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Cryptocurrency

28 Oct 2021

Bitcoin Mining Rapidly Growing in the U.S after China Crackdown

The Index Today

Bitcoin mining is quickly becoming a business hub for Bitcoin mining after the recent government crackdowns in China which targeted miners and technology firms. Miners are now hoping that stable predictable regulatory environment in the US will help mining activities.

Prior to the crackdowns, China was leading when it came to mining cryptocurrencies. However, the recent ban on crypto in the region led to a decline in Bitcoin mining. In current news, the price of one Bitcoin has reached $60,000 which can be harvested through 24/7 computer mining and support.

The Bitcoin’s network design means a new cryptocurrency is released every 10 minutes, making it extremely competitive and energy-intensive. Leading mining companies such as Bit Digital which is also listed on the NASDAQ has had to shift its business activity out of China and into the U.S.

The clampdown in China means miners will now move to other regions of world where that have non-stop access to affordable electricity and energy. Reports have shown many miners have moved from China to nearby countries such as Kazakhstan, Iran, Russia and even Malaysia.

However, the U.S will still ensure safe regulatory of Bitcoin mining business activities and will implement laws to oversee the fast-growing industry. The U.S exchange traded funds can now hold Bitcoin futures after gaining recent approval. Texas is among the leading cities in the U.S where Bitcoin miners are setting up businesses. Governor Greg Abbott recently tweeted, “Texas will be the crypto leader.”

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