The United States is quickly emerging as the industry’s new shining star. bitcoin miningAccording to data provided by . BanklessTimes.comThe percentage of Bitcoin mined in the US has increased dramatically from 3.5% to 38% in two years.
Data-wise, BanklessTimes.com CEO said:
The US has overtaken China, formerly the world’s largest bitcoin miner. Despite Beijing’s restrictions on cryptocurrency trading and mining, some companies have found ways to operate underground to evade government detection and restrictions.
Will China revive?
China is the leading location for cryptocurrency mining, with 65% 75% of the total “hash rate”. Unfortunately, the ban brought China’s hashrate to zero. Despite Beijing’s ban on the practice, China’s Bitcoin he miner hasn’t given up.
Some companies have moved to neighboring countries such as Kazakhstan and the United States, where electricity costs are much lower. The profits from mining were so high that these companies were willing to risk clashing with Chinese authorities.
Bitcoin Mining: New Opportunities or Catastrophes
The most popular US state for Bitcoin mining is Texas. The state has an abundance of energy essential for cryptocurrency mining. The climate of the Lone Star State is also ideal for cooling the large amount of heat that comes with bitcoin mining.
More US-based mining operations are beneficial to the Bitcoin market in the long run. The recent increase in the country’s mining share is a good sign that things are going in the right direction. The United States could play a key role in making Bitcoin more decentralized, one of Bitcoin’s main selling points.
However, the growing popularity of bitcoin mining in the US could also lead to more environmental issues. I’m here. If this trend continues, these problems could get worse.