China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas.

chinas-bitcoin-miner-exodus

China has long been home to more than half of the world's bitcoin miners, but now, Beijing wants them out as quickly as possible, and in May, the government called for a crackdown on bitcoin mining and trading. , which triggered what is being called in crypto circles. as The Great Mining Migration. This exodus is already underway and could be a game-changer for Texas.

Mining is an energy-intensive process that creates new coins and keeps a record of all existing digital token transactions.

Also read: 

Despite the reserve shortage that caused a one-day blackout last winter, Texas often enjoys some of the lowest energy prices in the world, and its share of renewables is growing over time, at 20%. of its energy coming from the wind as of 2019 An electricity grid that allows customers to choose between energy providers and, more importantly, its political leaders are very pro-cryptocurrencies, dream conditions for a miner looking for sources of energy. 

cheap and welcome energy.

It's going to see a drastic transformation in the coming months, and we have governors like Greg Abbott in Texas who are promoting mining, said Brandon Arvanaghi, a former security engineer at cryptocurrency exchange Gemini. It will become a real industry in the United States, which is amazing.

Also read: 

Tags

DMRahul

Post a Comment

Please do not enter any spam link in the comment box.

Post a Comment

Please do not enter any spam link in the comment box.

Previous Post Next Post