Opinion. October 19, 2021. The United States Just Became the Leading Bitcoin Miner in the World

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Until not too long ago, China was the the leading country in bitcoin mining. The country did not mind the coal burning and the pollution associated with it. But the it came the idea of creating the digital yuan. Bitcoin would have represented a competition to it, so China decided to crack down on the industry.

As a consequence, China's importance as bitcoin miner has decreased and the largest bitcoin miner is now the US. This will be remembered as the greatest financial error of recent times. China could have had control of this emergent asset.

One positive outcome is that bitcoin mining can be more environmentally conscious, with projects less reliant on coal and using more alternative energy sources. A negative outcome could be the potential regulatory consequences of having bitcoin being mined in the US.

In my opinion, the United States' private sector will not miss the opportunity of the century. There may be setbacks, though, related to misguided administrations imposing restrictions, regulations, taxes or control of the industry.

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.
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