America takes the Bitcoin mining gold
The Future. The U.S. has taken the lead as the top Bitcoin mining destination in the world. The title comes after China banned crypto mining and trading, sending companies packing for America. But as computing power quickly heats up stateside, expect individual states to pass their own regulations… causing another, more domestic migration.
United States of Mining
When it comes to Bitcoin mining, China’s loss is America’s gain.
- The U.S. has become the top global hub for Bitcoin mining after China cracked down on mining (and really the use of all cryptocurrencies).
- Now, more than a third of the computing power used to mine Bitcoin is done in the states, with companies citing reliable access to electricity and predictable laws as a plus.
- It was only fifth last spring.
To highlight just how massive the migration is, Bit Digital, a Nasdaq-listed miner, is moving 20,000 mining computers out of China for the greener pastures of New York, Nebraska, Georgia, and Texas.
Other popular destinations for mining include Kazakhstan, Iran, Malaysia, and Russia (jury’s still out if that’s a good list to be on).
Closed in China
China was originally such a hotspot for Bitcoin mining because of the prevalence of “cheap coal-fired power,” eventually accounting for more than half the mining around the world. But Beijing has been recently cracking down on its economy and any tech innovations it feels like it can’t control. So, it put the kibosh on crypto.
Mining Bitcoin takes a lot of reliable computing power. Now that companies are harvesting in the U.S. en masse, the response has been mixed. While Texas is very on board (Governor Greg Abbott tweeted his unwavering support), New York is considering passing a bill that bars miners from using fossil fuels to power computing.