China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas
China’s mining dominance
2021 data for the global distribution of mining power is not yet available, but past estimates have shown that 65% to 75% of the world’s bitcoin mining happened in China – mostly in four Chinese provinces: Xinjiang, Inner Mongolia, Sichuan and Yunnan. Sichuan and Yunnan’s hydropower make them renewable energy meccas, while Xinjiang and Inner Mongolia are home to many of China’s coal plants.
The drawdown in miners has already begun in Inner Mongolia. After failing to meet Beijing’s climate targets, province leaders decided to give bitcoin miners two months to clear out, explicitly blaming its energy misses on crypto mines.
Arvanaghi is bullish on North America and thinks the hashrate there will grow over the next few months.
“Texas not only has the cheapest electricity in the U.S. but some of the cheapest in the globe,” he said. “It’s also very easy to start up a mining company ... if you have $30 million, $40 million, you can be a premier miner in the United States.”
Reference: CNBC
Thai
Eng