Latest News

US Share of Bitcoin Mining Has Spiked in the Past Two Years, From 3.5% To 38%

September 21, 2022 (Investorideas.com Newswire) According to data provided by BanklessTimes.com, the percentage of Bitcoins mined in the United States has increased dramatically in two years, going from 3.5% to 38%.

Speaking on the data, BanklessTimes.com CEO, Jonathan Merry, said. “Most mining firms are looking for places with low electricity costs, and the US provides that. The states could benefit from Bitcoin mining through tax revenue and employment creation. But, they would have to make concessions due to the industry’s excessive energy use and electrical waste.”

Is China Making a Comeback?

China has been the primary location for crypto mining, contributing from 65% to 75% of the total “hash rate.” Unfortunately, the ban made China’s hash rate drop to zero. Despite Beijing’s ban on the practice, Bitcoin miners in China are not giving up.

Some companies relocated to neighboring countries such as Kazakhstan and US, where power costs are much lower. These firms were willing to risk running afoul of Chinese authorities because the profits gained from mining were so high.

Bitcoin Mining: A New Opportunity or Catastrophe

The US could play a significant role in making Bitcoin more decentralized, which is one of the cryptocurrency’s main selling points.

However, the increasing popularity of Bitcoin mining in the US could also lead to more environmental problems. The industry is already facing criticism for its high energy consumption and electrical waste. If the trend continues, these problems are likely to get worse. Full story and statistics can be found here: US Share of Bitcoin mining has Spiked in the Past two years, from 3.5% to 38%

More Info:

This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Buy a crypto guest post on Investorideas.com

You may also like

Leave a reply

Your email address will not be published.

More in Latest News