The United States is now the preferred destination for bitcoin mineners, surpassing China for the first time ever. This is the result of a recent study from the University of Cambridge
In July, according to the Cambridge Center for Alternative Finance, 35.4% of bitcoin’s hashrate (the collective computing power of miners) was in the United States. This is a 428% increase compared to September 2020.
The reason is also to be attributed to the particularly stringent policies of China, which, for a few months, has banned the mining of bitcoin and other cryptocurrencies.
The miners, therefore, began to flee China en masse, heading for the cheapest energy sources on the planet in what has been dubbed “the great mining migration”. Many of them ended up in America.
The United States is the new mecca of Bitcoin miners
America, in fact, boasts some of the lowest energy prices in the world, which is a great incentive for miners competing in a low-margin industry, where their only variable cost is, in fact, the power.
Washington and New York, today, are considered as a real mecca for green energies. New York, in particular, is one of the main American producers of hydroelectric energy and, thanks also to its nuclear power plants, has managed to drastically reduce carbon emissions.
This shift towards clean energy sources would also solve another of the major criticalities of the mining process, namely that linked to the pollution produced by this process.
Low-cost energy, some observers explained, tends to be renewable and in the future, most likely, it will be more and more so.