TechBookyBusiness
No Result
View All Result
Thursday, July 7, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Cryptocurrency

For The First-Time Ever, The US Beats China To Become The Top Destination For Bitcoin Miners

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
October 13, 2021
in Cryptocurrency
Share on FacebookShare on Twitter

For the first time ever, the US has become the top destination for Bitcoin miners, replacing China which was formerly the hub of Bitcoin mining activities. China has been operating strict laws against cryptocurrencies and has even declared them illegal. It is only natural that the country loses its top stop as the one-stop destination for Bitcoin miners. Data from Cambridge University released today crowns the US as the top destination for Bitcoin miners, thereby making what has always been a notion official.

China which was formerly a haven for Bitcoin miners became a literal hell following the series of crackdown actions that forced these miners to either shut down operations or move out of the country. Thanks to these, the US has taken to the forefront of the mining industry.

China’s crackdown actions against Bitcoin mining (and trading) wiped off more than $300 billion from the cryptocurrency market. Bitcoin miners have fled the country since the actions started, and now that cryptocurrencies have been declared illegal, there is no place for them to thrive in China. A lot of these miners who “escaped” China’s “anti-cryptocurrency” laws have ended up in the US. The migration has been dubbed as “the great mining migration”.

The whole notion that Bitcoin is being controlled by China has now become a fallacy as China no longer holds the highest percentage of the market also. London-based fintech data analyst Boaz Sobrado concluded that “the whole narrative that China controls Bitcoin is now completely destroyed”.

Miners have moved or are moving to the US for a number of obvious reasons. A handful of American states have some of the world’s cheapest energy prices. This alone is enough to entice any miner. Asides from this, the US flourishes with renewable power sources and is therefore not dependent on one or a few power sources. While one of the huge concerns as to Bitcoin mining remains the effect it has on the environment, mining activities by miners have begun to sh0ow positive effects on the environment and prevent wastage of resources.

Some miners have started to harness nuclear energy. Others are leveraging stranded energy such as natural gas going to waste in oil fields across the state of Texas. These help to combat the effect o0f greenhouse emissions and at the same time provide a source of mining power for miners.

Another important reason why miners are moving to states like Texas in the US is that they have cryptocurrency-friendly laws and policies. These are like open arms for miners, encouraging them to come to settle in such a state. Co-founder of Core Scientific said that “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. You also want to make sure there are private property rights protections for the assets that you are relocating”. 

The US promises to be a better haven for Bitcoin mining activities but miners hope that this does not take a U-turn and become the case of China. It is also pertinent to know that the US is not the only country that is welcoming Bitcoin miners into its shores. Kazakhstan is another country where Bitcoin miners have found a haven for their mining operations. In fact, the country is behind the US in terms of its share of the global Bitcoin mining market.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Microsoft Is Pulling Its Platform For Professionals LinkedIn Out Of The Chinese Market
    Microsoft Is Pulling Its Platform For Professionals LinkedIn…
  • Here’s An Insight Into Bitcoin’s 2021 Fluctuations
    Here’s An Insight Into Bitcoin’s 2021 Fluctuations
  • Bitcoin Falls Below $30k For The Second Time
    Bitcoin Falls Below $30k For The Second Time
  • Some Bitcoin Miners Currently Making As Much As $4million Per Hour
    Some Bitcoin Miners Currently Making As Much As $4million…
  • Iran Lifts Ban On Bitcoin Mining Operations
    Iran Lifts Ban On Bitcoin Mining Operations
  • More Than Three Metric Tons Of Bitcoin Mining Rigs Taken Out Of China
    More Than Three Metric Tons Of Bitcoin Mining Rigs Taken Out…
  • Bitcoin Jumps 4% After Elon Musk Tweets His Contact With Bitoin Miners
    Bitcoin Jumps 4% After Elon Musk Tweets His Contact With…
  • Bitcoin: The Year 2021 In Review
    Bitcoin: The Year 2021 In Review
Tags: bitcoinchinaminingunited states
Previous Post

Coinbase Collaborates With UnitedMasters To Offer Crypto Payments To Musicians

Next Post

Following Its NFT Marketplace Announcement, More Than 1 Million People Have Signed Up For Coinbase’s Waitlist

Next Post
Following Its NFT Marketplace Announcement, More Than 1 Million People Have Signed Up For Coinbase’s Waitlist

Following Its NFT Marketplace Announcement, More Than 1 Million People Have Signed Up For Coinbase's Waitlist

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Nigeria’s AutoChek Makes A New Acquisition In Francophone-focused Classified Ad Marketplace CoinAfrique
  • South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token
  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Nigeria’s AutoChek Makes A New Acquisition In Francophone-focused Classified Ad Marketplace CoinAfrique
  • South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token
  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$20,449.001.38%
  • ethereumEthereum(ETH)$1,189.214.55%
  • tetherTether(USDT)$1.00-0.36%
  • usd-coinUSD Coin(USDC)$1.00-0.18%
  • binancecoinBNB(BNB)$236.52-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • rippleXRP(XRP)$0.3304842.30%
  • cardanoCardano(ADA)$0.4643561.59%
  • SolanaSolana(SOL)$37.123.03%
  • dogecoinDogecoin(DOGE)$0.0693072.59%
  • polkadotPolkadot(DOT)$7.011.27%
  • Shiba InuShiba Inu(SHIB)$0.0000111.59%
  • AvalancheAvalanche(AVAX)$19.275.39%
  • matic-networkPolygon(MATIC)$0.531.54%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....