The state not only has plenty of open land, but also a deregulated power grid. Within the U.S., Texas is one of the hottest spots for cryptominers to relocate. – Darin Feinstein, Founder, Core Scientific If you’re looking to relocate hundreds of millions of dollars of miners out of China, you want to make sure you have geographic, political, and jurisdictional stability.
as their new home? For starters, America offers a greater level of relative stability. So why are cryptominers choosing the U.S. The country is now expected to miss out on $6 billion in annual cryptomining revenues. Just two years ago, China accounted for over three quarters of global Bitcoin hashrate. This data shows us how dramatic the shift has been.
The table below shows a breakdown of global hashrate by country. Global hash rate measures the total computational power that is dedicated to mining. The University of Cambridge maintains various datasets on the Bitcoin blockchain, including power consumption and hash rate. In this graphic sponsored by Global X ETFs, we illustrate a movement that’s being dubbed “the great mining migration”. However, in September 2021, the Chinese government issued a blanket ban on all crypto activities. This pushes them to locate wherever electricity is cheapest.įor years, China was the optimal location-the country has an abundance of cheap, coal-powered electricity. To be successful at this, cryptominers require vast amounts of computing power, meaning electricity becomes one of their most significant costs. Bitcoin mining is a process that verifies transactions on the blockchain ledger, while also bringing new bitcoins into circulation.
0 kommentar(er)
