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BTC Hashrate Drops to Lowest in 2021, North America All Set to Become New Crypto Mining Hub

crypto Miner Miami


China’s crackdown on crypto does not seem to end. In a fresh report today Sichuan province of China issued an official statement ordering all the power generation companies to stop power supply to crypto miners effective from 25th June 2020. Meanwhile, North American states are planning to grab this opportunity by both hands and become a new crypto mining hub of the world.

The announcement is already showing its effects on Bitcoin hashrate and Bitcoin price which remains vulnerable in $36k range. Bitcoin hashrate dropped to 127.66 m TH/s which is the lowest in 2021.

Source: Blockchain.com

World Prepares to Welcome Migrating Chinese Crypto Miners

While on one side, China is leaving no stone unturned to uproot crypto miners, many US states and other parts of the world are welcoming miners. Many large crypto miners in China including Jiang Zhuoer, the operator of one of the leading Chinese mining pools Lebit Mining have already announced that they are moving to European and American Countries.

Continental United States regions like Texas are most suitable for crypto miners due to their unregulated energy markets. Also, in a recent interview to CNBC, Francis Suarez, Mayor of Miami is offering incentives for crypto miners. Other states like Wyoming are also making their moves to attract desperate crypto miners and assist them to set up their operations in their states.

Mayor Suarez is offering clean and inexpensive energy to crypto miners in the form of nuclear power. Miami is planning to set up infrastructure to provide facilities for crypto Miners.

While in short term impact of Chinese crackdown is definitely unsettling Bitcoin but as more and more states join to welcome crypto miners from China, future looks bright for Bitcoin. This migration of miners will transition Bitcoin network to a more eco-friendly and efficient asset.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com





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