Chinese Crackdown Leads Bitcoin Miners To Texas And Florida

What’s that old saying? “Go westward, young man”. Well, that’s what the Chinese mining crackdown is causing with miners possibly looking to Texas and Florida who have open arms awaiting them.

https://www.cnbc.com/2021/06/17/chinese-crackdown-leads-bitcoin-miners-to-texas-and-florida.html

China has long been home to more than half the world’s bitcoin miners, but now, Beijing wants them out ASAP.

In May, the government called for a severe crackdown on bitcoin mining and trading, setting off what’s being dubbed in crypto circles as “the great mining migration.” This exodus is underway now, and it could be a game changer for Texas.

Mining is the energy-intensive process which both creates new coins and maintains a log of all transactions of existing digital tokens.

Despite a lack of reserves that caused dayslong blackouts last winter, Texas often has some of the world’s lowest energy prices, and its share of renewables is growing over time, with 20% of its power coming from wind as of 2019. It has a deregulated power grid that lets customers choose between power providers, and crucially, its political leaders are very pro-crypto – dream conditions for a miner looking for a kind welcome and cheap energy sources.

Master Asked on June 18, 2021 in Bitcoin.
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