Crypto Miners flee from China to the USA and Canada

Crypto Miners flee from China to the USA and Canada

About 70% of the world’s mining power comes from China, so the ban on financial institutions of this country to carry out operations with cryptocurrency, announced a week ago, struck like a bolt from the blue. It is clear that the funds invested in these very capacities need to be returned somehow, so the termination of activities is not an option. As a result, many large mining companies decided to leave the Middle Kingdom and move their farms to other regions. The most optimal were the USA and Canada.

According to the source, however, a large mining company announced the transfer of thousands of its farms to Texas (USA) and Albert (Canada). These two regions are ideal for cryptocurrency mining, so foreign (and primarily Chinese) companies prefer them.

Due to the cheapness of electricity and the geographical proximity of manufacturers of mining equipment, China has become a flagship country in the production of cryptocurrencies. The most affordable electricity is in the regions of Inner Mongolia, Xinjiang and Sichuan. However, in them, commercial mining is already, in fact, prohibited. The Chinese government plans to launch the digital yuan as an alternative to Bitcoin, but when this will happen is unclear.

Leave a Reply

Your email address will not be published.