Nowadays, many mining companies are betting on a reliable energy supply and a more predictable regulatory environment in the United States. According to data released by the University of Cambridge in the United Kingdom, more than one-third of the world's bitcoin mining hash rate comes from miners in the United States, compared with less than one-fifth in the spring of last year.
According to reports, bitcoin mining has become a lucrative business, and the current price of a bitcoin is about $60,000. In order to obtain new bitcoins, powerful computers compete to solve a series of mathematical problems, hoping to unlock new bitcoins. Many of these miners are online 24 hours a day. According to the design, the Bitcoin network only releases new cryptocurrencies every 10 minutes, and the number of Bitcoins released in the future will be reduced. This makes the competition to unlock Bitcoin an energy-intensive task, because the only way to increase the odds of winning is to get more miners online. Currently, Bit Digital, a NASDAQ-listed mining company, has added more than 20,000 miners to the miner team located in New York, Nebraska, Georgia, Texas, and Alberta, Canada. Due to continued shipping delays, some miners are still stranded in US ports. However, "mining" is not entirely risk-free in the United States. For the cryptocurrency industry, the United States has its own regulatory restrictions. Cryptocurrency companies have become the target of regulatory agencies, and the chairman of the US Securities and Exchange Commission Gensler has adopted a strict control approach to the cryptocurrency market. Gensler questioned whether many virtual currency issuers and exchanges ignored investor protection rules. In addition, because some old fossil fuel factories are back online, Bitcoin mining has also caused local people's concerns about climate pollution. The New York State Legislature is considering introducing a bill that prohibits the use of fossil fuels for Bitcoin mining and calls on mining companies to record their carbon footprints. The US Securities and Exchange Commission is also considering measures to require listed companies to disclose climate data. However, cryptocurrency companies said that the setting of the legal system in the United States ensures that the law takes longer than other countries to implement law, thereby allowing Bitcoin mining companies to adapt to and weigh potential policy changes. In addition, cryptocurrency companies also believe that the United States has recently approved several US exchange-traded funds (ETFs) holding bitcoin futures, which also shows that the United States is unlikely to suppress or drastically cut bitcoin mining. Compass Mining CEO Whit Gibbs called this "a positive signal of trust from regulators... I hope this is a signal that they will support Bitcoin mining." Texas, the US, is a popular destination for Bitcoin mining companies with nowhere to stay because of the low electricity prices in the state and the generally reliable power supply (despite a power outage that lasted for several days last winter), which is crucially important for Bitcoin mining. The friendly stance of the state government also attracted mining companies. The state's banking regulatory agency said it will allow lending institutions to hold digital assets on behalf of customers. At the same time, Miami is also striving to move cryptocurrency mining companies to Florida, saying that energy prices in the state are low and a nearby nuclear power plant can provide reliable renewable energy. However, mining companies need to be housed in data centers, and the high real estate prices in the state make other markets more attractive.
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