Crypto Mining Booming in The USA

In the recent weeks after China banned mining crypto in its country the United States have sped up its mining. This has made a boom for US in regards to the race in crypto and likely will help in the future run of crypto innovation. Furthermore a lot of the mining tech that was hoarded in China is now being seen in the US.

Graph from Cambridge University as of late April shows China's mining has drop while USA has risen. For the owners and operators of crypto mining are moving away from China and starting up in USA. On top of all this USA has been building up infrastructure to support crypto mining. From creating and developing warehouse to delivering electricity to point of load the infrastructure in USA is plentiful compared to other countries making it competitive enough to absorb the crypto mining that was lost in China.

The US is leading the way in green energy and by allowing crypto mining it has given hope for more investments into green energy. With an application providers will want to create more green electricity for consumption.

“Places like Texas have cheap electricity, in large part because of subsidies toward wind power,” according to Arvanaghi.

Miami Mayor Francis Suarez has also popularized the idea of mining bitcoin with nuclear power in Florida.

“And all this is largely voluntary — the federal and state governments haven’t even gotten involved to require any renewable mix,” continued Arvanaghi.

Bloomberg's Brandon Arvanaghi is a correspondent who is very familar with the state of crypto mining.

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None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!