Here's a look at how the U.S. became the world's new bitcoin mining hub. KenzieSigalos reports.
Alex Brammer of Luxor Mining, a cryptocurrency pool built for advanced miners, points out that maturing capital markets and financial instruments around the mining industry also played a big role in the industry's quick ascent in the U.S. Brammer says that many of these American operators were able to start rapidly expanding once they secured financing by leveraging a multi-year track record of profitability and existing capital as collateral.
"People were looking for places to park their cash. The appetite for large-scale investments had never been bigger. A lot of that likely found its way into bitcoin mining operations in places outside of China," continued Arvanaghi.The seeds of the U.S. migration started back in early 2020, according to Colyer. Prior to Beijing's sudden crackdown, China's mining dominance had already begun to slip.
Thiel expects most new miners relocating to North America to be powered by renewables, or gas that is offset by renewable energy credits.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Viral video shows Malaysian police destroying 1,069 bitcoin mining rigs with a steamrollerPolice seize and steamroll 1,069 bitcoin machines worth $1.26 million.
Read more »
Ranked: The Best And Worst Airlines In America In 2021, According To New ReportA new survey ranks the best airlines in the U.S.—and the worst airlines in America.
Read more »
Malaysian police destroy 1,069 bitcoin mining rigs with steamroller, video showsMalaysian authorities seized 1,069 bitcoin mining rigs, laid them out in a parking lot at police headquarters, and used a steamroller to crush them, video shows.
Read more »
What Can We Learn From the Leaked Sex and the City Script?A line-by-line analysis of a leaked page from the SexAndTheCity reboot's script
Read more »
Worldwide 'Dance' Party: BTS Debuts Atop Billboard Global Charts.BTS_twt boasts the biggest song in the world, as 'Permission to Dance' launches at No. 1 on both the Billboard Global 200 and Global Excl. U.S. charts.
Read more »