March 30, 2023
The United States left China and became a better place for bitcoin miners  Cryptocurrencies

The United States left China and became a better place for bitcoin miners Cryptocurrencies

What a trend was confirmed: For the first time, The United States Make Bitcoin at Litram O Hash Rate – An industry term used to describe the collective power of miners -. The information was released today (13) Cambridge Center for Alternative Funding, A research unit British University School of Business. Information from the American Television Network’s website CNBC.

In July, 35.4% of the activity was in the United States. This is an increase of 428% compared to September 2020. In July, there was no share of China’s monthly computer power, which is different from what was recorded last September, with the Asian country capturing about 67% of the market.

Part of the newly announced domain was created by the displacement of crypto operators who left Beijing Looking for cheap energy sources. Nova York It produces more hydropower than any other state in East America and aims to achieve production 100% carbon free electricity. In the meantime, participation Renewable energy Texas is growing over time, with 20% of its energy coming from wind By 2019, the state has developed an adequate arrangement of cryptographic-friendly policies and hosting infrastructure.

All of this is a huge incentive for miners to compete in the low-margin industry, where their only variable cost is energy in general.

The rise of the US is justified by the increase in hosting capacity. Demand for this specialty has grown significantly as a result of recent corporate scandals. Depending on the situation, generally traded mining operators took advantage of the opportunity to quietly set up a powerful ecosystem capable of connecting new equipment. This market, supported by infrastructure, has been growing for the past 18 months.

“If you are going to transfer hundreds of millions of dollars from China to miners, you have to have geographical, political and jurisdictional stability. You want to ensure that the properties you are transferring have private property protections,” he said.

-Daryn Feinstein, co-founder of CoreScientific, one of the world’s largest mining operators

Alex Brammer, A pool of cryptocurrencies built for advanced miners, from the Luxor Mine. The maturity of the capital markets and financial instruments surrounding the mining sector also played a major role in the rapid rise of industry in the United States. Bromer says many U.S. operators began to expand rapidly after receiving funding, using years of profits and existing capital as a network.

“The whole story of China controlling bitcoin has now been completely erased,” said Boas Choprado, a Fintech data analyst in London.

Kazakhstan is

However, not all miners go to renewable places. Kazakhstan lags behind the United States in 18.1% of the global bitcoin mining market. However, the infrastructure is powered by coal mines, which provide cheap and abundant energy – but also adequate carbon dioxide emissions.

Many experts told CNBC that Kazakhstan was only a temporary stop. China’s neighbor recently passed legislation introducing additional taxes on cryptocurrencies beginning in 2022.

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USA captures Bitcoin mine for the first time – Photo: Getty Images