With the demand for crypto reaching a new height, the mining industry was seen thriving. Bitcoin [BTC] miners were making the most of the flourishing demand for the asset. However, the fervor around the business had migrated from China onto the United States.
China was at the forefront of the Bitcoin mining game. The largest mining firms were residing in the country. Following the recent ban not just the mining side of the industry, but a large number of exchanges and firms related to crypto moved out of China.
Not too long ago, the Chinese government went on to oust an array of crypto mining firms out of the country. While the initial buzz was that all these Bitcoin mining firms were moving into Kazakstan, a new report suggested that miners were keen on flocking into the US.
Bitcoin miners choose US over China
The US has clearly had a love-hate relationship with the crypto-verse. While the country has welcomed certain parts of the crypto industry with open arms, a few others have been outrightly shunned. As per a recent report released by Cambridge University, a vast number of Bitcoin miners were interested in setting up shop in the US.
CNBC further reported that the US was replacing China as the leader of the Bitcoin mining space. These weren’t blatant assumptions as the US accounted for about 40% of the total Bitcoin hash rate back in July. Therefore, it was clear that BTC miners were interested in exploring the US shores to carry out mining activities.
This was the first time that the US had taken over China in terms of crypto mining destination.
Darin Feinstein, the co-founder of Core Scientific revealed that over the last year significant mining infrastructure was being set up in the US. Feinstein stated,
“We’ve noticed a massive uptick in mining operations looking to relocate to North America, mostly in the U.S.”
Cannada was also a place of interest for several mining platforms.