United States becomes the world’s first hub for Bitcoin mining

United States establishes itself as the number one spot for Bitcoin miners and surpasses China in this ranking. This is probably the cause for Beijing’s recent ban on cryptocurrency mining. This has in fact triggered a flight to new countries, giving rise to what is already called the ‘great migration of mining’. According to data from the Cambridge Center for Alternative Finance, China’s global share of hashrate dropped to zero between May and July, while the US share rose to 35.4%, up 428% compared to September 2020. Share of Kazakhstan, which rose to 18%. Also in Russia there have been initiatives to facilitate the transfer of equipment of miners migrating to more friendly conditions, in fact Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain recently announced an initiative in this way.

Several factors can attract miners to the States, including low energy prices, but also the availability of renewable sources. Washington state has established itself as a favorite destination for miners due to its use of hydroelectricity. Access to cleaner energy sources is one of the new objectives for Bitcoin producers, in fact showing that they want to become carbon-neutral is essential for establishing cryptocurrency worldwide, thus dismantling one of the biggest criticisms that are addressed, that is to be a polluting factor. Doing so could also make it possible to conquer Elon Musk, who had distanced himself precisely because of the high environmental costs.

The other node of Bitcoin, which at the moment appears more complex to solve, is that of regulation: the authorities of almost the whole world consider it a speculative tool, only to push for the creation of central bank cryptocurrencies on blockchain (CBDC) . Then there is the usual skepticism, voiced by JPMorgan CEO Jamie Dimon, who called Bitcoin “worthless“.