has been happening around Bitcoin mining and energy consumption/the ecosystem, China really what's to separate itself from that FUD. Many other things could be responsible for their decision and action and somehow we might get to understand why some day.
Bitcoin mining industry globally consume less energy than many nations. End that fud.
Bitcoin mining industry uses more renewable energy than other industry. End another fud.
Q2 2021 Global Bitcoin Mining Data ReviewBitcoin Mining Council Survey Confirms Sustainable Power MixBitcoin Mining network December 2019 - Coinshares
