The worldwide cryptocurrency mining migration continues after the bans in China. Although many large companies have already established themselves, many small mining companies are still searching.
Like many other countries, there is a fierce competition among US states to get a larger share of this migration.
Everyone is racing to get a slice of the pie because crypto mining means billions of dollars in additional investment.
The latest data says that for now, the winner of this race is New York. On the other hand, most of the Bitcoin miners in America are stationed in New York, Kentucky, Georgia and Texas.
The biggest reason for the shift of crypto currency mining to the USA is the bans imposed by China on miners in this regard.
Latest Situation in China
While the printing process in China is already underway, control and control over local businesses in Ganzhou, in the eastern Jiangxi province, continues to increase. Local government in the region is on the alert to crack down on cryptocurrency mining and trading in the city.
The local pressure continues on the trail of the crypto industry bans across China on September 24.
In a statement in September, the central bank reiterated that China has repeatedly criticized the “speculative nature” of cryptocurrencies, which has “resulted in criminal activities such as money laundering, illegal fundraising, fraud and pyramid schemes.”
USA Ahead!
China’s crypto-asset, on the other hand, had begun to shrink before the country’s ban in September.
According to the latest data from the Cambridge Bitcoin Electricity Consumption Index compiled by the Cambridge Center for Alternative Finance, the US has already surpassed China’s leading position in cryptocurrency mining.
At the end of August, the US accounted for 35.4% of the global hashrate share, representing a significant fluctuation of 16.8% at the end of April.
According to the data of Foundry USA, 19.9% of the Bitcoin processing power rate in the USA is in New York, 18.7% in Kentucky, 17.3% in Georgia and 14%. Texas does.
However, due to low electricity costs in Texas, the wave of immigration to Texas is expected to increase even more.